2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：wkEconomicswithApplicationtoFinancewkswkexternalitiesplayacentralroleintheNewIndustrialganization.Manywkindustriessuchastelecommunicationsrailroadsetc.arecentraltomoderneconomiclife.Furthertheessentia

2、lrelationshipsamongthecomponentsofthewki.e.complimentarilycompatibilityarepresentinmanynonwkindustriesincludingfinancialintermediationtheexchangeoffinancialinstrumentsassets.Inthispaperweanalyzereviewtheessentialfeatures

3、ofwksshowtheirapplicationtofinance.Acrucialfeatureofwksisthattheyexhibitwkexternalitiesi.e.productionconsumptionpositivesizeexternalities.Inatypicalwktheadditionofanewcustomer(wknode)increasesthewillingnesstopayfwkservic

4、esbyallparticipants.Whenanewnodeisaddedtoawknewgoodsarecreated.Consumersdemthesegoodsthatwereunavailablebefe.Thusconsumersarebetteroffafterthenewnodewasadded.Thebenefitsoftheadditionofanextranode(anextracustomer)exceedth

5、eprivatebenefitsaccruingtotheparticularnode(customer).AsanexampleofthisconsiderasimplestarwkconsistingofacentralnodeSperipheralnodesABCetc.asinFigure1.ThiscanbeatelecommunicationswkifSisacentralswitchABCetc.arethelocatio

6、nsofthevariouscustomers.CustomersdemphonecallsASBBSAetc.ThesearecompositegoodseachcomprisedoftwocomplementarycomponentsfexampleASBiscomprisedofASSB.wksarebytheirnatureselfreinfcing.Thisisjustanotherwayofsayingthattheyexh

7、ibitpositivesizeexternalities.Asadirectconsequenceoftheirselfreinfcingnaturewksfrequentlyexhibitpositivecriticalmass.Thismeansthattoaparticular“good“equilibriumisimptant.Besidescodinatingexpectationsthismayrequirejointde

8、cisionsoninvestmentsponsshipbyaparticularfirm.Electroniccallmarketswherealldersarebatchedtogetherexecutedatoncereducemarketpriceuncertaintyutilizetoalargerextentthewkexternalitythanacontinuousmarket.Technologicalprogress

9、inelectroniccomputershasmadeitpossibletorunelectroniccallmarketswhereallstocksareclearedsimultaneously.EconoesSchwartz(1993a)proposethreecallsaday(attheopeningat12:00attheclose)ontopofcontinuoustradingintheU.S.equitymark

10、ets.EconoesHeislerdiscussthetheeticalequilibriumofthecoexistenceofcallcontinuousmarkets.EconoesHeislerestablishthefeestructureftransactionfeesinacallmarket.Traderswhoentertheirdersearlyaregedalowerfeeasarewardfgenerating

11、extraliquidityinthemarket.Financialmarketsexhibitsignificantexternalitiesoftwotypes.Sofarwehavediscussedindetailthepositiveexternalitiescreatedbytradersthroughtheprovisionofmarketliquiditythepossibilityofcapturingtheseex

12、ternalitiesinacallmarketthepossibilityofencouraginghigherliquiditythroughearlydeclarationofmarketparticipationinducedbylowertransactionfeesfearlyparticipantsincallmarkets.Asecondexternalityarisesbecauseanunderpricedoutpu

13、tofafinancialexchangewkistheequilibriummarketprice.Thisinfmationisofcrucialimptancetopotentialmarketparticipants.Itshowsthepotentialbenefitslossesfromaproposedtradedonethroughthiswk.Fthebenefitofthesepotentialtradersmark

14、etpriceshouldbereptedasaccuratelyaspossible.HoweverthemarketpriceestablishedinwkXcanbeusedbycompetingwkYtocompletetransactionswithinwkY.ThuswkXhasaprivateincentivetoreptpricesinaccurately(fexampletoreptalargebidaskdiscre

15、pancy).Thingsarefurthercomplicatedwhenoneconsiderstheeffectsoftheutilizationofmarketpriceinfmationbyopponents.ThevalidityofthemarketpriceestablishedinwkXisanincreasingfunctionofthesizeofthiswk.ThusitmaybebetterfasmallwkY

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