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Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Economics
It is argued that the estimation techniques used by previous researchers to study rivalry in financial markets are inappropriate. The assumptions of both ordinary least-squares and Tobi analysis are violated when these techniques are used to analyze mobility and turnover data. To overcome the difficulties in the previous studies, we suggest a non-linear model (which is closely related to the Poisson model). This model is designed for describing frequency data and is not subject to the criticisms to which ordinary least-square and Tobut are subject.
Microeconomics, Norms, And Rationality, Alexander J. Field
Microeconomics, Norms, And Rationality, Alexander J. Field
Economics
A divergence of views among microeconomists in general and game theorists in particular regarding the explanatory objectives of microeconomic theory has become apparent in recent years. This divergence concerns, most fundamentally, the question whether institutions, legal or customary rules, or social norms are to be classified among the endogenous as opposed to the exogenous variables in the framework of microeconomic analysis. 1 The majority of economists are probably agnostic or ambivalent on this question, not having confronted, or not having had to confront, the issue in their own work. Many have sidestepped it by treating institutions as immutable or by …
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Economics
No abstract provided.
Asset Exchanges And The Transactions Demand For Money, 1919-1929, Alexander J. Field
Asset Exchanges And The Transactions Demand For Money, 1919-1929, Alexander J. Field
Economics
This paper addresses a general theoretical question—the appropriate specification of the transactions demand for money—as well as a particular historical question: what triggered the Great Depression? Theoretically, fluctuations in the volume and value of asset exchanges in secondary asset markets can influence the transactions demand for money independently of real output and interest rates, and ought to be integrated into the analysis of those forces perturbing the demand for money and shifting LM curves in the absence of monetary intervention. Empirically, I demonstrate that, over the years 1919-29, monthly fluctuations in the volume and value of trading on the New …