6,130 research outputs found
Chinese Enterprise Reform as a Market Process
The reform of China's enterprise system increasingly reflects the outcome of China's emerging property rights market. We distinguish between a centrally-directed reform strategy, with characteristics similar to those of a Pigouvian tax, and a market-driven reform process, which captures the essential features of a Coasian approach to social cost. The Coase Theorem postulates that eliminating transaction costs and attaching well specified property rights to public goods that generate externalities will allow uncoordinated economic agents to negotiate institutional arrangements that produce socially efficient allocation of resources. Extending Coase's reasoning to the case of socialist transition ' we argue that reforms that expand competition, move toward well-specified assignment of ownership rights to public enterprises, and reduce transaction costs will motivate the "ultimate" owners, including officials of national and sub-national government agencies, to reconfigure their assets or to combine their assets with those of other jurisdictions and/or private investors to create more efficient ownership arrangements. We review the extent to which China's reforms have established the conditions for an effective market in ownership rights to industrial property. We tabulate progress from 1 980 to present along the three major analytic dimensions inherent in Coase's analysis: competition, property rights, and transaction costs. We conclude that the sheer size and diversity of China's industrial economy will motivate a continuation of decentralized reform initiatives. To support this Coasian reform process, central and provincial governments need to expand initiatives to clarify property rights, particularly the right of alienation, reduce impediments to competition, and facilitate the reduction of transaction costs.http://deepblue.lib.umich.edu/bitstream/2027.42/39466/3/wp76.pd
Chinese Enterprise Reform as a Market Process
The reform of China's enterprise system increasingly reflects the outcome of China's emerging property rights market. We distinguish between a centrally-directed reform strategy, with characteristics similar to those of a Pigouvian tax, and a market-driven reform process, which captures the essential features of a Coasian approach to social cost. The Coase Theorem postulates that eliminating transaction costs and attaching well specified property rights to public goods that generate externalities will allow uncoordinated economic agents to negotiate institutional arrangements that produce socially efficient allocation of resources. Extending Coase's reasoning to the case of socialist transition ' we argue that reforms that expand competition, move toward well-specified assignment of ownership rights to public enterprises, and reduce transaction costs will motivate the "ultimate" owners, including officials of national and sub-national government agencies, to reconfigure their assets or to combine their assets with those of other jurisdictions and/or private investors to create more efficient ownership arrangements. We review the extent to which China's reforms have established the conditions for an effective market in ownership rights to industrial property. We tabulate progress from 1 980 to present along the three major analytic dimensions inherent in Coase's analysis: competition, property rights, and transaction costs. We conclude that the sheer size and diversity of China's industrial economy will motivate a continuation of decentralized reform initiatives. To support this Coasian reform process, central and provincial governments need to expand initiatives to clarify property rights, particularly the right of alienation, reduce impediments to competition, and facilitate the reduction of transaction costs.China, ownership, property rights, Coarse theorem, transition, merger, transaction costs
Chaotic Explosions
We investigate chaotic dynamical systems for which the intensity of
trajectories might grow unlimited in time. We show that (i) the intensity grows
exponentially in time and is distributed spatially according to a fractal
measure with an information dimension smaller than that of the phase space,(ii)
such exploding cases can be described by an operator formalism similar to the
one applied to chaotic systems with absorption (decaying intensities), but
(iii) the invariant quantities characterizing explosion and absorption are
typically not directly related to each other, e.g., the decay rate and fractal
dimensions of absorbing maps typically differ from the ones computed in the
corresponding inverse (exploding) maps. We illustrate our general results
through numerical simulation in the cardioid billiard mimicking a lasing
optical cavity, and through analytical calculations in the baker map.Comment: 7 pages, 5 figure
Spin detection at elevated temperatures using a driven double quantum dot
We consider a double quantum dot in the Pauli blockade regime interacting
with a nearby single spin. We show that under microwave irradiation the average
electron occupations of the dots exhibit resonances that are sensitive to the
state of the nearby spin. The system thus acts as a spin meter for the nearby
spin. We investigate the conditions for a non-demolition read-out of the spin
and find that the meter works at temperatures comparable to the dot charging
energy and sensitivity is mainly limited by the intradot spin relaxation.Comment: 8 pages, 6 figure
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