Abstract：In the cooperative game theory, the key of keeping the alliance stability is the stable wealth distribution plan, so it  is always one of interested focus of economists and managers. In this paper, we mainly discuss the core distribution of the “considering performance factors” cooperative games, and propose avenues to explore which from the crisp core to the dominance core, and then to the proper core, finally to the Aubin core. For the extensive practical fuzzy clan games, using our important conclusion that “dominance core” is equal to “proper core” which be proved in order to correct the fatal error in the monograph of foreign counterparts can provide the basal theory for searching fair distribution and actual operating practices.
Key Words：Fuzzy Clan Games; Core; Proper Core; Dominance Core; Crisp Core

Abstract：The recent global economic crisis severely hits international trade. However, this downturn may affect intensive and extensive margins of exports differently. In this paper, we first analyze the data of China’s exports during the 2008—2009 financial crisis. We find that the financial crisis mainly hit the intensive margin of China’s exports; the extensive margin actually increased. In order to explain this surprising result, we extend Melitz (2003) model by allowing consumption heterogeneity and exporting firms to depend on external finance to cover their fixed costs. The model shows that albeit the expoting revenue of each firm (i.e. the intensive margin) unambiguously drops due to weaker foreign demand, the number of exporting firms (i.e. the extensive margin) may increase due to counter-measures taken by exporting countries, such as decrease in interest rates. We further simulate our analytical model and the simulated effects on intensive and extensive margins match the data well.
Key Words：Financial Costs; Economic Crisis; Exports; Intensive Margins; Extensive Margins

Abstract：This paper proposes a two-country trade disequilibrium model with heterogeneous firms and minimum wage to investigate the effects of minimum wage and productivity on firms’ exports. It shows that the effect of minimum wage on firms’ exporting probability and foreign sales is negative while that of firms’ productivity on their exports is negative. Econometric analysis based on the survey data of Chinese Industrial Enterprises as well as the data of minimum wages collected ourselves within 1998 and 2007 verifies these predictions.
Key Words：Minimum Wage; Heterogeneous Firm; Productivity; Export

Abstract：Government subsidy has attracted extensive attention recently. We study effects of competition and ownership on subsidy with distinguishing subsidy motivations. Controlling the industry and political connection, we show that: 1) state-owned enterprises (SOEs) get more subsidies than Non-SOEs, 2) the firms in loss tend to obtain more subsidies, while the ownership has marginal effects on this relation, 3) the increasing market competition, from both of the industry & area, leads to SOEs obtaining more subsidies, and 4) results based on the large sample from Chinese industrial enterprises database and alternative measures further support our findings. We offer timely and clearly political implications to the regulators.
Key Words：Market Competition; Ownership; Government Subsidy

Abstract：While overwhelmingly market participants became scared herds in the midst of 2008—09 financial crisis, a very few acted as contrarian traders in the market. Conventional theory fails to explain contrarian behavior in systemic risk caused crisis. In the financial crisis government undertakes unconventional policies to contain systemic risk so as to prevent market collapse. These measures provide unique information for contrarians to act in the market. Study on contrarian investment is not only important for long-horizon investors to make decisions on micro level, but also useful for government to stabilize market on macro level. This paper constructs a three-dimensional model which consists of expected return, specific risk and unconventional policy to interpret Tobin risk lover behavior, discusses policy‘s effect on contrarians and find out rationale of optimal investment decision against backdrop of government’s systemic risk control.
Key Words：Financial Crisis; Systemic Risk; Unconventional Policy, Tobin Risk-lover; Contrarian Investment

Abstract：Based on the CHNS data collected in 1997 and 2006, this paper uses the Propensity Score Matching Method to estimate the return to senior middle school and college education respectively while considering the problems of Selection Bias and Heterogeneity. The Local Linear Method can effectively reduce the former problems which may be suffered by the OLS and decompose the Treatment Effect of education. The estimated results show that there is heterogeneity among individuals; the average returns to these two kinds of education have increased in ten years; the yearly return to senior middle school is higher than that of college and the difference among the Treatment Effects of college is reducing. The political implication of this paper is to make the education fair and to improve income distribution among individuals government should first emphasize on popularizing the education of senior middle school well, but not rush to expand the college education.
Key Words：Return Rate to Education; Heterogeneity; Selection Bias; Propensity Score Matching Method

Abstract：Aiming at the limitation of the non-endogenous consideration of energy efficiency in the current researches, this paper develops a theoretical model based on the learning-by-doing theory and carries out an empirical estimation of rebound at  China’s macro-economic level by using the state space model. Moreover, it discusses  China’s energy policy choice. Results indicate that Cobb-Douglas production function has sufficient flexibility and interpretation for the rebound under the technology-edogenous framework. The backfire effect and partial rebound are present before and after the implementation of the reform and openingup policy respectively. The long-term rebound is high since some proportion of potential energy conservation is offset by a new round energy consumption resulting from rapid economic growth. The realization of energy-saving goal should not be only deperdent on the improvement of energy efficiency, but also on some market-oriented policy mix including energy pricing and revenue policy to restrict effectively the rebound and maximize the potential energy conservation.
Key Words：Energy Rebound Effect; Endogenous Energy Efficiency; Energy Elasticity of Output; State Space Model

Abstract：How does land adjustment affect the development of rural land rental market is the concern of this paper. Previous studies on this topic only focus on the transaction quantity. However, that is not the whole picture. This paper combines the dual perspectives of transaction quantity and quality. By introducing a trading model, the following propositions are drawn. First, land adjustment prompts the households to get non-farm jobs and thus increases the supply in land rental market. In suburban areas where the supply elasticity is less than the demand elasticity, this will lead to a plus in transaction quantity. Second, land adjustment plays a negative role in promoting a more qualified land rental market, as it dampens the incentives to make contract and shortens the lease term, which results in a significant decrease in lessees’ land investment. Using first-hand survey data from Jiangsu, Shandong, Shaanxi and Zhejiang Provinces, in 2000, 2001 and 2009,  propositions above are validated.
Key Words：Land Adjustment; Rural Land Rental Market; Transaction Quantity; Transaction Quality

Abstract:This paper constructs consume model with structure effect from the angle of mental account based on china’s rural behavior, and deeply analyzes the theoretical mechanisms between consume and income, furthermore has tested the hypotheses based on ZheJiang province by dynamic panel data model. The paper shows the function mechanism that how different income affects different consume and how consume difference generates. The conclusions help us to provide scientific proofs on booting rural consume and harmoning new rural constructions.
Key Words:Rural Consumption; Structure Effect; Mental Account; Adaptive Expectation; Consume Difference

Abstract：Past studies on household finance focus on the issues of measuring financial access or market participation, and mostly use one particular country into study. To alleviate these constraints, we review relevant literature and summarize potential explanations on household assets allocation across countries. In addition, this paper proposes some future research agendas for academic and policy orientation. First, we suggest that there is a need for a long-run crosscountry survey on assets allocation, and a long-term comparison between developing and developed countries. This investigation will enable us to examine the relationship between household assets allocation and economic development. Similarly, the research on culture and social activities also relies on the crosscountry cultural/sociological data. Second, a comparison between direct finance and indirect finance in a cross-country perspective is particularly crucial for countries under-development. Moreover, the pivotal issue of future research in developing countries should be to adopt an appropriate way to consider the samples that were excluded by involuntary factors. Finally, we shed some lights on capital market development in China by discussing the roles of direct and indirect finance under the process of different fundamental economic reforms and dual systems.
Key Words：Household Finance; Assets Allocation; Theoretical Framework; Policy Implications