Abstract:This paper analyzes the dynamic process of the“regulation dilemma”of food safety proposed by re-cent studies through simulation modeling． The two-period game model includes the food producer，consumers， and regulators and analyzes the forming mechanism of the“regulation dilemma”． The result shows that the de-gree of regulation will influence the expected payoff of consumers and that the overall income in the food mar-ket will decrease when the regulation degree exceeds the consumers’expectation payoff so that the violation in-come will definitely increase． In return，the increase of violation income will enhance the violation motives．The result also suggests that the reason for the “regulation dilemma”is that the signal of the regulation power is skewed by the signal structures between regulators and enterprises and that between regulators and consum-ers． In other words，the regulation powers skew the consumer’s signal，so that consumers can not judge the quality of the signal by the market price，as decreases the payoff and market income． In the end，this paper suggests some institutional solutions．

Abstract:With increasing environmental pollution，CO2 emission reduction becomes emergent． But an over-emphasis of resource policy design on the socio-economic impacts leads to less concern on CO2 emissions and environmental benefits，which is not harmful to the sustainable development of the society and ecological civili-zation． The paper builds a dynamic computable general equilibrium model ( CGE) to analyze the impacts of resource tax rate adjustment and resource subsidies on emissions reduction and environmental welfare with the scenarios by a quantitative way． The results shows that: resource policy reforms can promote emission reduc-tions and environmental benefits in a long time，and the impacts of different policy designs are different． Coal-resource-tax-rate adjustment can inhibit resource consumption to some extent，improve resource earnings and resource-using efficiency per capita，and reduce environmental losses; resources subsidy policy can improve the environmental quality and environmental welfares． Therefore，coal-resource-tax reform policy should be designed coordinately and completely as soon as possible to guarantee the sustainable development of society．

Abstract:Based on the life cycle-permanent income hypothesis，the paper derives the housing consumption formula with housing prices，income，and wealth utilizing the general stochastic Ｒamsey model． Then，it ap-plies a two step System-GMM estimating method to investigate the impact of the housing price fluctuation and income on housing consumption using panel data of 31 provinces from 2002 to 2013． The empirical results show that housing price inflation has significant inhibitory effects on national residential housing consumption as a whole: the housing prices in the lag phase and current phase are negatively associated with current hous-ing consumption，and the prices in next phase has a positive wealth effect on housing consumption． Moreover， the housing consumption in the current phase always moves in the same direction as the lag phase． Among the novel findings there are also evidences indicating that income and deposit are important supporting factors for housing consumption．

Abstract:Through studying multiple cases on public opinion propagation under the background of emergency， the classifications of masses and the intervention effects of the government are first defined，and the state-tran-sition relationship between different types of the masses is also analyzed． Then，according to the practical characteristics of public opinion propagation，a control system of public opinion propagation with the considera-tion of the government’s intervention is constructed by applying the SEIＲ epidemic model． Further，the mean field method is used to present a differential equations model for the above system，and the government’s cop-ing strategies are obtained through studying the equilibrium points and the stability of this model． Finally，the public opinion propagation of the Great East Japan Earthquake in 2011 is taken as a case，in which the influ-ences of different focuses of government’s emergency decision on the behaviors of the masses are tested through designing multiple scenarios，and some related strategies are proposed for making emergency schemes．

Abstract:As the rising of social networks，represented by Micro-blog and we chat，in China，a full message dissemination and diffusion transmission chain has formed during the new media era，and profound influences have been made on the habits of individual cognitive learning，investment philosophy，behavioral patterns， and asset prices patterns in financial markets． In the scenario of the new media，this study investigates the correlation between micro-blog information quality and stock price synchronicity，taking the financial social networks platform as the breakthrough point． Based on the three dimensions of information attention，network reliability，and update frequency，the paper first constructs a index system for network information quality， then theoretically and empirically studies the influence of the social network‘s information quality on stock price synchronicity． The findings suggest the connection between the two is clear negative and U-shaped rela-tions． Our results provide evidences from Chinese stock market to confirm the validity of social networks on stock price synchronicity．

Abstract:Based on Markov regime-switching model，the paper investigates the impact of interest rate adjust-ment on the volatility of China’s stock market with different regimes，especially when the volatility regimes of Shanghai Composite Index were classified into two states from 2014 ～ 2015: the falling and the rising． Consid-ering the regime switching and leverage effect of volatility in the stock market，Markov ＲS-EGAＲCH model is used to model the return and volatility of Shanghai Composite Index． The result shows that the shock of good news has the same effect on the volatility of Shanghai Composite Index as the bad news in the rising state; the shock of bad news has a larger impact on the volatility of Shanghai Composite Index than the good news in the falling state，which is different from the usual leverage effect． Then，the impact of the interest rate adjustment after 2012 on the volatility of Shanghai Composite Index has been examined by introducing the a dummy varia-ble into the mean and volatility equation of the ＲS-EGAＲCH model． The conclusion shows that the interest rate cut has resulted in the increase of return and volatility of Shanghai Composite Index in the rising state， and the decrease of the return in the falling state． On the contrary，the interest rate adjustment in 2006 has no significant effect on the volatility of Shanghai Composite Index in both the two states．

Abstract:This paper assumes transparent traders are ambiguous about the standard deviation ( variance，or investment risk) of the returns of the extra investment opportunities． This ambiguity restraints transparent trad-ers’investment decisions，and may lead to a higher equity premium and a loss of social welfare． Due to ambi-guity aversion，transparent traders make decisions by adopting smooth ambiguity aversion model． Their de-mand function manifests continuous and smooth features． While，opaque traders having information advantage after paying information acquisition cost are standard risk averse investors． From the Ｒational Expectation E-quilibrium ( ＲEE) ，our analysis shows that: opaque traders appear to generate strictly positive excess returns if only their net wealth is strictly positive; increasing information acquisition cost is not a good policy since it decreases the fraction of sophisticated traders，increases equity premium，and decreases welfare; regulation policy aiming to reduce ambiguity by improving the market transparency always increases the welfare．

Abstract:Is social insurance is positively related to household’s investment in stock and other risky financial asset market? This paper establishes a two-period model of households and finds that the probability and ratio of household’s investment in risky asset increases with participating social insurance，and that this relation is more significant in households with more uncertainty and of risk-love． Using provincial level and 2011 CHFS data，our empirical results prove the theoretical findings． These findings are valuable to China’s social insur-ance mechanism and capital market．