CEMA Working Papers

From China Economics and Management Academy, Central University of Finance and Economics
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805: The Republican Spirit of Innovism and Scale-Free Growth

Heng-Fu Zou

804: From Weber's "Spirit of Capitalism" to the Republican Spirit of Innovism: Ideas, Institutions, and the Republic of Entrepreneurs

Heng-Fu Zou

803: The Republican Spirit of Innovism and Long-Run Growth

Danyang Xie and Heng-Fu Zou

802: Natural Resource Abundance and Economic Growth

Jeffrey Sachs and Andrew Warner

801: The Republic of Entrepreneurs: A Global History of Discovery, Diffusion, and Growth

Heng-Fu Zou

800: How Mises Goes Beyond Knight — and Why It Matters: Entrepreneurship, Calculation, and the Republic of Entrepreneurs

Heng-Fu Zou

799: The Republic of Entrepreneurs: A Critique of Schumpeter on Entrepreneurs, Innovation, and Cycles

Heng-Fu Zou

798: The Republic of Entrepreneurs: Letters, Science, and the Civic Mechanics of Modern Prosperity

Heng-Fu Zou

797: Dynamic Multi-Agent Contracting with Relative Performance Evaluation and Competition

Heng-Fu Zou

796: Dynamic Yardstick Competition as a Mean Field Game: Explicit Theory with OU, CIR, and GBM Cost Dynamics

Heng-Fu Zou

795: Dynamic Hierarchies and Organizational Capital: A Unified Model of Incentives, Structure, and Inequality

Heng-Fu Zou

794: Semi-Endogenous Growth with Automation and A.I: Representative Household vs. Social Planner

Heng-Fu Zou

793: Mean Field Games and Incentive Regulation of Intergovernmental Transfers: Extending Laffont–Tirole to Fiscal Federalism

Heng-Fu Zou

792: The Optimal Timing of Institutional Reform in a Dynamic Optimization Framework

Danyang Xie and Heng-Fu Zou

791: Dynamic Mean Field Contracting: Relative Performance Evaluation, Tournaments, and Incentives under Competition

Heng-Fu Zou

789: Mean-Field Principal-Agent Contracts with Relative Performance: An Explicit Formula under Sannikov-Style Primitives

Heng-Fu Zou

788: Institutions and the Term Structure of Interest Rates: A Unified Lucas-Tree and Affine Pricing

Heng-Fu Zou

787: Institution/Transaction Costs and Economic Growth: A Governance-Augmented Ramsey-Cass-Koopmans Model

Heng-Fu Zou

786: Governance as Production: Embedding Transaction Costs and Incentive Structures in the Optimal Growth Model

Heng-Fu Zou

785: Integrating Transaction Costs, Appropriability, and Consumption Frictions into Neoclassical Growth Dynamics

Heng-Fu Zou

784: Institutional Capital and Asset Pricing: A Modified Lucas Tree Model Integrating Coase-Williamson-Demsetz-Barzel Insights

Heng-Fu Zou

783: Mother's education and child development: Evidence from the compulsory school reform in China

Ying Cui, Hong Liu and Liqiu Zhao

782: The health implications of social pensions: Evidence from China's new rural pension scheme

Lingguo Cheng, Hong Liu, Ye Zhang and Zhong Zhao

781: The Impact of Health Insurance on Health Outcomes and Spending of the Elderly: Evidence from China's New Coorperative Medical Scheme

Lingguo Cheng, Hong Liu, Ye Zhang, Ke Shen and Yi Zeng

780: Does health insurance matter? Evidence from China's urban resident basic medical insurance

Hong Liu and Zhong Zhao

779: Liberal Ideas Capital and Asset Pricing: A Political Economy of Risk, Return, and Freedom

Wei Liang and Heng-Fu Zou

778: Institutions and Asset Returns

Heng-Fu Zou

777: Institutional Disaster Risk and Asset Pricing: A Unified Framework Integrating Rare Events and Endogenous Political Shocks

Heng-Fu Zou

776: Fiscal decentralization and environmental pollution: Evidence from Chinese panel data

Qichun He

775: Institutional Volatility and the Equity Premium Puzzle: A Dynamic Asset Pricing Framework for OECD Economies

Heng-Fu Zou

774: Strategic Trade, Industrial Power, and Geopolitical Rivalry: A Two-Country Differential Game of the U.S.–China Conflict

Heng-Fu Zou

773: Strategic Arms Accumulation as a Stochastic Differential Game: Feedback Equilibria, Regime Shocks, and Deterrence Dynamics

Heng-Fu Zou

772: Reclaiming Production: A Dynamic Mercantilist Model of Trade, Capability, and National Welfare

Heng-Fu Zou

771: The Collapse and Implosion of Totalitarian Regimes: A Biophysical and Chemical Dynamics Perspective

Heng-Fu Zou

770: Modeling Revolutionary Violence through Nonlinear Dynamics and Fluid Mechanics

Heng-Fu Zou

769: Incentive Compatibility and Its Betrayal: A Mathematical History of Political Campaigns in Communist China

Heng-Fu Zou

768: The Singular Civilization: Liberty, Law, and the Moral Foundations of True Order

Heng-Fu Zou

767: Why Totalitarian Regimes Fall: A Unified Model of Power, Conformity, Dissent, and Entropy

Heng-Fu Zou

766: The Mathematics of Mind Control: Modeling Brainwashing and Ideological Power in Totalitarian Regimes

Heng-Fu Zou

765: Institution-Based Asset Pricing: A Generalization of Consumption- and Production-Based Models

Heng-Fu Zou

764: Managing Democratization Transitions: A Dynamic Model of Ideological Diffusion, Institutional Reform, and Political Stabilization

Heng-Fu Zou

763: The Stability and Instability of Total Power: A Nonlinear Dynamic Analysis of Power Accumulation and Collapse

Wei Liang and Heng-Fu Zou

762: The Rise of a Superpower: Endogenous Asymmetry in a Symmetric Mean Field Game of Militarization and Capital Accumulation

Heng-Fu Zou

761: Militarization and Capital Accumulation: A Mean Field Game of Symmetric Nations under Strategic Externalities

Heng-Fu Zou

760: Tariff Wars and the Mercantilist-Nationalist Trap: A Mean Field Game of Strategic Trade and Global Finance

Heng-Fu Zou

759: Power Accumulation and Endogenous Inequality: A Mean Field Game Approach to Elite Dominance

Heng-Fu Zou

758: Wealth Concentration and Pareto Tails in Stochastic Mean Field Economies

Heng-Fu Zou

757: Urban Scale and Inequality: A Mean Field Game Approach to Zipf's Law, Gibrat's Law, and Endogenous City Growth

Heng-Fu Zou

756: Mean Field Games and Global Arms Races: Strategic Dynamics in a Multipolar World

Heng-Fu Zou

755: Mean Field Games of Capital Accumulation and Militarization among Nations

Heng-Fu Zou