霍太林定理拓展框架下的可耗竭品价格决定——中国增长模式中经济产出与社会福利损失思考  

On the Pricing Decision-making of Exhaustible Goods under the Extension of Hotelling's Law:Economic Outcomes and Social Welfare Losses under China's Growth Mode

作　　者：聂丹[1,2] 

机构地区：[1]华东师范大学金融与统计学院金融系,上海200241 [2]华东师范大学国际金融与风险管理研究中心,上海200241

出　　处：《财经研究》2009年第12期84-95,共12页Journal of Finance and Economics

基　　金：国家社会科学基金青年项目(资本账户开放和新型国际分工格局下人民币钉住货币篮汇率制度研究)(04CJL016)

摘　　要：现有文献对石油等可耗竭品价格的决定鲜有论及,但凡论及也都是以霍太林定理来解释,但霍太林定理只是一个无套利条件,而非终极的价格决定理论。文章在重新梳理可耗竭品价格决定理论基础上,进一步拓宽了可耗竭品的概念,构建了适用性更强的理论模型,可将其视为对霍太林定理的拓展,并从中得出了中国增长模式中经济产出与社会福利损失研究的启示。The pricing decision-making of exhaustible goods is rarely discussed. When it is discussed, the scholars apply Hotelling＇s law to explain it. But Hotelling＇s law is just a no-arbitrage condition, not an ultimate pricing decision-making theory. Based on the analysis of the pricing decision -making theories about exhaustible goods, it extends the concept of exhaustible goods and provides references for the studies on economic outcomes and social welfare losses under China＇s growth mode.

关 键 词：可耗竭品 霍太林定理 跨时期分析 

分 类 号：F760[经济管理—产业经济] F224.0