初學玉玲瓏Chu xue yu ling long.Traité de composition.

Sur les divisions d'une pièce de wen zhang, avec exemples (thèmes des Quatre Livres). Par Xu Xuan Jing xian, de Tang ; préface de l'auteur (1750). Réédition de la salle Zhi yi (1835).4 livres.

新鍥全補 (sic) 天下四民利用便觀五車拔錦Xin qie quan bu tian xia si min li yong bian guan wu che ba jin.Encyclopédie de la vie pratique.

Ouvrage rangé par ordre méthodique ; divisé en deux séries de textes qui occupent l'une la moitié supérieure, l'autre la moitié inférieure des pages ; modèles de suppliques, calcul, lutte, tir à l'arc, cuisine, médecine : texte avec figures.Livres 24 et 20.

Français 1983

Contient : 1° Traités sur diverses questions d'art héraldique et d'ordonnance militaire ; 2° Mélanges historiques et héraldiques ; 3° « Les Serimonies et ordonnances qui se appartiennent à gaige de bataille fait par querelle, selon les constitucions faictes par le roy PHELIPPE DE FRANCE » (PHILIPPE LE BEL) ; 4° Mélanges historiques et héraldiques, contenant des cérémonies, deffiances, convocations, suppliques, modèles de lettres, etc

Français 2408

Contient : 1° « Reglement sur les finances » ; 2° « Traité du revenu et despence des finances », par « M. HOB » ; 3° « Advis à M. le m[arquis] d['Effiat] sur le fait des finances » ; 4° « A messieurs les principaux ministres de l'Estat » ; 5° « Advis à M. le m[arquis] d'Effiat, sur le fait des finances » ; 6° « Ruses d'aucuns receveurs particuliers pour desrober les pauvres collecteurs », par « M. DHILLERIN » ; 7° « Le Nombre des feuz de fouage au grand, estans es eveschez de Bretaigne », suivi de diverses lettres patentes au sujet de ces fouages ; 8° Modèles d'ordonnances

新增補李卓吾註釋素翁雜字併刊延賓帖式Xin zeng bu li zhuo wu zhu shi su weng za zi bing kan yan bin tie shi ; alias : 增補素翁指掌雜著全集Zeng bu su weng zhi zhang za zhu quan ji.

Manuel encyclopédique pour l'éducation.Composé par Chen Bin gong et annoté par Wang Bai gu ; explications de Li Zhuo wu († 1610). Ouvrage gravé par Wu Qi xiang (1628) ; comprenant : vie de Confucius, — en haut des pages, abrégé historique, en bas, vocabulaire méthodique, — renseignements divers, modèles de lettres, etc.2 + 32 + 6 feuillets.

百備全書Bai bei quan shu.

Manuel encyclopédique.Édité par l'historiographe Zhang ; comprenant : carte céleste, carte de la Chine, résumé historique avec portraits, caractères anciens, vie de Confucius, arithmétique, Bai jia xing, vocabulaire, modèles de lettres, etc. ; tantôt le texte se suit du haut en bas de la page, tantôt la page est divisée horizontalement entre deux textes ; pagination multiple.

Latent Variable Models for Stochastic Discount Factors.

Latent variable models in finance originate both from asset pricing theory and time series analysis. These two strands of literature appeal to two different concepts of latent structures, which are both useful to reduce the dimension of a statistical model specified for a multivariate time series of asset prices. In the CAPM or APT beta pricing models, the dimension reduction is cross-sectional in nature, while in time-series state-space models, dimension is reduced longitudinally by assuming conditional independence between consecutive returns, given a small number of state variables. In this paper, we use the concept of Stochastic Discount Factor (SDF) or pricing kernel as a unifying principle to integrate these two concepts of latent variables. Beta pricing relations amount to characterize the factors as a basis of a vectorial space for the SDF. The coefficients of the SDF with respect to the factors are specified as deterministic functions of some state variables which summarize their dynamics. In beta pricing models, it is often said that only the factorial risk is compensated since the remaining idiosyncratic risk is diversifiable. Implicitly, this argument can be interpreted as a conditional cross-sectional factor structure, that is, a conditional independence between contemporaneous returns of a large number of assets, given a small number of factors, like in standard Factor Analysis. We provide this unifying analysis in the context of conditional equilibrium beta pricing as well as asset pricing with stochastic volatility, stochastic interest rates and other state variables. We address the general issue of econometric specifications of dynamic asset pricing models, which cover the modern literature on conditionally heteroskedastic factor models as well as equilibrium-based asset pricing models with an intertemporal specification of preferences and market fundamentals. We interpret various instantaneous causality relationships between state variables and market fundamentals as leverage effects and discuss their central role relative to the validity of standard CAPM-like stock pricing and preference-free option pricing.

International Transmission of the Business Cycle in a Multi-Sector Model.

Multi-country models have not been very successful in replicating important features of the international transmission of business cycles. Standard models predict cross-country correlations of output and consumption which are respectively too low and too high. In this paper, we build a multi-country model of the business cycle with multiple sectors in order to analyze the role of sectoral shocks in the international transmission of the business cycle. We find that a model with multiple sectors generates a higher cross-country correlation of output than standard one-sector models, and a lower cross-country correlation of consumption. In addition, it predicts cross-country correlations of employment and investment that are closer to the data than the standard model. We also analyze the relative effects of multiple sectors, trade in intermediate goods, imperfect substitution between domestic and foreign goods, home preference, capital adjustment costs, and capital depreciation on the international transmission of the business cycle.

Sharing a River

A group of agents located along a river have quasi-linear preferences over water and money. We ask how the water should be allocated and what money transfers should be performed. We are interested in efficiency, stability (in the sense of the core), and fairness (in a sense to be defined). We first show that the cooperative game associated with our problem is convex : its core is therefore large and easily described. Next, we propose the following fairness requirement : no group of agents should enjoy a welfare higher than what it could achieve in the absence of the remaining agents. We prove that only one welfare vector in the core satisfies this condition : it is the marginal contribution vector corresponding to the ordering of the agents along the river. We discuss how it could be decentralized or implemented.

Économétrie, théorie des tests et philosophie des sciences

Dans ce texte, nous revoyons certains développements récents de l’économétrie qui peuvent être intéressants pour des chercheurs dans des domaines autres que l’économie et nous soulignons l’éclairage particulier que l’économétrie peut jeter sur certains thèmes généraux de méthodologie et de philosophie des sciences, tels la falsifiabilité comme critère du caractère scientifique d’une théorie (Popper), la sous-détermination des théories par les données (Quine) et l’instrumentalisme. En particulier, nous soulignons le contraste entre deux styles de modélisation - l’approche parcimonieuse et l’approche statistico-descriptive - et nous discutons les liens entre la théorie des tests statistiques et la philosophie des sciences.

What Is a Commody? Two Axiomatic Anwers

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of \"commodities\". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up to positive linear transformations only.

Inflation Targeting Under Asymmetric Preferences

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's loss function. It is shown that some of the previous results derived under the assumption of symmetry are not robust to the generalization of preferences. Estimates of the central banker's preference parameters for Canada, Sweden, and the United Kingdom are statistically different from the ones implied by the commonly used quadratic loss function. Econometric results are robust to different forecasting models for the rate of unemployment but not to the use of measures of inflation broader than the one targeted.

Religion and Economic Growth: Was Weber Right?

Evidence of falling wages in Catholic cities and rising wages in Protestant cities between 1500 and 1750, during the spread of literacy in the vernacular, is inconsistent with most theoretical models of economic growth. In The Protestant Ethic, Weber suggested an alternative explanation based on culture. Here, a theoretical model confirms that a small change in the subjective cost of cooperating with strangers can generate a profound transformation in trading networks. In explaining urban growth in early-modern Europe, specifications compatible with human-capital versions of the neoclassical model and endogenous-growth theory are rejected in favor of a “small-world” formulation based on the Weber thesis.

Empirical Assessment of an Intertemporal Option Pricing Model with Latent variables

This paper assesses the empirical performance of an intertemporal option pricing model with latent variables which generalizes the Hull-White stochastic volatility formula. Using this generalized formula in an ad-hoc fashion to extract two implicit parameters and forecast next day S&P 500 option prices, we obtain similar pricing errors than with implied volatility alone as in the Hull-White case. When we specialize this model to an equilibrium recursive utility model, we show through simulations that option prices are more informative than stock prices about the structural parameters of the model. We also show that a simple method of moments with a panel of option prices provides good estimates of the parameters of the model. This lays the ground for an empirical assessment of this equilibrium model with S&P 500 option prices in terms of pricing errors.

Organizational Design of R&D Activities

This paper addresses the question of whether R&D should be carried out by an independent research unit or be produced in-house by the firm marketing the innovation. We define two organizational structures. In an integrated structure, the firm that markets the innovation also carries out and finances research leading to the innovation. In an independent structure, the firm that markets the innovation buys it from an independent research unit which is financed externally. We compare the two structures under the assumption that the research unit has some private information about the real cost of developing the new product. When development costs are negatively correlated with revenues from the innovation, the integrated structure dominates. The independent structure dominates in the opposite case.