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| 題 名 | A Note of Huei Pricing=標會訂價之分析評述 |
|---|---|
| 作 者 | 廖源星; | 書刊名 | 管理學報 |
| 卷 期 | 20:1 2003.02[民92.02] |
| 頁 次 | 頁67-90 |
| 分類號 | 562.8 |
| 關鍵詞 | 標會; 標金; Huei; Huei discount; |
| 語 文 | 英文(English) |
| 中文摘要 | 本文分析如何決定標會之標金。標金之決定係根據下列之原則:選擇標下標會(即,成為"死會")之相關現金流量之折現值需等於選擇不標下標會(即,仍為"活會")之相關現金流量之折現值。研究結果顯示,標會之標金為一由標會成員之人數、折扣率及會員之倒帳率所組成之函數。與以前文獻不同的是,本文提供證明指出:標會之標金與會員人數成正比、標會之標金與折扣率成正比,關於會員倒帳率如何影響標金則因會員倒帳率之假設而有所不同。最後,本文分析當會首加入標會以及倒帳會員之後續支付行為如何影響標金之決定。 |
| 英文摘要 | This paper analyzes the pricing of Huei, a popular saving-and borrowing pool in Chinese society. Huei discount is determined by the principle that the present value of relevant cash flows of becoming a “dead” member must equal that of continuing to be a “live” member. It is shown that Huei discount is a function of the number of members in a Huei, the discount rate associated with a Huei, and the default probability of members, and does not depend on past or future Huei discounts. In contrast to prior literature, we prove that Huei discount increases with the number of members in a Huei and the discount rate, respectively. Further, Huei discount may decrease or increase with the default probability of Huei members. Under an alternative assumption on default probability of members, Huei discount increases with default probability. In addition, we analyze the effect of the inclusion of a Huei head into the Huei. Finally, the effect of the existence of a default member who continues to default on remaining payments on our model is examined. |
本系統中英文摘要資訊取自各篇刊載內容。