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Technology, Common Inputs, And Public Policies In Developing Countries, Ka-Yiu Fung
Technology, Common Inputs, And Public Policies In Developing Countries, Ka-Yiu Fung
Digitized Theses
The thesis consists of three essays. In the first essay, a two-final-good and knowledge-based growth model is built to study the patterns of economic growth in a SOE. The source of economic growth is the introduction of new intermediate goods as a result of R&D, which in turn generates dynamic IRS in both the production of one final good and R&D. The results obtained in the model are consistent with intercountry differences in growth patterns.;The second essay constructs a simple model to study how technology transfer (through foreign direct investment or licensing of technology) affects R&D intensity of domestic firms …
Entrepreneurs, Growth And Cycles, Louis Corriveau
Entrepreneurs, Growth And Cycles, Louis Corriveau
Digitized Theses
We study how strategic considerations which pertain to the microeconomic process of innovation affect the macroeconomic process of growth and its efficiency. To a lesser extent, we also study how they may cause fluctuations to occur. We do this by the means of two models.;The first model pictures a one-good economy where long-run growth and output fluctuations are endogenous consequences of the decisions taken by entrepreneurs on the allocation of their resources between production and innovation in a Markovian sequence of one-period games. We show, first, that the log of output follows a process with random walk characteristics; second, that …
Two Essays In Real Business Cycle Theory, Paul A. Gomme
Two Essays In Real Business Cycle Theory, Paul A. Gomme
Digitized Theses
In the first chapter, a real business cycle model with heterogeneous agents is parameterized, calibrated, and simulated to see if it can account for some stylized facts characterizing postwar U.S. business cycle fluctuations, such as the countercyclical movement of labour's share of income, and the acyclical behaviour of real wages. There are two types of agents in the model, workers and entrepreneurs, who participate on an economy-wide market for contingent claims. On this market workers purchase insurance from entrepreneurs, through optimal labour contracts, against losses in income due to business cycle fluctuations. Optimal labour contracting is found to account, quantitatively, …
Economic Growth: Dynamic Interactions With International Trade And Global Environment, Zhiqi Chen
Economic Growth: Dynamic Interactions With International Trade And Global Environment, Zhiqi Chen
Digitized Theses
The thesis comprises four essays that, through theoretical analysis, explore the dynamic impact of capital accumulation on international trade (Chapters 1 and 2) and the dynamic interaction between economic activities and the global climate (Chapters 3 and 4).;Chapter 1 presents a dynamic Heckscher-Ohlin model in which agents' labor supply and investment decisions are endogenous. It is shown that analogues to the major results of the standard Heckscher-Ohlin model are valid in this model. Using the model developed in Chapter 1, Chapter 2 studies the determinant of comparative advantage in the long-run between countries with identical preferences. It is shown that …
Analysis Of Tax Policy Options For Singapore: A General Equilibrium Approach, Ngee Choon Chia
Analysis Of Tax Policy Options For Singapore: A General Equilibrium Approach, Ngee Choon Chia
Digitized Theses
This thesis analyzes tax policy options for Singapore. The first three substantive chapters evaluate the efficiency and distributive impacts of various tax alternatives using a static numerical general equilibrium model. One notable difference of this study from major general equilibrium tax studies for other countries is that instead of using the arithmetic sum of the Compensating and/or Equivalent variations across households, welfare impacts are evaluated using the concept of potential welfare gain/loss, based on Kaldor's (1939) weak compensation principle. The cost of tax distortions is sensitive to the criteria used to evaluate efficiency. To analyze the general equilibrium impacts of …
Essays On Hysteresis In Trade And Exchange Rate Pass-Through, Kong-Wing Chow
Essays On Hysteresis In Trade And Exchange Rate Pass-Through, Kong-Wing Chow
Digitized Theses
Chapter 1 of this thesis derives the long run general equilibrium of a home economy in a two-country overlapping generations model where agents' participation in production and the exchange rate are endogenous. We find that the presence of multiple equilibria is crucial for the existence of hysteresis defined as a change in the market structure of import or export markets, e.g. a change in the number of incumbent producers. With the presence of a positive network externality, the model will guarantee the possibility of hysteresis, i.e. multiple equilibria. Moreover, welfare is unambiguously increasing in the number of producers.;Chapter 2 applies …
The Regulation Of Multinational Enterprises Under Asymmetric Information, Horst H. Raff
The Regulation Of Multinational Enterprises Under Asymmetric Information, Horst H. Raff
Digitized Theses
This thesis investigates the effects of asymmetric information on the relationship between multinational enterprises (MNEs) and host countries. With incomplete information about a MNE's technology, the threat of expropriation does not always deter foreign direct investment (FDI), so that expropriation may actually occur with nonzero probability. Improvements in a MNE's investment alternatives, a rise in production costs or tax rates diminish the likelihood of expropriation. Low-cost countries are more likely than high-cost countries to expropriate MNEs. Low-cost industries simultaneously face higher tariffs and a higher expropriation rate.;Chapter three uses a principal-agent model to examine optimal host country taxation of a …
Collusive Pricing With Incomplete Information, Chantale Lacasse
Collusive Pricing With Incomplete Information, Chantale Lacasse
Digitized Theses
Fudenberg and Maskin (1986) find that any feasible and individually rational payoff can be supported by subgame perfect equilibrium strategies in an infinitely repeated game with complete information, if the discount rate is low enough. An analogous result holds for the case of finitely repeated games (Benoi t and Krishna (1985)).;These results imply that, if a cartel forms, it will have no difficulty maintaining its collusive agreement. The first part of the thesis investigates when agents choose to collude given the benefits of collusion (cooperative payoffs dominate non-cooperative payoffs) and its cost (agents risk government prosecution). We choose the context …
Essays On Negotiation And Renegotiation, Quan Wen
Essays On Negotiation And Renegotiation, Quan Wen
Digitized Theses
This dissertation consists of two essays related to negotiation and renegotiation in game theory. They investigate the renegotiation-proof equilibria in finitely repeated games and subgame perfect equilibria in negotiation games, respectively.;The renegotiation-proof equilibria in finitely repeated games with many players are studied in the first essay. Renegotiation-proof equilibrium requires not only subgame perfectness but also subgame efficiency. The main result of Benoi t and Krishna (1988) who studied the renegotiation-proof equilibria in two-player finitely repeated games does not apply to the games with more than two players. One sufficient condition for renegotiation-proof equilibria to be Pareto optimal in finitely repeated …
Three Essays On Non-Market Resource Allocation Mechanisms, Lijing Zhu
Three Essays On Non-Market Resource Allocation Mechanisms, Lijing Zhu
Digitized Theses
This thesis consists of three essays. In the first essay, I apply the first-price auction theory to investigate equilibrium queuing behavior, rent distribution, and rent dissipation given that the underpriced consumer goods are distributed through queuing and random allocation mechanisms. Four major results are obtained. First, using the generalized first-price auction framework, two existing queuing models in the literature are unified. Second, it is shown that the equilibrium queuing time can be shorter with a secondary market than without. Third, with rationing by queuing as the allocation mechanism, the emergence of secondary markets does not necessarily lead to Pareto improvement: …
Essays On International Trade Theory In The Presence Of Increasing Returns, Jota Ishikawa
Essays On International Trade Theory In The Presence Of Increasing Returns, Jota Ishikawa
Digitized Theses
It has been agreed that the emphasis on the role of increasing returns to scale (IRS) in international trade theory allows a straightforward explanation of empirical phenomena that the traditional frameworks cannot satisfactorily explain. The aim of this thesis is to prove further developments of international trade theory in the presence of IRS.;The thesis consists of four essays. The first essay analyzes the effects of a tariff and a restricted inflow of foreign capital on a small open economy (SOE) in the presence of IRS. It is shown that the presence of IRS significantly affects the results found in the …
International Trade Theory With Endogenous Factor Supply, Robert G. Waschik
International Trade Theory With Endogenous Factor Supply, Robert G. Waschik
Digitized Theses
Traditional models of international trade theory typically assume that factors of production are in fixed supply. The objective of the thesis is to examine the effects upon a number of well-known comparative statics results when the levels of supply of some factors of production are allowed to adjust endogenously. A dual trade model is used to incorporate endogenous factor supply into a general m-good, n-factor trade model, to allow for as general an analysis as possible. The traditional assumptions of constant returns to scale in production and perfect competition in all markets are retained so as to concentrate on the …
Empirical Tests Of Three Major Explanations For The Turn-Of-The Year Effect: A Study Of Systematic Changes In Investor Trading Behavior, Mark David Griffiths
Empirical Tests Of Three Major Explanations For The Turn-Of-The Year Effect: A Study Of Systematic Changes In Investor Trading Behavior, Mark David Griffiths
Digitized Theses
This dissertation uses U.S. and Canadian trade-to-trade data to test the validity of the tax loss selling, portfolio rebalancing and disposition hypotheses. This data set permits more powerful tests than previously possible for two reasons. First, in the U.S. the taxation and the calendar year ends are co-incident; in Canada they differ by five trading days. Second, the availability of quote and transaction data permits classification of buyer- or seller-initiated trades.;I find evidence that the end of the taxation year is a determinant of year end trading. December has the most significant levels of seller-initiated trading, while January exhibits significant …
Seemingly Unrelated Essays In Econometrics--Functions Of Mixing Processes, Nonparametric Estimation And Cointegration, Yanqin Fan
Digitized Theses
This dissertation consists of three essays related to the estimation of econometric models with dependent heterogeneous observations. The first presents a unified overview of the properties of three typical classes of dependent heterogeneous processes. The next two investigate the properties of econometric estimators applied to data generated by such processes.;The most general class of stochastic processes which are asymptotically uncorrelated under certain conditions is the class of L{dollar}\sp{lcub}q{rcub}{dollar}-mixingales for 1 {dollar}\leq q\leq{dollar} 2, which include as special cases both mixing processes and functions of mixing processes. The first essay reviews the two most important properties associated with these three types …
Labour Relocation Costs And The Demand For Protection, Lawrence Arthur Leger
Labour Relocation Costs And The Demand For Protection, Lawrence Arthur Leger
Digitized Theses
The literature on the political economy of trade policy reveals that protection is typically granted to industries with large and underprivileged workforces which have suffered deterioration in international competitiveness, which are geographically concentrated, and which are represented by lobbies of labour and capital in political coalition. These stylized facts are inadequately treated in trade theory and endogenous protection models. Labour is generally assumed to be perfectly mobile, with the presumption that all workers benefit from an improvement in the terms of trade. To reconcile the stylized facts with theory, the specific-factors trade model is extended to incorporate two types of …
Decentralized Provision Of Public Goods, Marc Bilodeau
Decentralized Provision Of Public Goods, Marc Bilodeau
Digitized Theses
When individuals provide noncooperatively many public goods, not only are contribution levels generally too low, but the composition of the contributions is also generally inefficient. Efficiency gains may then be obtained through institutions that constrain individuals' choices, either by increasing contribution levels and/or by improving the public goods mix.;A model of noncooperative public goods provision is set up in chapter 1. The presence of many public goods presents an additional difficulty because the theory of demand under rationing (instead of standard consumer theory) is needed to derive individuals' contribution functions. The impact of various institutions on individuals' choice sets is …
Trade Shocks And Employment Change In Canada: 1972-1980, Roderick Hill
Trade Shocks And Employment Change In Canada: 1972-1980, Roderick Hill
Digitized Theses
The thesis examines the relative strengths of domestic and foreign (or "trade") shocks on sectoral employment change in Canada. Chapter 1 surveys several different approaches used in the past. Chapter 2 examines three of these using hypothetical time series data for an artificial economy with a three-industry small, open economy computational general equilibrium (CGE) model. The results show some of the weaknesses of these approaches and their potential for predictive error.;Chapter 3 sets out a similar CGE model to be applied to Canadian data. Competitive domestic industries produce goods that are assumed to be perfect substitutes for foreign goods. The …
Consumption And Asset Returns In Artificial Economies, Richard Tiffany Macklem
Consumption And Asset Returns In Artificial Economies, Richard Tiffany Macklem
Digitized Theses
This study examines the ability of dynamic, stochastic equilibrium models of consumer behavior to simultaneously mimic the salient features of U.S. consumption and asset return data.;Part one of the investigation focuses on the interaction between consumption choices for durable and non-durable goods, the real interest rate, and the rate of return on equity. A dynamic, stochastic, two-good general equilibrium model of consumer behaviour is constructed, and equity and a risk-free asset are priced in this economy. A discrete state space version of the model is then calibrated to U.S. data and solved numerically. Examination of the model's statistical properties are …
Block Trades On The Major Canadian And Us Stock Exchanges: A Study Of Pricing Behavior And Market Efficiency, Michael John Robinson
Block Trades On The Major Canadian And Us Stock Exchanges: A Study Of Pricing Behavior And Market Efficiency, Michael John Robinson
Digitized Theses
Previous studies have found that block trades affect security prices in a different manner than non-block trades. Other studies have shown that certain types of investors may be able to earn excess returns by investing in securities following block trades.;This thesis used detailed trade to trade data to study the efficiency of the Toronto Stock Exchange (TSE), the New York Stock Exchange (NYSE), and the American Stock Exchange (AMEX), with respect to block trades. Comparing the TSE with the U.S. exchanges, this thesis found no difference in the operational efficiency of these exchanges with respect to block trades. As well, …
Three Essays On The Acquisition Of Information, Jacques Robert
Three Essays On The Acquisition Of Information, Jacques Robert
Digitized Theses
This thesis consists of three essays related to the problem of acquisition of information by economic agents.;The first essay, entitled "Bundled Insurance", considers the problem of screening good-and bad-risk individuals in an insurance market. Insurance markets under adverse selection are known to generate incomplete risk sharing. This essay shows that it is optimal, in the context of reactive equilibria, for a monopolist in some unrelated market to bundle its product with a compulsory insurance policy. This essay may help us to understand why employers often provide compulsory group insurance.;The purpose of the second essay, entitled "Search and Price Advertising", is …
Dynamic Stochastic Analysis Of A Small Open Economy, Estrada Enrique Mendoza
Dynamic Stochastic Analysis Of A Small Open Economy, Estrada Enrique Mendoza
Digitized Theses
This thesis consists of four essays that study the dynamic stochastic behavior of a small open economy. In the framework studied here, rational individuals formulate optimal intertemporal plans in an environment where domestic capital and foreign financial assets are used as alternative vehicles of savings, and where random disturbances affect the production technology or the international terms of trade. As demonstrated in the papers, the separation of savings and investment decisions that characterizes the individual's optimal plans in open economies has important implications for the evolution of macroeconomic aggregates.;The main contribution of this work is that it undertakes a quantitative …
Short-Run Estimation Of The Cost Structure Of A Canadian, Fully-Integrated Steel Plant, John Edward Erkkila
Short-Run Estimation Of The Cost Structure Of A Canadian, Fully-Integrated Steel Plant, John Edward Erkkila
Digitized Theses
This thesis has three objectives. The first objective is to discover the characteristics of production of iron and steelmaking. A unique data set allows hypotheses, which are frequently maintained in empirical work, to be tested. The second objective is to determine substitution between variable inputs. It can be learned if variable inputs are used in fixed proportions at the firm level in iron and steelmaking. The third objective is to learn if there are economies of joint production in iron and steelmaking.;These objectives can be achieved by estimating short-run or restricted translog cost functions separately for ironmaking, for steelmaking and …
Models Of Business Cycles With Endogenous Technology, George Werner Stadler
Models Of Business Cycles With Endogenous Technology, George Werner Stadler
Digitized Theses
Traditionally, theories of the business cycle have assumed that technological change is exogenous to the economic process, although there is considerable evidence that changes in technology depend on economic factors. This thesis examines the implications of endogenous technology for business cycle theory. It constructs two basic general models of output fluctuations. In the first model technical knowledge advances through learning by doing and in the second case there exists an innovation production function and technical progress depends on R&D. Nested within the two general models are both real and monetary business cycle models, so enabling comparisons between monetary models with …
A Dynamic Agency Model With Borrowing, Harvey Brian King
A Dynamic Agency Model With Borrowing, Harvey Brian King
Digitized Theses
Recent research on agency models has emphasized multiperiod contracts. However, most research has assumed the principal could control agents' consumption, choosing to deny them access to a capital market. The few papers that have examined the role of capital markets in an agency model (Braverman and Stiglitz (1982), Rogerson (1985a)) do not allow agents a joint choice of effort and borrowing. This thesis extends these models by allowing agents this joint choice of borrowing and effort, showing how previous results change.;Agents are allowed access to two types of imperfect capital markets. In one model of the capital market, agents can …
Three Essays In Mechanism Design, Dominique Michel Demougin
Three Essays In Mechanism Design, Dominique Michel Demougin
Digitized Theses
Microeconomic literature has shown an increasing interest in problems with asymmetric information. A general consensus from this section of the literature is that the introduction of an asymmetry in information affects the distribution of wealth between the different agents as well as the overall efficiency of the system. It is also generally thought that a mechanism designer can do better than to average over the information set or, alternatively, that communication has a positive value. The present research shows that these conclusions are very sensitive to changes in the assumptions of the models. The first essay analyzes a principal-agent model …
Applied General Equilibrium Analysis Of Customs Unions And Interregional Labour Mobility, Richard Claude Jones
Applied General Equilibrium Analysis Of Customs Unions And Interregional Labour Mobility, Richard Claude Jones
Digitized Theses
This thesis develops various extensions and applications of applied general equilibrium modelling techniques. Essay I deals with the modelling of labour migration and builds on the regional numerical general equilibrium model of Canada developed by Jones and Whalley (forthcoming). Their limited migration decision rule is extended to involve a comparison of relative utility levels across regions. The major implication for model results is that measured migration responses may be dampened under certain policy simulations; this can result in different conclusions being drawn from simulation exercises.;Essay II considers the application of this model to the study of the Canadian equalization system …
Partial- And General-Equilibrium Evaluations Of The Impact Of Energy Policies In Canada, Gordon Joseph Lenjosek
Partial- And General-Equilibrium Evaluations Of The Impact Of Energy Policies In Canada, Gordon Joseph Lenjosek
Digitized Theses
This dissertation is primarily concerned with evaluating the welfare implications of the National Energy Program (NEP) for Canada in static, partial- and general-equilibrium frameworks. Foreign participation in the Canadian economy is incorporated in analyzing the allocational and distributional effects of these petroleum pricing and fiscal policies.;The international redistribution of crude oil rents as well as efficiency and intranational revenue redistribution effects of both NEP pricing and fiscal policies on the Canadian crude oil market are addressed in partial equilibrium analyses.;A unique and relatively simple approach to general-equilibrium modelling (developed in association with John Whalley) is used to analyze the welfare …
The Relationship Between Inflation And Relative Prices: Some Monetary-Theoretic Explanations, Veena Mishra
The Relationship Between Inflation And Relative Prices: Some Monetary-Theoretic Explanations, Veena Mishra
Digitized Theses
This thesis comprises three essays that examine, using explicitly monetary general equilibrium models, the effects of inflation on the transacting patterns adopted by optimizing agents and the macroeconomic consequences of inflation-induced changes in these patterns. In particular, these essays study the implications of such inflation-induced changes in individual behavior for the structure of demands and prices that characterize the steady state equilibrium of an economy. In doing so they help provide a better understanding of the co-movements between inflation and relative prices found to characterize the economic data of several countries.;The first essay studies the effects of inflation-induced changes in …
Bid-Ask Spreads: An Examination Of Systematic Behavior Using Intraday Data On Canadian And Us Exchanges, David Carlyle Porter
Bid-Ask Spreads: An Examination Of Systematic Behavior Using Intraday Data On Canadian And Us Exchanges, David Carlyle Porter
Digitized Theses
Recently, many authors have noted anomalies in risk adjusted returns as measured by the Capital Asset Pricing Model (CAPM). The majority of these studies are based implicitly or explicitly on two assumptions: (A) there are no systematic cross-sectional or time-series differences in the probability of a trade occurring at the bid or at the ask, and (B) there are no systematic time-series movements in proportional bid-ask spreads.;In this thesis, I test the validity of these two Assumptions by testing four subsets of Assumption A, using LOGIT regressions and a single subset of Assumption B, using a SUR regression. The Canadian …
Asymmetric Information And Union Strike Behavior In Competitive Industries, Glen Alan Stirling
Asymmetric Information And Union Strike Behavior In Competitive Industries, Glen Alan Stirling
Digitized Theses
When firms have private information a union may use a strike to reveal information about the firm. This thesis has asymmetrically-informed agents in a competitive industry in which union and nonunion firms may exist. This environment makes it possible to derive a wide class of predictions concerning union strike behavior. Many of the new predictions arise from the possibility of less than 100% unionization and the implied demand independence results. Also, multiple firm types may exist at any one time in an industry. This leads to a strong result concerning the joint distribution of wages and strikes within an industry, …