A származtatott termékek árazása és annak problémái az egyensúlyelmélet szempontjából (Pricing of derived products and problems with it in terms of equilibrium theory)

A szerző röviden összefoglalja a származtatott termékek árazásával kapcsolatos legfontosabb ismereteket és problémákat. A derivatív árazás elmélete a piacon levő termékek közötti redundanciát kihasználva próbálja meghatározni az egyes termékek relatív árát. Ezt azonban csak teljes piacon lehet megtenni, és így csak teljes piac esetén lehetséges a hasznossági függvények fogalmát az elméletből és a ráépülő gyakorlatból elhagyni, ezért a kockázatsemleges árazás elve félrevezető. Másképpen fogalmazva: a származtatott termékek elmélete csak azon az áron képes a hasznossági függvény fogalmától megszabadulni, ha a piac szerkezetére a valóságban nem teljesülő megkötéseket tesz. Ennek hangsúlyozása mind a piaci gyakorlatban, mind az oktatásban elengedhetetlen. / === / The author sums up briefly the main aspects and problems to do with the pricing of derived products. The theory of derivative pricing uses the redundancy among products on the market to arrive at relative product prices. But this can be done only on a complete market, so that only with a complete market does it become possible to omit from the theory and the practice built upon it the concept of utility functions, and for that reason the principle of risk-neutral pricing is misleading. To put it another way, the theory of derived products is capable of freeing itself from the concept of utility functions only at a price where in practice it places impossible restrictions on the market structure. This it is essential to emphasize in market practice and in teaching.

New Public Management Reforms: Institutions matter!

New Public Management (NPM) has played a decisive role and has had a radical effect on the productivity and efficiency of the public sector in the Anglo-Saxon countries. However, the effective introduction of the NPM reforms is not an easy task. The scientific community is zealously analyzing the experiences of the developing countries. The stories, they tell, are full of failures, and ineffective reforms. The goal of the current study is to uncover the factors that might influence the successful implementation of the NPM reforms. In our analysis, by relying on the theories of new institutional economics, we developed a model with which we wish to prove that in regards to the success of the reforms the informal and the formal institutions characteristic of the given country are the decisively determining factors. When answering the question, we introduced a new indicator based on public choice theory – the politicians’ interest index – by which we could measure the success of the NPM. We tested our hypothesis by a comparative statistical analysis using the data from 31 countries. Based on our results, we find that informal institutions, the culture shared by the members of society, fundamentally determine the probability of the successful implementation of the NPM reforms, these results having a significant practical relevance.