Instructor’s Manual Reading for Today 5: Topics for Today
4th Edition
Lorraine C. Smith, Nancy Nici Mare
with Carol N. Goff
C o n t e n t s
Teaching Notes 2
Answer Key 21
Chapter Tests 46
Chapter Tests Answer Key 58
Topics for Today
T e a c h i n g N o t e s
Unit 1: Society: School and Family
Chapter 1 p. 2–19
Hop, Skip . . . and Software? p. 3-6
CD 1, Track 1
There is a wide range of educational philosophies about the use of computers in elementary schools. This diversity is reflected in the varying degrees of access that elementary students have to computers, and in the ways that computers are integrated into the curriculum. Most educators agree that in order to ensure the successful application of technology in the classroom, teachers must be trained to use computers effectively.
Suggestions for Prereading Activity p. 2 Ask students to look at the photographs on Student Book (“SB”) pages 2 and 6. Elicit information from your students by asking questions: How are the students in the photographs using computers? How old are they? Where do you think the teacher is? Also, ask students about the source of the article, the newspaper Christian Science Monitor. What kind of publication is this? You may also wish to find out when and where your students first used a computer. Culture Notes
The examples cited in the reading portray several different perspectives on the use of computers in childhood. Note that much of the debate concerns elementary school children, particularly those at the younger end of the spectrum. Some of these perspectives are based on theories of social, emotional, and cognitive development. Theorists, such as Jean Piaget and Erik Erikson, purport that children go through a sequence of stages where certain types of learning are especially important. Educators who oppose the use of computers during early childhood are concerned that technology might displace crucial experiences and human interaction that would interfere with healthy development.
A related concern is how computers are actually used in the learning process. Do students interact individually with a computer or do several students work together, interacting with the technology and with each other? Are computers a means to explore higher order thinking skills such as integration and application, or are they simply mechanical teacher replacements for drill and practice? Generational familiarity is still a factor in how effectively teachers integrate technology into their classrooms. Teachers who are not comfortable with computers themselves may need extra training or coaching so that they are able to maximize the benefits of technology. Suggestions for Another Perspective
Ask students to look at the photograph on SB page 13. What is the boy doing? Where is he? Could he access the Internet there? How? What advantages does his computer have over desktop computers usually found in schools? In the title, what does rural mean? What is a word that means the opposite of rural?
Program to Bring Computers to Rural Schools p. 14-15
CD 1, Track 2
A pilot program will provide laptop computers to students in five states and Washington, D.C. The touch-operated computers, meant to replace textbooks and library books, weigh less than two pounds and do not have hard drives. The computers use wireless technology and have filtered Internet access. In places like the mountains of rural Arkansas, educators not only hope the computers will link students with the wider world, but provide solutions to school consolidation problems.
Culture Notes
The two readings both explore how the access to computer technology varies considerably throughout the United States. Greater access often exists in suburban schools with less access in urban and rural schools. In some of the rural school districts, educators are hopeful that computers will have a positive impact on both individual students and the state public education system. In the past, rural students have been disadvantaged by their remote locations. Computers make it possible to link schools and even enable districts to share teachers through videoconferencing.
According to the founder of the company coordinating the pilot project, one goal is to replace textbooks and library books with electronic versions. While this may cut costs for print materials, some studies indicate that this is not an advantage unless the materials are interactive. As noted in the previous reading, the key to effective use of computers is not just the presence of the technology; it depends on careful, thoughtful integration with the whole teaching and learning process.
Suggestions for Follow-up Activities p. 17 As this is the first follow-up activity in Topics for Today, students should complete a Self-Evaluation of Reading Strategies. The forms that assist students in this process are located in the last chapter of each unit. The form for Unit 1, Chapter 1 is on SB page 57. The first time students use the form, it might be useful to go through it as a class so you can clarify the strategies.
The first article contrasts using computers for “drill and practice” and using them for “simulations and applications” (see the ETS study, lines 38–43). If students use CALL (Computer Assisted Language Learning) software, is it more like one of these than the other? Do students feel that you could learn a language just by using a computer? Ask them to explain.
If students are interested in learning more about technology in the classroom, refer them to the Internet and InfoTrac resources for this chapter. InfoTrac comes with the Student Book and provides students with an online research library.
See https://www.doczj.com/doc/b69586114.html, for student and instructor activities and materials to accompany this student book. Crossword puzzles, flash cards, and worksheets are just some of the resources you’ll find at this site. The answer keys for chapter assessments found in this book will be found in the Instructor Resources location for each book.
______________________________________________________________________________ Chapter 2 p. 20–39
My Husband, the Outsider p. 22-24
CD 1, Track 3
Mixed marriages between people of different cultural backgrounds can create confusion for the couple’s families. Traditional families need to overcome stereotypes and accept the new spouse
as a person on their own merits. These adjustments can be difficult for some people and acceptance can take time.
Suggestions for Prereading Activity p. 20-21 Before students answer the following questions, have them look at the photograph on SB page 20. How are these two people alike and how are they different? What are some other examples of mixed marriages? Religion, ethnic background, race, and social class are a few differences you could discuss. What’s an outsider? Ask your students if they have ever experienced what it feels like to be an outsider.
Prereading Question 2 on SB page 20 asks students to respond to what being an American means by writing in their journal. Please note that in using Topics for Today, all students should regularly keep a journal. The journal is intended to be a place to write personal reflections or reactions to a topic. You may choose to read the students’ journals and respond to them (but not grade them), making them a dialogue journal in which a student and you privately communicate about ideas. On the other hand, you may opt to make journal writing a solo exercise, a private opportunity for students to process and express their ideas about the readings and activities.
Culture Notes
Mixed marriages in the United States are both more common and more accepted than they were a generation ago. This is probably a result of several factors, including greater opportunities to meet and know people from various backgrounds, more media exposure to a wide variety of cultures and lifestyles, and more positive attitudes toward diversity. However, Americans are only a generation away from a society that generally supported racial segregation and legal restrictions on mixed marriages. Miscegenation, a term used to describe marriage or cohabitation between a white person and a member of another race, was often used to express a very negative view of racial mixing.
Use the term first-generation to describe Marian Hyun’s situation. First-generation means the first children of immigrants to be born in the new country.Discuss how Marian’s background and experiences in America are different from her parents’ upbringing in Korea.
You might want to use movies to reinforce the idea that a variety of differences (religion, race, social class) can form the basis of mixed marriages. Possible films range from the classic Guess Who’s Coming to Dinner to the more recent My Big Fat Greek Wedding.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 31. What’s happening in the photograph? Where are the people? What language do you think they are speaking? Look at the second reading’s title, subtitle, and the author’s name. What do you predict the article will be about? Unwelcome in Chinatown p. 32-33
CD 1, Track 4
An American-born Chinese (ABC) woman describes how it feels to be snubbed when she visits Chinatown. Although the author looks Chinese, she was raised in America and doesn’t speak Cantonese. She claims that Chinese speakers in Chinatown discriminate against her and other ABCs because they don’t know the language.
Culture Notes
Both readings are by first-generation Americans who didn’t learn their parents’ native language because they wanted to assimilate or fit in with American culture. First-generation people are often pulled in two directions. At home, they are exposed to many aspects of their
cultural heritage, but outside the home they want to be accepted by their peers. Some first-generation children become “cultural brokers” for their parents and grandparents when the older family members don’t adjust to American society. In some ethnic neighborhoods or enclaves, it is possible for some people to manage as though they had never left the “old country.” Many people often speak the same native language, there are social groups composed of people from the same background, and a wide range of traditional goods and foods from their native country are available.
Therefore, sometimes there is very little incentive to adjust to the new society. Suggestions for Follow-up Activities p. 34-38 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 57. Then conduct the survey on SB page 35 and compile the results from all class members. Compare the results to the first survey (on SB page 21).
Make a list of books or films that deal with mixed marriages and/or the experiences of young people adjusting to life in America. Compile this list in print form or electronically and distribute it to the class. If students have read the books or seen the films, have them write a brief review. Display students’ reviews in your classroom.
______________________________________________________________________________ Chapter 3 p. 40–62 Beyond Rivalry p. 41-44
CD 1, Track 5
During childhood, brothers and sisters may be rivals, but in later life, siblings typically become emotionally closer and they share a more positive relationship. Psychologists report that as support networks dwindle with age, elderly people typically find strength in their relationships with siblings and the memories that they share since childhood. Among siblings, sisters are the most likely to maintain family bonds.
Suggestions for Prereading Activity p. 40-41 Have students look at the photographs on SB pages 40 and 44 before answering questions. How do the siblings in these pictures relate to each other? The boy and girl in the first picture are younger than the set of sisters. Does age affect their relationship? You may want to explain that rivalry means competition and the word often collocates with sibling to denote the particularly strong competition that exists between brothers and sisters, especially when they are children.
The in-class sibling survey on SB page 41 recycles the term birth order, which was featured in Concepts for Today, Chapter 3. The items in parentheses suggest that the norm is a three-child family. For purposes of collecting data, an only child is considered the eldest child and in families of four or more, all children who are not the eldest nor the youngest are “middle children.”
Culture Notes
The concept of sibling rivalry goes back to the Biblical story of Cain and Abel and also features as fratricide (murdering one’s own sibling) in many myths as well as in historical accounts. As part of the nineteenth-century Viennese school of psychoanalysis that included Sigmund Freud, Alfred Adler was the first to coin the term sibling rivalry. Adler believed that a sense of inferiority was the basic motivating force in human life and much of this stemmed from
childhood rivalry within the family. Adler strongly believed in the effects of birth order on personality.
Modern individuals are born into what sociologists term their family of origin in which they mature. As adults, they marry and form their family of procreation by having children of their own. The term nuclear family is used to describe a family of two parents and their children. This term contrasts with extended family which is a larger unit encompassing three or more generations.In the United States, nuclear families typically live separately from other family members. In many cases, adults may live far away from their parents and their siblings. It is not uncommon for adult siblings to see each other infrequently.This is a sharp contrast to cultures where the extended family is the norm and some siblings live together, along with their spouses and children, on a permanent basis.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 64. What is the relationship of the three young men? In general, is the relationship between brothers different from the relationship between sisters? How?
Middle Children and Their Position in the Family p. 54-55
CD 1, Track 6
Middle children in a family are easily overlooked because of their structural position between older and younger siblings. Middle children frequently respond by placing greater emphasis on peer groups than family ties and are often the first to leave home and live far away. This does not imply that they don’t get along with their family. On the contrary, their position within the family often results in good mediation or negotiation skills and the ability to compromise.
Culture Notes
Recent research on middle children finds them more likely to become rebels against the status quo than their older or younger siblings. The exact type of attention and care middle children receive depends a lot on birth spacing in a family and how occupied the mother and father are with older or younger siblings. In other words, if there are a number of years between adjacent siblings, the middle sibling may be treated similar to a first or last child. Therefore, the family dynamics depend on the number of children, the spacing of children, the presence or absence of children with special needs, and the amount of attention parents can give to individual children in the family.
Suggestions for Follow-up Activities p. 56-58 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 57. After students have completed their self-evaluations, ask them to identify strategies they haven’t used up to this point and remind them to use these strategies in the next unit.
Ask if any students in your class have taken part in a family reunion or have worked on a genealogy (family history). If so, who are the people in their families who usually spearhead such projects? Who usually participates? Are these family members in regular contact with one another?
Have students in the class sort themselves into four groups: only children, eldest children, middle children, and youngest children. Working within their groups, have them identify the advantages and disadvantages of their position within the family. For example, middle children might complain that they always get hand-me-down clothes and toys from their older siblings, but they don’t experience the pressure to perform that the eldest child does.
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Unit 2: Influences on Our Lives: Nature versus Nurture Chapter 4 p. 64–81
Who Lives Longer? p. 65-68
CD 1, Track 7
Scientists believe there are two types of factors that influence longevity: genetic factors fixed from birth and changeable factors over which we have control. Recent research has identified seven changeable factors, but by far the most important is eating less food. In addition, a number of psychosocial factors (social integration, autonomy, stress and job satisfaction, environment, and socioeconomic status) have shown an effect on lifespan.
Suggestions for Prereading Activity p. 64-65 Have students look at the photographs on SB pages 68 and 74 before answering the following questions. How would they describe the people in these pictures? How old are they? What is their attitude? How do they feel about each other? What do you think their hobbies are? Based on their own cultural experience, ask students how long people generally live in their home country. How about people they know? In general, what sort of lifestyle do these people lead? Do students think living for a long time is good or bad? Why?
Culture Notes
The search for a long life and the “fountain of youth” have featured in cultures for much of human history. In both Chinese and Japanese cultures, there are gods of longevity. In Western culture, Aristotle wrote a famous essay On Longevity and Shortness of Life in 350 B.C. In A.D. 1512, Ponce de León became the first of many people to visit Florida seeking the fountain of youth. In addition, much of the present-day cosmetic industry is devoted to disguising signs of aging by restoring a youthful appearance.
Starting in the mid-twentieth century, scientists explored different facets of aging. The scientific study of aging, gerontology, produced a special branch of medicine dealing with elderly people, geriatrics. Researchers developed several theories to explain the process of aging. One area of research focuses on why cell division seems to proceed normally until a certain point at which cells stop dividing. Another theory looks at the immune system to understand why it becomes weakened in elderly individuals whose production of antibodies slows down. A third area of research involves changes in the endocrine system where glands alter their hormone production as humans age. A fourth major area for geriatric research is the Human Genome Project, which aims to map DNA sequences in hopes that genetic bases for specific diseases can be identified. Some hereditary diseases have been identified, but other diseases that widely affect elderly populations have not as yet. Geneticists hope that the study of DNA will also show them other factors that influence the aging process.
Suggestions for Another Perspective
Ask students to look at the title of the reading on SB page 75. What is the meaning of the title “More Senior Citizens, Fewer Kids”? Remind students that in Chapter 3’s self-evaluation, they identified reading strategies that they hadn’t yet used. Encourage students to try a new strategy with this reading.
More Senior Citizens, Fewer Kids p. 75-76
CD 1, Track 8
Taiwan is experiencing a demographic shift from the situation it found itself in just three decades ago. Since the 1980s, birthrates have dropped and longevity has risen, and as a result, a greater proportion of the current population is elderly. Implications for Taiwanese society are that social needs will change: fewer young working people will be supporting more senior citizens, and the cost of health care will rise. Another consequence of a smaller workforce is that economic growth is likely to slow. Government officials are considering returning to a moderate pronatal position to slow these trends.
Culture Notes
Taiwan’s experience is more generally called demographic transition in social science literature. As countries develop and better health care is available, death rates and then birthrates fall, and the rate of natural increase stabilizes or slightly declines. This has happened in developed countries throughout the world and has major implications for the nature of society. Suggestions for Follow-up Activities p. 77-80 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 114. Again, remind students to note the strategies they have not used. Encourage them to practice new strategies with each reading passage.
As noted under the first reading’s Culture Notes, much of the cosmetic industry is obsessed with marketing products that claim to diminish signs of aging. While cosmetic advertising is evident in many magazines, advertisements for anti-aging products are more evident in certain magazines. Have students work in pairs and collect cosmetic ads from four different magazines; their sampling should include magazines aimed at women, as well as those aimed at men. Have students compare all the ads by what they claim to do. What magazines feature the most anti-aging cosmetic ads? What does this reveal about society’s perspective on aging? Ask students to discuss their findings in small groups.
______________________________________________________________________________ Chapter 5 p. 82–98 Switched at Birth: Women Learn the Truth 56 Years Later p. 83-85
CD 1, Track 9
In 1953 two newborn baby girls were bathed by hospital nurses, and then returned to their mothers. One of the mothers suspected she had been given the wrong baby, but her concerns were not heeded. Fifty-six years later, the women and their families learn the truth, and, in spite of the tragic circumstances, forge new friendships.
Suggestions for Prereading Activity p. 82 The title of the article and the photograph on SB page 82 should provide enough clues for students to complete the prereading questions without difficulty. After students answer the questions, ask how they think this might have happened. Have they ever heard of a story like this before? Have students look at the photograph again. Do the women look unhappy or upset? Why do they think the women look happy when their story is so shocking?
Culture Notes
There have been occasional stories in the media in recent years about babies who were switched accidentally at birth. Some instances were discovered while the children were still young, while others were not discovered until later in life, as was the case in the SB article. While it is extremely rare for this to occur, these stories are riveting because they make us think about what causes us to bond with our families, what creates our identity (nature vs. nurture), and what our feelings are about “belonging” to our families of origin.
For these intriguing reasons, babies switched at birth has long been a popular plot device in literature and drama, including modern soap operas. Gilbert and Sullivan, wrote two comic operas that involve characters switched at birth: H.M.S. Pinafore, and The Gondoliers. In both stories, well-born babies were switched with commoners, making for interesting social commentary when the truth is discovered. Mark Twain used the idea for his story The Tragedy of Pudd’nhead Wilson, in which a white and black baby are switched at birth and grow up passing for a race they are, in fact, not. Soap operas have switched babies so frequently as to make us believe it happens all the time.
In reality, hospitals today have many security measures in place to ensure babies go home with the correct family. Fingerprints, footprints and palm prints are often taken at birth, and mothers and babies wear identical security ID bracelets to prevent accidental switching. The are banded with these immediately after birth, and fathers are also often given an ID bracelet so that mother and father are the only ones allowed to handle the baby before they leave the hospital. Suggestions for Another Perspective
Ask students to look at the photograph on SB page 94. Do they see the similarity of the real twins? How do they think the girl who is not the real twin (Edyta Wierzbicka) felt when the truth was discovered? Do students think families should be awarded legal damages in these cases? Who should pay?
Polish Twins Swapped by Doctors as Babies Receive Damages p. 93-94
CD 1, Track 10
In Poland, one of a set of identical twins was accidentally switched with another baby when all three were hospitalized with lung infections as infants. Because the girls all grew up in the same town, the truth was eventually discovered when a friend met the real twin and commented on her startling similarity to another girl she knew. The girls met, and the truth unraveled, leading the families to sue the hospital for damages.
Culture Notes
In many switched baby cases today, the families seek monetary compensation, or legal damages, for suffering the loss of their true children. Discuss with students whether they think money can replace the experiences that were lost with their own children. The Culture Notes from the first reading can also be applied to this reading.
Suggestions for Follow-up Activities p. 96 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 114.
After students complete the journal activity on page 96, have them form small groups to role play a scenario in which parents and children who experienced an accidental baby switch are meeting the other family for the first time. What kinds of questions would they ask? What would they be feeling? How would they work out this situation now that they know the truth? How does the age of the children at the time of discovery affect the outcome in switched baby cases?
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Chapter 6 p. 99–120
Are Gifted Children Born or Made? p. 101-103
CD 1, Track 11
Are child prodigies born or made? Children who show exceptional talent before age 10 share several characteristics. They typically have a single-minded drive to learn and excel in particular areas. They also have an unusual ability to concentrate. Neuroscientists say this is because their brains function differently from those of average children. These factors may be inborn, but prodigies thrive when their parents recognize their gifts and encourage them.
Suggestions for Prereading Activity p. 99-101 The prereading for Chapter 6 is different from other chapters because it presents the beginning of the first reading passage. This provides an authentic reading experience because students will often encounter an abstract or other reading before the main passage in their academic work. In searching the Internet, students will typically read the first portion of an article that appears as part of the search results. They will decide whether to read the full article based on their reading of the preliminary citation.
The Newbury House Dictionary defines prodigy as “genius, someone of great ability.” However, it doesn’t mention that a prodigy displays adult-level abilities while still a young child.
Ask your students about the source of this article (Time, Asian edition). Draw students’ attention to the fact that some news media have different editions targeted to geographical regions. How might this alter the article?
Culture Notes
In the United States, many school systems have special educational programs for gifted and talented students. Definitions of gifted and talented vary, but typically, these would be the top ten percent of all students. Students at the high end of the spectrum learn more quickly and are better able to grasp abstract concepts and complex ideas. They also show creative approaches to problem solving. In 1988, the U.S. Congress established a special act to support programs for gifted and talented students, but limited federal funding has been available at the state and local levels.
Prodigies are in a category by themselves. Their gifts are so pronounced that their needs cannot usually be met within the regular educational system. They are very rare and form the top category of gifted and talented students. Prodigies share certain characteristics, regardless of the field in which their special talents are displayed. First, they are precocious, meaning that their talents are apparent at a very early age. Second, they are independent and often highly intuitive. As noted in the reading, Son always knew what chess moves to make. No one had to teach him certain procedures. Additionally, prodigies are driven to master their field, what Ellen Winner describes as a “rage to learn.” They become obsessed with the subject in which they excel. Their ability to focus and ignore distractions was obvious even before MRI scans confirmed that their brains function in a way that heightens concentration.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 110. How old is this person? What kind of classroom is she in? What does the title suggest that the article will be about?
Reading at 8 Months? That Was Just the Start p. 111-112
CD 1, Track 12
Alia Sabur is a math prodigy who started university at age 10. Her professors report that in addition to having an extraordinary mind, she is a keen learner, a hard worker, and emotionally balanced. The latter may be because her mother makes special efforts to ensure that Alia socializes with children her own age.
Culture Notes
The reading passages in Chapter 6 note that Abigail Sin and Alia Sabur are outstanding in both mathematics and music. This is not an unusual co-occurrence. There is an abundance of literature that shows that both fields—as well as chess—require similar kinds of neural processing and that skills in one area seem to influence the other. An excellent example of this is Harvard math Professor Noam D. Elkies, who excels in all three areas. However, not all brilliant students are equally gifted in multiple fields. Researchers are now studying why some prodigies display giftedness in just one area.
Unfortunately, prodigies often miss out on social interaction with their own age group. Gifted children usually prefer to pursue their chosen area alone. Most gifted children interact with adults or much older students. This is especially true if the child has skipped grades in school or entered university at a very young age. A consequence of missing childhood social experiences is delayed emotional maturation. Special educators try to provide opportunities for social interaction and counseling to encourage social development. Many parents also try to provide their gifted children with age-appropriate social experiences.
Suggestions for Follow-up Activities p. 113-115 In completing the Self-Evaluation of Reading Strategies on SB page 114, students should note which strategies have become automatic. If there are some strategies that are still underused, students should focus on applying these in the reading passages that follow.
Ask students if they know of any present-day child prodigies. Is there anyone who is gifted and talented in their families?
Ask students to imagine that they are the parent of a toddler. The child is precocious in many ways and perhaps started reading when they were a baby. The child is particularly interested in numbers and music. How would they deal with this? Ask students to work in small groups and develop some ways to make the most of their “child’s” gifts. Have students prepare for this activity by researching the Internet and InfoTrac (see Internet Resources/InfoTrac, Unit 2, Chapter 6).
______________________________________________________________________________ Unit 3: Technology and Ethical Issues
Chapter 7 p. 122–140 Assisted Suicide: Multiple Perspectives p. 124-125
CD 2, Track 1
Dr. Francis Moore, a highly respected doctor from Harvard Medical School, discusses when to help a patient die. He compares two cases and notes that the decision to end a patient’s life requires extensive medical experience and strong personal judgment.
Suggestions for Prereading Activity p. 122-123 On SB page 122, students are asked to list people who might have different viewpoints on assisted suicide. Then students predict responses to questions used in an interview with Dr. Timothy Quill, publicly known to have prescribed a lethal dose of sleeping pills for a patient dying of leukemia. Next, students read Dr. Quill’s responses to the questions. They then compare what they predicted with his actual answers.
Before students start the Prereading Preparation, you may wish to briefly introduce the ethical issues that are featured in Unit 3. The topics contained in this unit may be controversial for many people because of their religious and personal beliefs. Remind your class that all students’ views are to be respected.
Culture Notes
As Dr. Moore notes in the first reading, assisted suicide is nothing new. Many doctors have admitted to quietly prescribing lethal amounts of morphine for terminally ill patients under certain circumstances. Euthanasia, sometimes called “mercy killing,” is meant to end a patient’s pain and suffering when there is no hope of recovery. In the 1930s, euthanasia societies were formed in the United States and Britain, but they did not attract very much attention. The issue of euthanasia has come to the fore because of highly publicized cases of people in a persistent vegetative state. When someone is in this condition, they are in a comatose state with involuntary movement carried out by machine.
At other times, euthanasia has attracted media attention and public response when physicians have made their involvement in ending life public. For example, the activities and trial of Dr. Jack Kevorkian polarized public opinion. Kevorkian invented “suicide machines,” which aided the demise of terminally ill patients. Technically, the patients inflicted their own deaths, but they were assisted by Dr. Kevorkian.
At this point, only one American state, Oregon, and two countries, the Netherlands and Belgium, legally allow euthanasia. Voluntary euthanasia is the term used when doctors administer a lethal injection at the patient’s request. When patients take a fatal dose of medication by mouth, it is termed physician-assisted suicide. Passive euthanasia is not supplying mechanical life support systems to people who need them in order to stay alive.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 134. What might the medical personnel be discussing?
Should Doctors Be Allowed to Help Terminally Ill Patients Commit Suicide?
CD 2, Track 2 p. 135-136
Derek Humphry, founder of the Hemlock Society, argues that irreversibly, terminally ill individuals should be allowed to choose to die. Daniel Callahan takes the opposing view, arguing that assisted suicide violates medical traditions and the confidential role of a physician.
Culture Notes
The controversial topic of euthanasia/assisted suicide is extremely complex and fraught with moral, ethical, medical, and legal questions. Opponents of these measures fear that individuals will die for the wrong reasons. Proponents say this will not be the case if certain safeguards are made law.
The Culture Notes from the first reading can also be applied to the this reading.
Suggestions for Follow-up Activities p. 138 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 178.
Question 1 on SB page 138 mentions “living wills,” otherwise known as “advance directives.” This is a legal document that instructs doctors to withhold certain life support systems if the person becomes terminally ill. To assist students with answering the question, obtain copies of these forms from any hospital or community health center and have students discuss them in small groups. Should young people have advance directives?
Are you or your students aware of any current situations in the news that involve end-of-life decisions? If so, discuss them in small groups and explore the range of possible outcomes. If not, ask students to research a past situation. In the United States, there have been three young women whose conditions have attracted attention: Karen Ann Quinlin, Nancy Cruzan, and Terri Schiavo. In each case, one party argued that there was no chance of recovery and regaining quality of life. These arguments were countered by those who see life itself as worth preserving, even if it is mechanically sustained. To reflect on their research, ask students to write a short response in their journal.
______________________________________________________________________________ Chapter 8 p. 141–160 Sales of Kidneys Prompt New Laws and Debate p. 141-146
CD 2, Tracks 3 and 4
The demand throughout the world for transplant organs far exceeds the supply. This has lead to the creation of a thriving black market in which some impoverished people choose to sell certain body parts, typically their kidneys.In response to the growing black market in human organs, many countries are working to tighten laws that prohibit the sale of body parts. At the same time, these same countries are struggling with how to encourage organ donation.
Suggestions for Prereading Activity p. 141-143 Ask students to look at the photograph on SB page 141 and the diagram on SB page 143. What are the people doing in the photograph? What organs can a person live without? Not live without?
The prereading preparation asks students to read a Time magazine article about the trade in human flesh, “Trading Flesh Around the Globe.” After reading the article, students conduct a survey about whether they would consider selling one of their organs. Students who respond positively are asked to provide a rationale. Students could also complete this survey from the perspective of someone who leads a poverty-stricken life. Would such circumstances change their opinions?
Before students read the main article, ask them to look at the photograph on SB page 146. What is the message? Is this a real situation? Someday, is it possible that receiving an organ transplant will solely depend on how much money you have to purchase the replacement organ? Discuss the danger of this situation.
Culture Notes
Only a few transplant organs and other body components can be taken from live donors. These typically include one of a person’s two kidneys or corneas, a patch of skin, or a lobe from the lung. It is also possible to take bone marrow and stem cells from live donors, and mothers can agree to donate their baby’s umbilical cord at birth. All other organs—heart, liver, pancreas—are taken from recently deceased donors. In most cases, these are healthy individuals who have died suddenly. Sometime before their death, they completed an organ donor card and let their family know about their desire to donate organs in the event of an untimely death.
Medical transplants have become feasible only in the last 50 years. Over 20,000 transplants occur each year in the United States, but nearly four times that number of people are on waiting lists for suitable donations. Unfortunately, thousands of these people die because their diseases become fatally acute before an appropriate transplant organ becomes available. The U.S. Congress passed a law to regulate transplants in 1984 and there is a unified national registry for donors and potential recipients. Patients who need transplants go through a thorough evaluation before their names are added to the national registry. Given the scarcity of available organs, it is important that the donor and recipient are matched as closely as possible to increase the chances of a successful transplant. Potential recipients are also screened for the urgency of their condition.
Many states ask people who are applying for driver’s licenses if they want to become organ donors in the event of their death. These states provide the infor mation on the driver’s license. Another approach is to complete a donor’s card. These cards are downloadable from several sites on the Internet.
A study in the Journal of the American Medical Association investigated the long-term effects of kidney sales in a large city in southern India. Follow-up studies of kidney donors indicated that although most people sold kidneys to pay off debts, 75 percent of them still remained in debt, and 85 percent of the commercial donors suffered ill health as a result of the surgery. The research concludes that the sale of organs exploits instead of benefits people. The report also states that the sale of organs is unfair to recipients because those who can afford to pay the most get the organs, and perhaps these are not the people who need them most. Suggestions for Follow-up Activities p. 156-158 Remind students to complete the Self-Evaluation of Reading Strategies on S
B page 178.
There are numerous good sources for organ donor cards. Have students visit the U.S. government and the Red Cross Web sites to look at donor cards and read about the procedure for becoming a potential donor.
Some people believe that their religion prohibits organ donation or reception. In actual fact, very few religions hold this belief about organ donation. Most religions view organ donation as an act of charity. The Red Cross Web site contains position statements by many religious organizations.
______________________________________________________________________________ Chapter 9 p. 161–183 The Gift of Life: When One Body Can Save Another p. 163-165
CD 2, Track 5
Modern medicine has made it possible to remove organ parts or tissues from living donors to transplant into critically ill patients. Sometimes unable to find a compatible donor, a family will conceive another child for the purpose of saving an older child’s life. Such cases have raised a number of ethical issues.
Suggestions for Prereading Activity p. 161-162 Ask students to look at the chapter title and photograph on SB page 161. What might this chapter be about? Do students notice a family resemblance between the two girls? After they read the first reading, they should return to the photograph of Anissa Ayala and her little sister Marissa (it was taken about six years after their operations).
The prereading activity on SB pages 161 and 162 present two transplant scenarios. The first concerns a doctor’s decision about the best recipient for a donor liver. The second raises the ethical issue of using organs and tissues from anencephalic babies. The questions explore
students’ personal opinions about the scenarios. After students have discussed their answers with a partner, discuss the two scenarios as a class.
Culture Notes
The topics in these readings all raise ethical and moral issues. Many of these topics were introduced in Chapter 8. The first prereading passage raises the issue of determining which patient should receive an available organ. The criteria used to determine the best recipient basically covers the following two factors: compatibility of blood and genetic structures, and the severity of the recipient’s condition. Typically, those individuals closer to death are prioritized over healthier patients, although healthier patients stand a greater chance of successful implantation.
The second prereading passage introduces the moral dilemma of using an anencephalic infant’s organs and tissues. Babies with anencephaly, a neural tube defect that occurs early in pregnancy, are born without most of their brains. They are blind, deaf, unconscious, and certain to die in a short time if they are not stillborn. There is no treatment for the condition, so the babies are given “comfort care.” Although they have only rudimentary brains, other organs are normal. However, because of the absence of the brain, it is difficult to apply the usual criteria of “brain death” in time to save the organs from damage. In a well-publicized case, a mother pregnant with an anencephalic child sought potential recipients for the organs of her unborn child. Since organs from healthy infant donors are in very short supply, this seemed a way to help another baby live. The controversial case resulted in several hospitals and the American Academy of Pediatrics forming policy statements about the use of anencephalic babies as organ and tissue donors.
The Ayala family case raises issues about another controversial area, the use of stem cells. Stem cells are taken either from embryonic material or from bone marrow. Embryonic stem cells are undifferentiated cells that have the possibility of developing into a variety of organs and tissues. Bone marrow stem cells can produce both red and white blood cells. Bone marrow transplants require especially closely matched cells, preferably from a very close relative. Rejection can occur when the white cells of the donor attack the recipient of the transplant, something called graft-versus-host disease. To reduce the chances of this, the recipient undergoes radiation to destroy the existing cells before the transplant. In a new procedure, the immune cells or T-cells are removed. This is sometimes done with a patient’s own bone marrow before the individual has radiation treatment. The stem cells are cleansed and returned to the patient’s bloodstream after the radiation treatment is finished. The 1990 Nobel Prize in medicine was given to pioneers of these techniques.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 173. This article is written from the perspective of Marissa Ayala, the younger sister who was conceived to help save her sister Anissa’s life. How do students predict Marissa feels about this part of her life story?
Saving Her Sister’s Life p. 174-175
CD 2, Track 6
When Marissa Ayala was in the seventh grade, she began to research her family’s story, reading what was said in the media. Although she tries to see the critics’ points of view, she ultimately does not agree with them, and she is very happy that she could help her sister.
Suggestions for Follow-up Activities p. 177-179 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 178.
In order to make ethical issues more relevant, students might find it helpful to read or watch personal accounts of a transplant experience. In pairs, students could research a specific
type of transplant or an ethical issue. Ask students to report their findings to the class. The Ayala family’s experience was made into a commercial film entitled For the Love of My Child. Copies of the film are available on the Internet.
______________________________________________________________________________ Unit 4: The Environment
Chapter 10 p. 186–200 Students Dig into Sustainable Farming at Vermont College p. 187-188
CD 2, Track 7
Students at Green Mountain College in Vermont have the opportunity to experience sustainable farming firsthand, putting into practice the principles they learn about in the classroom. The program is part of a growing movement to teach the next generation of farmers about organic and local farming as they earn college credit.
Suggestions for Prereading Activity p. 186-187 Ask students to look at the photograph on SB pages 186 and 187. Ask, how would you describe the type of farming these students are learning about? What kind of farming practices are common in the students’ home countries? Discuss students’ responses to question 2. How might an increase in sustainable farming practices affect the world’s food supply and ecology?
Culture Notes
The movement supporting a return to organic, or sustainable, farming has grown in recent decades. One of the twentieth century’s biggest proponents of organic farming in the United States was Jerome Irving Rodale, founder of the Rodale Institute in 1947. In the years following World War I, chemical agricultural practices were developed and grew popular, overtaking traditional organic practices. Rodale understood the link between healthy soil, healthy crops, and therefore, people, and set up his institute for research and advocacy of organic farming practices. The institute is going strong today, including its publishing arm, which produces widely distributed magazines such as Organic Gardening and Prevention.
In 2006, the Sustainable Agriculture Education Association was formed in order to support the application and development of best teaching practices in sustainable agriculture programs nationwide. At the first meeting, over 140 students, faculty, and staff from over 50 colleges and universities attended. Green Mountain College, the focus of the article, is one of the active members with a bachelor’s degree program in sustainable farming.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 196. Ask, what do you notice about this building that is unlike many other modern buildings? In what kind of climate do you think Sustainability Base is being built? Does climate affect what kind of energy is used by buildings in which people live and work?
NASA Goes Green with New Sustainability Base p. 195-196
CD 2, Track 8
Sustainability Base, a NASA office complex, is a pioneering project to construct the greenest building in the federal government. It will make use of technology developed for NASA spacecraft and function as completely self-powering, consuming no net energy and assisting workers in tracking their own energy use to increase efficiency.
The concept of modern sustainable building originated in the 1970s, growing out of the energy crisis and environmental pollution concerns. The goal is to reduce the environmental impact of buildings, while enhancing the productivity and comfort of the occupants. The environmental impact of buildings has long been underestimated, and statistics show that reducing the amount of natural resources buildings consume and the pollution they produce is critical to the future health of our planet. According to the Architecture 2030 Challenge “unknowingly, the architecture and building community is responsible for almost half of all U.S. greenhouse gas emissions annually.” One of the main emphases in sustainable building is using renewable resources, such as active and passive solar and photovoltaic technology. Another approach aims to reduce rainwater runoff and replenish groundwater more efficiently with plantings and green roofs and by using gravel and permeable concrete instead of asphalt. Using locally produced building materials reduces the embedded costs in transportation of such materials and supports local economies, as well.
One of the common impediments to promoting green building practices is the misconception that it is vastly more expensive. In fact, studies have shown that the up-front costs exceed standard building costs by only five percent, and the return on investment over the life of the building in reduced energy use and pollution far outweighs the initial outlay.
Suggestions for Follow-up Activities p. 198 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 239. Ask students to reflect on how well the strategies worked.
Have students research other sustainable building projects using the Internet. Where are some of these buildings located? Students could also research Habitat for Humanity’s “Green Team” and report on the contribution they are making to this movement.
See https://www.doczj.com/doc/b69586114.html, for student and instructor activities and materials to accompany this student book. Crossword puzzles, flash cards, and worksheets are just some of the resources you’ll find at this site. The answer keys for chapter assessments found in this book will be found in the Instructor Resources location for each book.
_____________________________________________________________________________ Chapter 11 p. 201–219 Wilder Places for Wild Things p. 202-205
CD 2, Track 9
Most modern zoos try to recreate natural habitats for animals so that they experience similar sights, sounds, activities, and privacy to what they would experience in the wild. In response, many zoo animals are breeding for the first time and are exhibiting a range of normal behaviors that weren’t seen when they lived in cages in traditional zoos. Zoo managers want to increase public awareness and appreciation of wild animals.
Suggestions for Prereading Activity p. 201-202 On SB page 201, students are asked to compare traditional and modern zoos. However, some students may lack a range of experience with zoos. Use the pictures of the caged tiger on SB page 201 and the open habitat on SB page 243 to cue students about the differences. For students with zoo experience, ask if they have ever seen baby animals in zoos. Where did they come from? Why do they sometimes receive very special treatment?
Note the byline for the authors. What does it mean when someone writes an article with other authors? What special information could contributors from these four cities provide?
Zoos as collections of animals have been around for thousands of years. Historical writings and drawings show that the pharaohs of ancient Egypt kept displays of monkeys and giraffes from south of the Sahara Desert. During the Roman Empire, fierce and dangerous animals were collected to be used in public fights between people and animals. Royalty of long ago collected exotic or strange animals from the places they conquered. The collections served partly for scientific purposes, but mostly for entertainment. European royalty had menageries, collections of animals from newly discovered areas. And even travelers brought back unusual animals which were kept in cages, often in botanical or plant gardens.
Caged animals were the norm in the first public zoos. It was considered sufficient to offer the public a chance to observe animals from distant parts of the world, and very little, if any, consideration was given to how the animals were treated or kept while in captivity. During the eighteenth and nineteenth centuries, the supply of animals was considered unlimited, so if some caged animals died, they could simply be replaced by others. During this same time and continuing into the twentieth century, wealthy people went on safaris in Africa and India with the goal of shooting animals and bringing the skins and heads home to display.
The first zoos in North America date to the 1860s in Philadelphia, Chicago, and New York. By 1900, some zookeepers started to think about keeping animals in more naturalistic surroundings, although cement cages and iron bars remained the norm for much of the century. Naturalistic zoos are a relatively recent trend. The San Diego Zoo and its Wild Animal Park were among the first zoos to emphasize natural environments for animals.
Modern zoos have several important missions. One of their goals is to create natural conditions so that animals will reproduce in captivity. Another goal is to educate the public about the importance of maintaining habitats for wild animals. The natural setting helps zoos achieve this goal by showing animals in a realistic context. The third goal is to maintain healthy zoo specimens with genetic diversity so that biologists can hopefully replenish endangered wild populations.
Suggestions for Another Perspective
Ask students to look at the photograph on SB page 212 and the title on SB page 213. What animal is this? What is a predator? What is prey? Is hunting an inborn instinct? Predators on the Prowl p. 213-214
CD 2, Track 10
Americans have mixed opinions about wild animals. Not long ago, many wild animals, such as cougars, were threatened with endangerment, so laws banned hunting them. In many cases, these laws and certain habitat changes created favorable conditions for population increase. At the same time, development of human living areas encroached on the animals’ habitats. Now, some wild animals and humans share the same territory, sometimes with disastrous results.
Culture Notes
In a number of areas in the United States, sightings of predators and other formerly rare wild animals have become common. Public opinion about whether this is good or bad is divided. Some people enjoy seeing wild animals and encourage the animals by feeding. However, the animals are still wild predators and occasionally attack humans, sometimes with fatal results. Wildlife specialists have started public education campaigns to promote safe coexistence. In National Parks such as Yellowstone, rangers also try to train wild animals like bears to avoid places frequented by humans. In some states, hunting seasons for previously protected animals have resumed to reduce population sizes.
Suggestions for Follow-up Activities p. 216 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 239. Have students mastered all of the strategies?
If there is a zoo nearby, encourage your students to visit, either as a group or on their own. Ask them to take notes about the animals and the conditions in which they are kept. Suggest that they look to see if there is any attempt to simulate the animals’ natural environment. They could also find out if the zoo has captive breeding programs. In class, students could work in small groups to create a poster about the zoo. Encourage students to include any photos that they took.
______________________________________________________________________________ Chapter 12 p. 220–245
A Nuclear Graveyard p. 220-225
CD 2, Tracks 11 and 12
The focus on Nevada’s Yucca Mountain as the potential burial place for nuclear waste has created a great deal of controversy. Scientists have presented competing evidence for the safety or risk of the site with regard to upwelling ground water or tectonic events such as earthquakes and volcanic eruptions. The design of the facility is another contentious topic. Federal officials are trying to find an alternative site for the repository by offering a variety of incentives. Suggestions for Prereading Activity p. 220-222 The prereading activity directs students to complete the exercise on SB page 240. Explain that they should use background knowledge and the nuclear power plant diagram to label the steps in the process. Ask students to work in pairs, paying close attention to the letters for the sequence. In deciding on the order of statements, students may want to draw a line from the last part of one statement to the first part of the next. When students have completed the labeling of the diagram, have them compare their results with others in the class. If they disagree, ask them to explain their reasoning.
Next, students should read the first paragraph of A Nuclear Graveyard on SB page 220. Have pairs of students use the text to complete the flowchart on SB page 221. When they have completed this task, ask students to identify the main concerns about storing nuclear waste. Culture Notes
Nuclear wastes remain radioactive for thousands of years, so the controversy about their storage is based partially on immediate concerns and partially on projections of what conditions will be like for ten thousand years. The following are important considerations in both cases: the wastes must be completely sealed in durable containers; the containers must remain dry so that they don’t rust or corrode; the site must be remote with limited and secure access; and the storage site should be in a stable area.
Another concern about nuclear waste is how it will be safely transported from nuclear power plants all over the United States to a central storage facility. Again, concerns are based on accidents that have occurred in the transport of low-level nuclear wastes. The Department of Energy plans to transport the waste by truck and train through 43 states. Many people are extremely concerned about the risk this poses to citizens throughout the country.
In the end, the disposal and long-term storage of nuclear wastes is a NIMBY issue—Not In My Back Yard. Despite the fact that many people benefit from nuclear power plants in their everyday lives, no one wants to risk having the place where they live contaminated by radioactive waste. Yet, because there are no true “wastelands,” the problem is a difficult one to resolve.
Suggestions for Another Perspective
Ask students to look at the map on SB page 235. What are the concentric rings on the map? What large cities lie within 200 miles of the Yucca Mountain site? Why is this a concern?
A Nuclear Graveyard (excerpt) p. 235-236
CD 2, Track 13
Many of Nevada’s citizens are angered by the process that led the federal government to select Yucca Mountain as a nuclear waste storage site, claiming political maneuvering. Nevadans are skeptical of the DOE’s environmental record although DOE officials say stronger standards are now in place. People also argue that Nevada has no economic need for the site.
Culture Notes
Nevada’s citizens are not happy with the political process by which the Yucca Mountain repository was selected. One of their concerns is the poor safety record of the Department of Energy. One of the other sites that had been under consideration in Hanford, Washington, experienced leakage of liquid radioactive wastes in 1973. Citizens have been concerned that the liquid would seep into groundwater and eventually contaminate the Columbia River. At the time of the accident, the Atomic Energy Commission assured people that their concerns were groundless, that the radioactivity would fall before the water reached the river. Accidents like this one, Three Mile Island, and Chernobyl raise concern about whether safety assurances can be trusted.
Suggestions for Follow-up Activities p. 239-240 Remind students to complete the Self-Evaluation of Reading Strategies on SB page 239. Encourage students to discuss the strategies they found particularly useful.
Ask students about nuclear power plants and nuclear waste disposal in their countries. Is the disposal of nuclear waste a concern for places that don’t have nuclear facilities? Should there be an international agency that deals with all nuclear waste?
Refer students to the InfoTrac and Internet key words and Web sites listed under Internet Resources/InfoTrac, Unit 4, Chapter 12. Ask students to locate either a government or citizen information group that they can write to for further information about the proposed storage site at Yucca Mountain.
金融经济学复习 Prepared on 24 November 2020
1、请阐述金融学在资源配置效率方面关注的焦点。(5分) 金融学关注的焦点是金融市场在资源配置中的作用和效率。在微观层面,配置效率关注的是经济参加者如何使用他们所拥有的资源来最优的满足他们的经济需要。在宏观层面,配置效率关注的是稀缺资源如何流向最能产出价值的地方。 2、金融经济学关心的三个主要问题是什么(5分) (1)个体参与者如何做出金融决策,尤其是在金融市场中的交易决策(2)个体参与者的这些决策如何决定金融市场的整体行为,特别是金融要求权的价格(3)这些价格如何影响资源的实际配置。 3、解释信息不对称下的逆向选择和道德风险,(4分)并举例。(2分) 逆向选择:是指在买卖双方信息不对称的情况下,差的商品必将把好的商品驱逐出市场的现象 举例:二手车市场 道德风险:是指个人在获得保险公司的保险后,降低防范意识而采取更冒险的行为,使发生风险的概率增大的动机。 举例:保险公司(家庭财产险) 4、解释偏好及其应满足的条件,偏好的基本假设有哪些(6分)经济学家采用效用函数分析偏好有哪些好处(2分)P13 偏好就是参与者对所有可能消费计划的一个排序。 偏好是C 上的一个二元关系,表示为≥,它满足:①完备性:a ,b ∈C ,a ≥b 或b ≥a ,或两者都成立;②传递性:a ≥b 且b ≥c ,则a ≥c 。 基本假设:①不满足性:如果a>b,那么a ﹥b ;②连续性:c ∈C ,集合{a ∈C :a ≥c }和{b ∈C :b ≥c }是闭的;③凸性:a ,b ∈C 以及a ∈(0,1),如果a ﹥b ,那么aa+(1-a )b ﹥b 。 效应函数作为偏好的描述处理起来更为方便,更加易于分析。 5、在课程第二章中,我们是如何对一个经济体进行描述和定义的。(5分)假定在这样一个经济体中,有现在和未来两个时期,第k 个消费者的效用函数为01(,)k k k U c c ,现在和未来拥有的禀赋为01(,)k k e e ,证券市场结构为X ,价格为S ,假设消费者对证券持有量的选择为 ,请描述消费者的消费计划集,(2分)并给出一般意义上的消费者最优证券选择和市场均衡的解,(3分)简要总结均衡求解的两个步骤。(3分) 经济体包括三个方面:①它所处的自然环境 ②经济中各参与者的经济特征 ③金融市场 6、课本29页第4题,前4问,(a )(b )(c )(d )(各2分,共8分) 解: 7、在金融经济学中,我们是采用什么评判标准来判断资源配置的,(3分)什么情况下可以说证券市场是一个有效市场。(3分) P26 帕累托(Pareto )最优,在不牺牲其他参与者的福利或使用更多资源的前提下,不能改进任意一个参与者的福利。
金融经济学总复习 什么是金融经济学? 金融经济学是一门研究金融资源有效配置的科学,它所要回答的问题是,商品经济的价值规律是否还能完全指导所有的经济主体(个人、机构、企业和政府等)在参与金融活动中所做的决策。它在微观经济学的基本框架内发展了金融理论的主要思想,并以此思想来观察金融活动参与者的行为和他们之间的相互作用,从中探索金融交易过程中所蕴涵的经济学的普遍规律。 ?所研究的核心问题是不确定性金融市场环境下的金融决策和资产定价。 金融产品是指在金融市场交易的有价证券,如银行存单、票据、债券、股票以及各种衍生证券等;或称之为金融工具,实际上金融工具可以理解为市场普遍接受并大量交易的标准化金融产品。 金融产品(证券)的特殊性 ?对未来价值的索偿权:即购买并持有一项金融商品,取得了对该项商品未来收入现金流的所有权。 ?风险性和不确定性 ?由信息决定价格 金融产品的现金流特性 流动性——是指金融商品的变现能力和可交易程度 收益性——是指预期收益,是未来各种可能情况下实际发生的收益的统计平均收益 风险性——实际发生的收益对预期收益(即平均值)的偏离程度,用收益的方差或标准差度量,且二者都是统计平均值 金融决策分析的三大原理或三大支柱 ?货币的时间价值原理:是指当前所持有的一定量货币比未来获得的等量货币具有更高的价值。 ?资产价值评估原理:一价原则 ?风险与收益权衡原理 金融经济学的研究内容 三个核心问题 1.不确定性条件下经济主体跨期资源配置的行为决策; 2.作为经济主体跨期资源配置行为决策结果的金融市场整体行为,即资产定价和衍生金融资产定价; 3.金融资产价格对经济主体资源配置的影响,即金融市场的作用和效率。 三大基础理论体系 (1)个体的投资决策及资产组合理论:证券组合理论 (2)公司融资决策理论:MM定理 (3)资本市场理论:EMH 金融经济学分析方法:绝对定价法与相对定价法 绝对定价根据金融工具未来的现金流特征,运用恰当的贴现率将现金流贴现成现值,该现值即绝对定价法要求的价格。优点:比较直观,便于理解普遍使用;缺点:金融工具(特别是股票)未来的现金流难以确定;恰当的贴现率难以确定 相对定价法:是利用基础产品价格与衍生品价格之间的内在关系,直接根据基础产品价格求出衍生品价格。优点:定价公式没有风险偏好等主管变量,容易测度;贴近市场 ①均衡定价法则: 在给定交换经济、初始财富、经济主体的偏好和财富约束下的期望效用最大、市场完全竞争等条件下,当每个投资者预期效用最大化、没有动力通过买卖证券增加自己的效用时,市场达到均衡,此时的证券价格是均衡价格。均衡定价的经典模型:CAPM ②套利定价法则 通过市场上其它资产的价格来推断某一资产的价格,其前提条件是完美的证券市场不存在套利机会。如果两种期限相同的证券能够在未来给投资者提供同样的收益,那么在到期之前的任何时间,两种证券的价格一定相等,即所谓的“一价原则”。
金融经济学思考与练习题(一) 1、在某次实验中,Tversky 和Kahneman 设计了这样两组博彩: 第一组: 博彩A :(2500,0.33; 2400,0.66;0,0.01) 博彩B :(2400,1) 第二组: 博彩C :(2500,0.33; 0,0.67) 博彩D :(2400,0.34; 0,0.66) 实验结果显示,绝大多数实验参与者在第一组中选择了B ,在第二组中选择了C ,Tversky 和Kahneman 由此认为绝大多数实验参与者并不是按照期望效用理论来决策,他们是如何得到这个结论的? 解:由于第一组中选择B 说明 1(2400)φ0.33(2500)+0.66(2400)+0.01(0) 相当于 0.66(2400)+0.34(2400)φ0.66(2400)+ 0.34{3433 (2500)+ 34 1 (0)} 根据独立性公理,有 1(2400))φ 3433 (2500)+ 34 1 (0) (*) 第二组选择C 说明 0.33(2500)+0.67(0)φ0.34(2400)+0.66(0) 相当于 0.34{ 3433 (2500)+ 34 1 (0)}+0.66(0)φ0.34(2400)+0.66(0)
根据独立性公理,有 3433 (2500)+ 34 1 (0) φ1(2400) (**) (*)与(**)矛盾,因此独立性公理不成立,绝大多数参与者不是按照期望效应理论决策。 2、如果决策者的效用函数为,1,1)(1≠-=-γγ γ x x u ,问在什么条件下决策者是风险厌恶的,在什么条件下他是风险喜好的?求出决策者的绝对风险厌恶系数和相对风险厌恶系数。 解:1)(",)('----==γγγx x u x x u 绝对风险厌恶系数: 1) (') ("-=- =x x u x u R A γ 相对风险厌恶系数: γγ==- =-x x x u x x u R R 1) (')(" 当γ>0时,决策者是风险厌恶的。当γ<0时,决策者是风险喜好的。 3、决策者的效用函数为指数函数,1)(α αx e x u --= ,问他的绝对风险厌恶系数是 否会随其财富状态的改变而改变? 投保者与保险公司的效用函数均为指数函数,且投保者的α=0.005,保险公司的α=0.003,问投保者与保险公司谁更加风险厌恶? 解:αααα=--=- =--x x A e e x u x u R )(')("
计算题: 1.假定一个经济中有两种消费品1x 、2x ,其价格分别是4和9 ,消费者的效用函数为 12(,)U x x =72,求: (1)消费者的最优消费选择 (2)消费者的最大效用。 2.假定一投资者具有如下形式的效用函数:2()w u w e -=-,其中w 是财富,并且0w >,请解答以下问题: (1)证券:a)该投资者具有非满足性偏好;b)该投资者是严格风险厌恶的。 (2)求绝对风险规避系数和相对风险规避系数。 (3)当投资者的初期财富增加,该投资者在风险资产上的投资会增加?减少?不变? (4)当投资者的初期财富增加1%时,该投资者投资在风险资产上投资增加的百分比是:大于1%?等于1%?小于1%? 3.假定一定经济中有两种消费品1x 、2x ,其价格分别是3和9 ,消费者的效用函数为 12(,)U x x =+,并且他的财富为180,求: (1)消费者的最优消费选择 (2)消费者的最大效用。 4.假定一投资者的效用函数为111()()1B u w A Bw B -= +-,其中w 是财富,并且0B >,m ax[,0]A w B >- ,请回答以下问题: (1)求绝对风险规避系数与相对风险规避系数。 (2)当该投资者的初始财富增加时,他对风险资产的需求增加还是减少?为什么? (3)什么情况下,当投资者的初期财富增加1%时,该投资者投资在风险资产上投资增加的百分比是:大于1%?等于1%?小于1%? 1.解:(1)消费者的最优化问题是 12,12m ax .. 4972 x x s t x x += 先构造拉格朗日函数 12(7249)L x x λ=-- F.O.C : 1122121140 (1)2L x x x λ-?=-=?
金融经济学习题解答 王江 (初稿,待修改。未经作者许可请勿传阅、拷贝、转载和篡改。) 2006 年 8 月
第2章 基本框架 2.1 U(c) 和V (c) 是两个效用函数,c2 R n+,且V (x) = f(U(x)),其中f(¢) 是一正单调 函数。证明这两个效用函数表示了相同的偏好。 解.假设U(c)表示的偏好关系为o,那么8c1; c22R N+有 U(c1) ? U(c2) , c1 o c2 而f(¢)是正单调函数,因而 V (c1) = f(U(c1)) ? f(U(c2)) = V (c2) , U(c1) ? U(c2) 因此V(c1)?V(c2),c1oc2,即V(c)表示的偏好也是o。 2.2* 在 1 期,经济有两个可能状态a和b,它们的发生概率相等: a b 考虑定义在消费计划c= [c0;c1a;c1b]上的效用函数: U(c) = log c0 + 1 (log c1a + log c1b) 2 3′ U(c) = 1 c01?°+21 1 c11a?°+ 1 c11b?°1?°1?°1?° U(c) = ?e?ac0?21? e?ac0+e?ac0 ¢ 证明它们满足:不满足性、连续性和凸性。 解.在这里只证明第一个效用函数,可以类似地证明第二、第三个效用函数的性质。 (a) 先证明不满足性。假设c?c0,那么 有c0 ? c00; c1a ? c01a; c1b ? c01b 而log(¢)是单调增函数,因此有 log(c0) ? log(c00); log(c1a) ? log(c01a); log(c1b) ? log(c01b) 因而U(c)?U(c0),即coc0。
《金融经济学》复习题 、名词解释 1、什么是金融系统? 答:金融系统由经济环境、市场参与者和金融市场构成。 2、什么是委托人-代理人问题? 答:委托人-代理人问题是指委托人的目标和决策与代理人的目标和决策不一致,代理人和 委托人之间可能存在利益冲突。在极端的情况下,代理人可能损害委托人的利益,例如股票 经纪人与客户之间的代理问题、公司股东和管理者之间的代理问题等。 3、解释内涵报酬率。 答:内涵报酬率是指使未来现金流入的现值等于现金流出现值的贴现率,即使得NPV恰好为 零的利率。 4、解释有效投资组合。 答:有效投资组合是指在既定风险程度下,为投资者提供最高预期收益率的投资组合;或在 既定收益情况下风险最低的组合。 5、分别解释远期合约和期货合约。 答:远期合约是交易双方在将来的一定时间,按照合约规定的价格交割货物、支付款项的合 约。期货合约是指在有组织的交易所交易的标准化远期合约。交易所介于买卖双方之间,双 方各自同交易所单独订立合约。 6、解释无风险资产。 答:无风险资产是指,在投资者的决策和交易区间内收益率完全可预期的证券或资产。 7、什么是互换合约? 答:互换合约是双方互相交换一定时期内一定价格的一系列支付。 &简要介绍市盈率倍数法。 答:市盈倍数方法可以用来快速测算公司股票的价值:首先通过其他可比公司的数据推导出适当的市盈倍数,再将其与该公司股票预期的每股盈利相乘,由此就得到该公司股票的价值。 9、什么是NPV法则? 答: NPV等于所有的未来流入现金的现值减去现在和未来流出现金现值的差额。如果一个项 目的NPV是正数,就采纳它;如果一个项目的NPV是负数,就不采纳。 10、解释衍生证券。 答:衍生证券是一种金融工具,其价值取决于更基础的金融资产如股票、外汇、商品等,主要包括远期、期货、互换和期权,其主要功能是管理与基本资产相关的风险暴露。 11、什么是一价原则? 答:一价原则指在竞争性的市场上,如果两个资产是等值的或者未来能获得相同的现金流,它们的市场价格应倾向于一致。一价原则体现的是套利的结果。 12、解释风险厌恶。 答:指理性的经济人在面临公平赌博的时候总是拒绝的,而如果需要他接受这样的波动,就 需要给他一定的补偿。 13、什么是套期保值? 答:在衍生品市场上进入一个与现货市场反方向的头寸,当现货市场损失时衍生品市场可以 盈利,当然当现货市场盈利时衍生品市场也会亏损。我们称这种旨在消除未来不确定性的行为为套期保值。14、解释远期利率。
第一章国际收支 ●国际收支:是在一定时期内一国居民对其他国家居民所进行的全部经济交易的系统记录。 国际收支分文狭义和广义的概念:狭义上是指一国的外汇收支,即凡是在国际经济交易中必须通过外汇收支进行清算的交易,都属于国际收支的内容。广义上指不涉及外汇收支的各种经济交易,如清算支付协定项目上的记帐、易货贸易等也包括在内。 ●国际收支平衡表(Balance of Payments Statements)也叫国际收支账户,是一国将其一 定时期内的全部国际经济交易,根据交易的内容与范围,按照特定账户分类和复式记账原理表示的会计报表。 ●经常账户(Current Account)又称为往来账户,反映了一个经济体与其他经济体之间真 实资源的转移情况,并在整个国际收支账户中占主要地位。具体包括货物、服务、收益和经常转移等四个子账户。 ●货物(Goods)。包括一般商品、用于加工的货物、货物修理、各种运输工具在购买的 货物和非货币黄金。IMF建议,货物按边境的离岸价格(FOB)计价。 ●服务(Services)。包括运输、旅游、通讯、建筑、金融、保险、计算机和信息服务、专 有权的使用费和特许费以及其他商业服务。 ●收益(Income)。包括居民和非居民之间的两大类交易:一是职工报酬,主要指支付给 非居民工人(如季节性的短期工人)的工资报酬。二是投资收益,包括直接投资、证券投资和其他投资的收入和支出,以及储备资产的收入。 ●经常转移(Current Transfer)。是排除了以下资产所有权转移的单方面价值转移:一是 固定资产所有权的转移;二是同固定资产收买/放弃相联系或以其为条件的资产转移; 三是债权人不索取任何回报而取消的债务。经常转移包括各级政府的转移(如政府间经常性的国际合作、对收入和财政支付的经常性税收等)和其他转移(如工人汇款)。 ●资本和金融账户(Capital and Financial Account)主要反映资本所有权在一国与其他国 家之间的移动,即国际资本流动。具体包括资本账户和金融账户两大部分。 ●资本转移。即固定资产所有权的转移、同固定资产收买/放弃相联系或以其为条件的资 产转移和债权人不索取任何回报而取消的债务。 ●直接投资(Direct Investment)。主要特征是投资者对另一经济体的企业拥有永久利益。 这一永久利益意味着直接投资者和企业之间存在着长期的关系,并且投资者对企业经营管理施加着相当大的影响。直接投资可以采取在国外直接设立分支企业的形式,也可以采取购买国外企业一定比例以上股票(最低10%)的形式。 ●证券投资(Portfolio Investment)。主要对象是股本证券和债务证券。股本证券包括股票、 参股和其他类似文件(如美国的存股证);债务证券可以分为期限一年以上的中长期债券、货币市场工具(如国库券、银行承兑汇票、大额可转让存单等)和其他派生金融工具。 ●储备资产(Reserve Assets)。包括货币当局可随时动用并控制以达到一定目的的外部资 产,主要有货币黄金、特别提款权、在IMF的储备头寸、外汇资产和其他债权。 ●自主性交易(Autonomous Transaction),又叫事前交易(Ex-ante Transaction),是指那 些基于商业(利润)动机或其他考虑而独立发生的交易,如商品、劳务、技术交流,收益的转移,无偿的转让,各种形式的对外直接投资和证券投资等等。 ●国际收支均衡(Equilibrium of BP),即国内经济处于均衡状态下的自主性交易平衡, 或者说,国内经济处于充分就业、物价稳定和经济增长状态下的自主性交易平衡。 ●偶发性失衡(Accidental Imbalance) ●又称临时性失衡(Temporary Imbalance),即短期的、由非确定和偶然因素引起的国际 收支失衡。
试题一 二、单项选择题(每小题2分,共10分) 1、在下列货币制度中劣币驱逐良币律出现在()。 A、金本位制 B、银本位制 C、金银复本位制 D、金汇兑本位制 2 的。 A C 3 A C 4 A C 5 A C、汇率机制 D、中央银行宏观调控 三、多项选择题(每小题3分,共15分) 1、信用货币制度的特点有()。 A、黄金作为货币发行的准备 B、贵金属非货币化
C、国家强制力保证货币的流通 D、金银储备保证货币的可兑换性 E、货币发行通过信用渠道 2、银行提高贷款利率有利于()。 A、抑制企业对信贷资金的需求 B C D E 3 A B C D 4 A C E 5、治理通货膨胀的可采取紧缩的货币政策,主要手段包括() A、通过公开市场购买政府债券 B、提高再贴现率 C、通过公开市场出售政府债券 D、提高法定准备金率 E、降低再贴现率 F、降低法定准备金率 四、判断题(每小题2分,共10分)
1、信用货币制度下金银储备成为货币发行的准备。() 2、一般将储蓄随利率提高而增加的现象称为利率对储蓄的收入效应。() 3、在市场经济条件下,货币均衡的实现离不开利率的作用。() 4、金融自由化的标志之一就是政府放弃对金融业的干预。() 5、特别提款权可以充当国际储备,用于政府间的结算,以及国际贸易和非贸 1 A C 2、 A C 3 A C 4 A、贷款利率 B、存款利率 C、市场利率 D、再贴现利率 5、下列不属于负债管理理论缺陷的是()。 A、提高融资成本 B、增加经营风险 C、降低资产流动性 D、不利于银行稳健经营
三、多项选择题(每小题3分,共15分) 1、我国货币制度规定人民币具有以下的特点()。 A、人民币是可兑换货币 B、人民币与黄金没有直接联系 C、人民币是信用货币 D、人民币具有无限法偿力 E、人民币具有有限法偿力 2 A B C D E 3 A C E 4 A B C、有助于提高金融资产储蓄比例 D、有助于提高经济效率 5、金本位制下国际货币体系具有哪些特征。() A、黄金充当世界货币 B、两种货币兑换以铸币平价为基准 C、外汇收支具有自动调节机制 D、汇率波动以黄金输送点为限
1边际替代率:MRS,是无差异曲线的斜率,表示初期的消费减少1元,下期消费增加的量的相反值。它揭示了为保持相同的总效用,放弃当前一个单位的消费量必须要多少单位额外的未来消费量来补偿。还等于个人的主观时间偏好率。数学公式为MRS 上面C0线面C1 等于 aC1/a C1| u=常数 2分离定理分离定理:给定完善的资本市场,生产决策由客观的市场标准唯一决定,而与影响个人消费决策的个人主观偏好无关。即投资决策和消费决策是分离的。 含义:对任何一个理性的投资者,尽管他或她的最终投资组合选择不相同,但对风险资产的选择是相同的:每个投资者以无风险利率借或贷,然后把所筹集到的或所剩下的资金按相同的比例投资到不同的风险资产上。这一相同的比例由切点T表示的投资组合来决定。 3确定性的五个定理 (1)完备性(可比性)定理:对于任意两个消费计划a,b。要么a优于b,要么b优于a;或者两个都成立也就是说a,b是无差异的。换一句话说就是任何选择都可以比较好坏。 (2)传递性公理:如果a优于b,并且b优于c。则可以推出a优于c。(3)独立性公理:如果x和y无差异,则α概率下得到的x,(1-z)概率下得到的z,与, z概率下得到的y,(1-z)概率下得到的z 也是无差异的。 假设消费计划c和c'相对于某一状态有相同的消费路径x。并且c优于c' ,那么,如果我们把 X换成另外一个消费路径y,c与c' 的排序不变。 (4)可测性如果偏好y的程度小于x但大于z,那么此时存在唯一的a(一种概率)使得个体认为y与某种投机活动是无差异的,这种投机活动以概率a得到得到结果x,以概率(1-a)得到结果z.如果x大于y大于等于z,或者x大于等于y大于z,则此处存在唯一的a使得y和G(x,z:a)无差异 (5)有序性如果y和u均处于x和z的中间,那么我们可以设定这样一系列投机活动,即个体认为y同由x(概率为a1)与z组成的投机活动无差异,同样u 同由x(概率为a2)与z组成的另一次投机活动无差异,如果a1大于a2,则y优于u。 4风险态度:如果投资者不喜欢任何零均值(即公平博弈)彩票,则称其为风险厌恶者。 风险厌恶与凸凹性有关,如果效用函数为凹的则风险厌恶;反之凸效用函数为风险喜好;直线为风险中性。1、风险厌恶,U[E(W)]>E[U(W)],图形下凹;2、风险中性,U[E(W)]=E[U(W)],图形直线;3、风险偏好,U[E(W)]
金融经济学思考与练习 题答案 TTA standardization office【TTA 5AB- TTAK 08- TTA 2C】
金融经济学思考与练习题(一) 1、在某次实验中,Tversky 和Kahneman 设计了这样两组博彩: 第一组: 博彩A :(2500,; 2400,;0,) 博彩B :(2400,1) 第二组: 博彩C :(2500,; 0,) 博彩D :(2400,; 0,) 实验结果显示,绝大多数实验参与者在第一组中选择了B ,在第二组中选择了C ,Tversky 和Kahneman 由此认为绝大多数实验参与者并不是按照期望效用理论来决策,他们是如何得到这个结论的? 解:由于第一组中选择B 说明 1(2400) (2500)+(2400)+(0) 相当于 (2400)+(2400) (2400)+ { 3433 (2500)+ 341 (0)} 根据独立性公理,有 1(2400)) 3433 (2500)+ 341 (0) (*) 第二组选择C 说明 (2500)+(0) (2400)+(0) 相当于
{3433 (2500)+ 34 1 (0)}+(0) (2400)+(0) 根据独立性公理,有 3433 (2500)+ 34 1 (0) 1(2400) (**) (*)与(**)矛盾,因此独立性公理不成立,绝大多数参与者不是按照期望效应理论决策。 2、如果决策者的效用函数为,1,1)(1≠-=-γγ γx x u ,问在什么条件下决策者是风险厌恶的,在什么条件下他是风险喜好的?求出决策者的绝对风险厌恶系数和相对风险厌恶系数。 解:1)(",)('----==γγγx x u x x u 绝对风险厌恶系数: 相对风险厌恶系数: 当γ>0时,决策者是风险厌恶的。当γ<0时,决策者是风险喜好的。 3、决策者的效用函数为指数函数,1)(ααx e x u --= ,问他的绝对风险厌恶系数是否会随 其财富状态的改变而改变? 投保者与保险公司的效用函数均为指数函数,且投保者的α=,保险公司的α=,问投保者与保险公司谁更加风险厌恶? 解:αααα=--=-=--x x A e e x u x u R )(')(" 由于投保者的绝对风险厌恶系数为,而保险公司为,因此投保者更加厌恶风险。
《金融经济学》复习题 一、名词解释 1、什么是金融系统? 答:金融系统由经济环境、市场参与者和金融市场构成。 2、什么是委托人-代理人问题? 答:委托人-代理人问题是指委托人的目标和决策与代理人的目标和决策不一致,代理人和委托人之间可能存在利益冲突。在极端的情况下,代理人可能损害委托人的利益,例如股票经纪人与客户之间的代理问题、公司股东和管理者之间的代理问题等。 3、解释内涵报酬率。 答:内涵报酬率是指使未来现金流入的现值等于现金流出现值的贴现率,即使得NPV恰好为零的利率。 4、解释有效投资组合。 答:有效投资组合是指在既定风险程度下,为投资者提供最高预期收益率的投资组合;或在既定收益情况下风险最低的组合。 5、分别解释远期合约和期货合约。 答:远期合约是交易双方在将来的一定时间,按照合约规定的价格交割货物、支付款项的合约。期货合约是指在有组织的交易所交易的标准化远期合约。交易所介于买卖双方之间,双方各自同交易所单独订立合约。 6、解释无风险资产。 答:无风险资产是指,在投资者的决策和交易区间内收益率完全可预期的证券或资产。 7、什么是互换合约? 答:互换合约是双方互相交换一定时期内一定价格的一系列支付。 8、简要介绍市盈率倍数法。 答:市盈倍数方法可以用来快速测算公司股票的价值:首先通过其他可比公司的数据推导出适当的市盈倍数,再将其与该公司股票预期的每股盈利相乘,由此就得到该公司股票的价值。 9、什么是NPV法则? 答:NPV等于所有的未来流入现金的现值减去现在和未来流出现金现值的差额。如果一个项目的NPV是正数,就采纳它;如果一个项目的NPV是负数,就不采纳。 10、解释衍生证券。 答:衍生证券是一种金融工具,其价值取决于更基础的金融资产如股票、外汇、商品等,主要包括远期、期货、互换和期权,其主要功能是管理与基本资产相关的风险暴露。 11、什么是一价原则? 答:一价原则指在竞争性的市场上,如果两个资产是等值的或者未来能获得相同的现金流,它们的市场价格应倾向于一致。一价原则体现的是套利的结果。 12、解释风险厌恶。 答:指理性的经济人在面临公平赌博的时候总是拒绝的,而如果需要他接受这样的波动,就需要给他一定的补偿。 13、什么是套期保值? 答:在衍生品市场上进入一个与现货市场反方向的头寸,当现货市场损失时衍生品市场可以盈利,当然当现货市场盈利时衍生品市场也会亏损。我们称这种旨在消除未来不确定性的行为为套期保
第Ⅰ层次,国内外重要权威学术期刊 1. 国外重要权威学术期刊 序号期刊目录主办单位备注 1. SCI(科学引文索引) 美国科学信息研究 所 全文收录、 核心收录 2. SSCI(社会科学引文 索引) 美国科学信息研究 所 全文收录、 核心收录 3. EI(工程索引)美国工程信息公司被Compendex(核心版)收录、 全文收录 2.国内重要权威学术期刊 序号期刊目录主办单位备注4. 中国社会科学中国社会科学院 5. 经济研究中国社会科学院经济研究所 6. 管理世界国务院发展研究中心 第Ⅱ层次,国内外权威学术期刊 1. 国外权威学术期刊 序号期刊目录主办单位备注 7. SCIE(科学引文索引 扩展版) 美国科学信息研究 所 网络版 8. SSCI社会科学引文 索引 美国科学信息研究 所 网络版 9. EI(工程索引)美国工程信息公司Page One版 2.国内权威学术期刊(排名不分先后) 序号期刊目录主办单位备注 10. 经济学动态中国社会科学院经济研究所 11. 中国经济史研究中国社会科学院经济研究所 12. 世界经济中国世界经济学会 13. 世界经济研究上海社科院世界经济研究所 14. 中国人口科学中国社会科学院人口研究所 15. 中国人口·资源与环中国可持续发展研
境 究会、 山东师范大学 16. 财政研究 中国财政学会 17. 财贸经济 中国社科院财贸经济研究所 18. 金融研究 金融研究杂志社 19. 保险研究 中国保险学会 20. 中国工业经济 中国社科院工业经济研究所 21. 国际贸易问题 对外经贸大学 22. 会计研究 会计学会中国成本研究所 23. 审计研究 中国审计学会 24. 统计研究 中国统计学会、 国家统计局统计科学研究所 25. 经济管理 中国社会科学院工业经济研究所 26. 南开管理评论 南开大学国际商学院 27. 中国软科学 中国软科学研究会 28. 数量经济技术经济研究 中国科学院数量经济与技术经济研究所 29. 管理科学学报 国家自然科学基金委 30. 系统工程理论与实践 中国系统工程学会 31. 中国管理科学 中国优选法统筹法与经济数学研究会、中科院科技政策与管理科学研究所 32. 管理工程学报 浙江大学 3.学校列示的公共权威学术期刊(排名不分先后) 序号 期刊目录 主办单位 备注 33. 国外社会科学 中国社会科学杂志社 34. 新华文摘 人民出版社 35. 人民日报(理论版) 人民日报社 论文要求2000字以上 36. 光明日报(理论版) 光明日报社 37. 经济日报(理论版) 经济日报社
《金融经济学》简答题与论述题 简答题 1.简述影响债券波动性因素如何影响债券价格波动的,并指出购买策略。(课本P136、P138、P145并结合笔记)答:影响债券波动性因素: ①到期期限的影响:在其他因素相同的条件下,给定市场收益率的变动,债券价格变动和到期期限长短成正 相关,即到期期限越长,债券价格波动越大,到期期限越短,债券价格波动越小;随着债券到期期限的增长,这种变动的速度是减小的。 ②息票利率的影响:在其他因素相同的条件下,给定市场收益率的变动,债券价格波动性的大小和其息票利 率的高低呈反向关系,即息票利率越低,债券价格波动性越大,息票利率越高,债券价格波动性越小。 ③利率的影响:在其他因素相同的条件下,债券价格和利率呈反向变动,债券价格随利率上升而下降,随利 率下降而上升;但是这种变化是不对称的,利率下降导致债券价格上升的百分比大于利率上升相同幅度导致债券下降的百分比。 购买决策: ①如果希望预期利率变动对价格影响达到最大,则购买息票利率低但到期期限长的债券。 ②如果担心预期利率上升而导致债券价格下跌,则购买高息票利率或到期期限短的债券。 ③对于收益率的微小变动来说,若预期利率下降,为了使价值升值达到最大化,则购买存续期最长的债券; 相反,若预期利率上升,为了使债券贬值最小化,则应购买存续期最短的债券。 ④对于收益率变化较大的情况,则应购买凸性大的债券,因为在其他因素相同的条件下,凸性大的债券,利 率上升导致价格下降的幅度小,而利率上升导致价格上升的幅度大。 2.什么是预期收益率与到期收益率(笔记) 答:预期收益率:是指如果事件不发生变化可以预计的到的收益率,所以也称作期望收益率,通过预期收益率可以估算出债券的内在价值,预期收益率是投资者要求的最低回报率。 到期收益率:使债券未来获得的所有现金流的现值等于债券当前市场价格的贴现率,即用价格来确定的收益率,是一种由支付结构所隐含的利率。 3.简述附息债券价格和到期收益率、面值、息票率之间的关系。(对照P128 的公式7) 答:①附息债券价格和到期收益率呈负相关。到期收益率越小,债券价格就越高;到期收益率越大,债券价格就越低。 ②附息债券价格和面值呈正相关。面值越大,债券价格就越高;面值越小,债券价格就越低。 ⑧附息债券的价格和息票率呈正相关。息票率越高,未来的现金流就越多,债券价格就越高;息票率越低, 未来的现金流就越少,债券的价格就越低。 4.简述期货和期权交易的区别(笔记) 答:①权利和义务:期货交易中,买卖双方具有合约中规定的对等的权利和义务;期权交易中买方有决定是否行权的权利,卖方则有被动的履约义务。 ②标准化程度: ③盈亏风险:期货交易中,随着期货价格的变化,买卖双方面临无限的不确定的盈亏。 期权交易中,买方的潜在盈利是不确定的,亏损是确定的,最大风险确定;卖方潜在亏损不确 定,盈利是有限的。 ④保证金:期货交易中,买卖双方都要缴纳保证金。 期权交易中,买方不缴纳保证金,但要支付权利金;卖方要缴纳保证金,但收取权利金。 ⑤买卖匹配: ⑥套期保值:期货交易中,是对期货合约中的标的物进行套期保值。 期权交易中,买方即使放弃履约,只损失期权费,对其购买资金保了值;卖方要么按原价出售 商品,要么收取期权费,同样也保了值。 5.简述期货与远期的区别(笔记)
武汉大学2008——2009学年第一学期期中考试经济与管理学院 2007级经济学专业 《微观经济学》试题(开卷) 一、单项选择题(每小题1分,共20分) 1、以下哪一问题与微观经济学相关() A.货币对通货膨胀的影响; B.技术对经济增长的影响; C.赤字对储蓄的影响; D.石油价格对汽车生产的影响。 2、消费者行为的“均衡状态”可表述为:() A.在该状态下,价格既定,消费者为了达到更高的满足水平需要更多的收入; B.消费者实际上总是处于该状态下; C.如果消费者有足够的收入,会希望调整到这种状态; D.在该状态下,消费者不愿意拥有更多的任何商品。 3、低档物品是收入增加引起哪一种变动的物品() A.供给增加; B.供给减少; C.需求增加; D.需求减少。 4、如果存在生产能力过剩,很可能的情况是企业的供给曲线() A.价格缺乏弹性; B.价格富有弹性; C.单位价格弹性; D.以上各项都不对。 5、以下哪一种物品的税收负担更可能主要落在卖者身上?() A.食品; B.娱乐业; C.衣服; D.住房。 6、当厂商生产污染了环境,而又不负担其成本时,()。 A. 其边际成本被低估; B. 其平均可变成本被低估; C. 其总成本被低估; D. 以上都对。 7、下列说法中正确的是()。
A.生产要素的边际技术替代率递减是规模报酬递减造成的; B.边际收益递减是规模报酬递减造成的; C.规模报酬递减是边际收益递减规律造成的; D.生产要素的边际技术替代率递减是边际收益递减规律造成的。 8、成本极小化的均衡条件() A.与利润极大化的均衡条件一致 B.为等成本与等产量线的切点 C.为预算线与无差异曲线的切点 D.都对 9、长期平均成本曲线为U型的原因与()有关。 A.固定成本与可变成本所占比重 B.要素的边际生产率 C.规模报酬 D.外部经济与外部不经济 10、“资源是稀缺的”是指()。 A.资源是不可再生的; B.资源必须留给下一代; C.资源终将被耗费殆尽; D.相对于需求而言,资源总是不足的。 11、下列各项中会导致一个国家生产可能性曲线向外移动的一项是()。A.失业; B.价格总水平提高; C.技术进步; D.消费品生产增加,资本品生产下降。 12、小麦歉收导致小麦价格上升,在这个过程中()。 A.小麦供给的减少引起需求量下降; B.小麦供给的减少引起需求下降; C. 小麦供给量的减少引起需求下降; D.小麦供给量的减少引起需求量下降。 13、吉芬商品表现为( ) 。 A. 需求收入弹性和需求价格弹性都是正值; B. 需求收入弹性和需求价格弹性都是负值; C. 需求收入弹性为正,需求价格弹性为负值; D. 需求收入弹性为负, 需求价格弹性为正值。 14、约束性价格上限引起()。 A.短缺; B.过剩; C.均衡; D.短缺或过剩取决于确定的价格上限在均衡价格之上还是在均衡价格之下。
谢谢欣赏计算题:1.假定一个经济中有两种消费品、,其价格分别是4和9,消费者的效用函数为,并且他 的财富为72,求: (1)消费者的最优消费选择 (2)消费者的最大效用。 2.假定一投资者具有如下形式的效用函数:,其中是财富,并且,请解答以下问题:(1)证券:a)该投资者具有非满足性偏好;b)该投资者是严格风险厌恶的。 (2)求绝对风险规避系数和相对风险规避系数。 (3)当投资者的初期财富增加,该投资者在风险资产上的投资会增加?减少?不变?(4)当投资者的初期财富增加1%时,该投资者投资在风险资产上投资增加的百分比是:大于1%?等于1%?小于1%? 3.假定一定经济中有两种消费品、,其价格分别是3和9,消费者的效用函数为,并且他的财富为180,求: (1)消费者的最优消费选择 (2)消费者的最大效用。 4.假定一投资者的效用函数为,其中是财富,并且,,请回答以下问题: (1)求绝对风险规避系数与相对风险规避系数。 (2)当该投资者的初始财富增加时,他对风险资产的需求增加还是减少?为什么?(3)什么情况下,当投资者的初期财富增加1%时,该投资者投资在风险资产上投资增加的百分比是:大于1%?等于1%?小于1%? 1.解:(1)消费者的最优化问题是 先构造拉格朗日函数 解得: (2)消费者的最大效用为 2.解:(1)证明:因为投资者具有如下形式的效用函数:,所以: 因此该投资者具有非满足性偏好。 又,所以该投资者的效用函数严格凹的,因此该投资者是严格风险厌恶的。 (2)绝对风险规避系数为: 相对风险规避系数为: (3)因为,所以,其中是投资者在风险资产上的投资,因此当投资者的初期财富增加,该投资者在风险资产上的投资不变 (4)因为,所以,因此当投资者的初期财富增加1%时,该投资者投资在风险资产上投资增加的百分比小于1% 3.(1)消费者的最优化问题是 先构造拉格朗日函数 解得: (2)消费者的最大效用为 4.(1) 绝对风险规避系数为: 相对风险规避系数为: (2) 谢谢欣赏
武汉大学金融专业硕士考研导师简介 黄宪教授: 经济学博士,享受国务院政府特殊津贴。现在武汉大学经济与管理学院金融系教授,博士生导师,武汉大学银行管理研究所所长。兼任中国金融学会学术委员会委员和常务理事,中国国际金融学会学术委员会委员和常务理事,湖北省金融学会学术委员会委员和常务理事,湖北省金融研究中心学术委员会副主任。 一、研究领域和主要成果 主要研究领域:货币金融学,银行管理,金融机构风险管理 迄今主持国家自然科学基金、国家社会科学基金和教育部基金科研项目5项,参与国家级科研项目3项。主持省部级科研项目3项。共发表金融专业论文60余篇,出版著作8部,获得国家哲学社会科学研究奖三等奖一次、国家教育部优秀教材奖二等奖一次、湖北省社会科学奖二等奖两次,其他重要奖项多次。 二、学历教育 1982年7月毕业于武汉大学经济学专业,获经济学学士学位 1988年7月毕业于武汉大学国际金融专业,获国际金融硕士学位 1997年毕业于武汉大学世界经济专业国际金融方向,获经济学博士 三 2003-2005年任武汉大学金融研究中心副理事长 四、主要学术论文: 跨国银行在新兴市场风险环境中的行为选择与综合影响《世界经济研究》2009年5期商业银行竞争力研究新框架—以X效率为核心的三层次分析《国际金融研究》2008年7期被《经济研究参考》2008年第54期部分转载 我国商业银行X效率研究—基于DEA三阶段模型的实证分析《数量经济与技术经济研究》2008年7期 银行业资本监管对中国宏观经济波动效应的实证研究《经济评论》2008年3期 银行资本充足监管制度的成本与激励《管理世界》2008年1期 著作类: 《开放条件下中国银行业的控制力与国家金融安全》中国金融出版社2009年 《市场经济中银行效率与社会成本》独著2001年湖北人民出版社 《货币金融学》国家十一五规划教材主编2008年(第二版)武汉大学出版社 《银行管理学》主编2004年武汉大学出版社 《西方货币银行》主编1998年第五版中国金融出版社国家教委7 5计划统编教材《货币,银行和金融市场原理》译著1990年上海翻译出版公司译者,审校 《银行管理学》第二版国家十一五规划教材武汉大学出版社2011年 江春教授: 经济学博士,教授,博士生导师,国务院政府特殊津贴获得者、,国家教育部首届“新世纪优秀人才支持计划”入选者,武汉大学“珞珈特聘教授”、武汉大学经济与管理学院金融系主任兼武汉大学人文社会科学校级重点研究基地——武汉大学金融研究中心主任、同时担任中国金融学会理事、中国国际金融学会常务理事兼学术委员会委员等学术兼职。
总共的内容~引言~不确定条件下的选择~投资组合理论~AD框架~套利定价理论 一.引言 1.什么是金融经济学:(ppt1-6) 金融经济学旨在用经济学的一般原理和方法来分析金融问题。 它主要侧重于提出金融所涉及的基本经济问题、建立对这些问题进行分析的理论框架、基本概念和一般原理以及在此框架下应用相关原理解决各个基本问题所建立的简单理论模型。这些框架、概念和原理包括:时间和风险、资源配置的优化、风险的禀性和测度、资产评估等,是金融各具体领域研究的基础,从资产定价、投资、风险管理、国际金融到公司财务、公司治理、金融机构、金融创新以及金融监管和公共财物等。 2.新古典金融经济学的基本框架(ppt1-17) (1)经济环境:是指经济参与者所面临的外部环境 (2)经济参与者:是指参与经济活动的各个群体或个人 (3)金融市场:是指金融资产交易的场所,我们主要讨论的证券市场 3.描述经济环境的两个关键因素(ppt1-18) (1)时间:简单的考虑为期初,期末的问题。记为t 期初为0,期末为1. (2)风险。风险:风险是指不确定性,即未来结果的不确定。描述方式也包括两个方面:状态收益 状态: 基本状态——ω——基本事件 状态空间——Ω——样本空间 发生概率——P——概率测度 理解什么是状态树:(书8)LUCAS-TREE 期初禀赋** 基本事件**即状态** 概率** 期末禀赋** 4.经济参与者(ppt1-23) 参与者类型:◇个体—个人或家庭◇机构—公司、企业或政府。两者抽象为自利的经纪人。描述角度:◇参与者的经济资源◇参与者的经济需求 经济资源:◇实物商品/资本品◇信息◇生产技术(实物商品/资本品为重点) 信息:分为公共信息,私有信息。参与者之间的信息不对称是经济学中许多问题的根源,比如:逆向选择,道德风险。 5.禀赋:(书9) 参与者初始占有的资源——与生俱来的商品或资本品,可以用来消费或生产。通常假设整个经济系统中只有一个易腐的商品。并且不包含上期投资收益。禀赋的表示(书9) 参与者k ,k=1,...,K。0期,1期,Ω个状态。我们可以吧每一个参与者的禀赋看成是(1+Ω)维实空间中的一个元素。进一步假设,禀赋非负。 使用下面的记号: a≥0,如果对于所有的i有ai≥0。 a>0,如果对于所有的i有ai≥0,且对至少一个i有ai>0 A>>0,如果对于所有的i有ai>0 因此**等价于e≥0; 6.参与者的经济需求(ppt1-27) (1)消费与投资 经济人的终极目标是消费,但其在每一期的决策有两个方面——本期消费和未来消费,从而必须作出消费和投资决策 (2)偏好与效用