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Teaching Time Preference And Human Impatience: The Billionaire Game, Stephen M. Miller
Teaching Time Preference And Human Impatience: The Billionaire Game, Stephen M. Miller
Economics Working Papers
The Billionaire Game involves students in discussing time preference, or what Fisher (1930) calls human impatience. The game can facilitate the introduction of the material on present value and discounting or discussions on such issues as investment in human capital and the intertemporal consumption-saving decision. Thus, the game can facilitate discussions in a number of economics courses.
Using Leading Indicators To Forecast Us Home Sales In A Bayesian Var Framework, Pami Dua, Stephen M. Miller, David J. Smyth
Using Leading Indicators To Forecast Us Home Sales In A Bayesian Var Framework, Pami Dua, Stephen M. Miller, David J. Smyth
Economics Working Papers
This paper uses Bayesian vector autoregressive models to examine the usefulness of leading indicators in predicting US home sales. The benchmark Bayesian model includes home sales, the price of homes, the mortgage rate, real personal disposable income, and the unemployment rate. We evaluate the forecasting performance of six alternative leading indicators by adding each, in turn, to the benchmark model. Out-of-sample forecast performance over three periods shows that the model that includes building permits authorized consistently produces the most accurate forecasts. Thus, the intention to build in the future provides good information with which to predict home sales. Another finding …
Monetary And Exchange Rate Policy In Multisectorial Economies, Habib Ahmed, Stephen M. Miller
Monetary And Exchange Rate Policy In Multisectorial Economies, Habib Ahmed, Stephen M. Miller
Economics Working Papers
We develop a two-sector economy where each sector is classified as classical/Keynesian (contract/noncontract) in the labor market and traded/nontraded in the product market. We consider the effects of changes in monetary and exchange rate policy on sectoral and aggregate prices and outputs for different sectoral characterizations. Duca (1987) shows that nominal wage rigidity facilitates the effectiveness of monetary policy even in the classical sector. We demonstrate that trade price rigidity provides a similar path for the effectiveness of monetary policy, in this case, even when both sectors are classical.
Stop Crying Over Spilt Knowledge: A Critical Look At The Theory Of Spillovers And Technical Change, Richard N. Langlois, Paul L. Robertson
Stop Crying Over Spilt Knowledge: A Critical Look At The Theory Of Spillovers And Technical Change, Richard N. Langlois, Paul L. Robertson
Economics Working Papers
This essay analyzes critically the idea of knowledge spillovers, especially as it enters the New Growth Theory. The conventional theory of spillovers, we argue, suffers from a thin and misleading account of the nature of productive knowledge. In this model, firms undersupply R&D, which impedes economic growth and calls for research subsidies. We argue, by contrast, that a more subtle picture of the creation of knowledge, and the presence of network externalities (including true Marshallian external economies), tend to reverse the predictions of neoclassical theory: spillovers may actually lead to increases in the production of new knowledge.
The Coevolution Of Technology And Organization In The Transition To The Factory System, Richard N. Langlois
The Coevolution Of Technology And Organization In The Transition To The Factory System, Richard N. Langlois
Economics Working Papers
This essay is a reinterpretation of the debate over the origins of the factory system. In the end, it argues, the explanation for the rise of the factory system lies in the realm of organization, but not in the qualities of organization envisaged by either the "radical" view or the transaction-cost view. Drawing on the recent explanations of Clark and Lazonick, the paper suggests that the explanation lies in the volume effect rather than the division-of-labor effect of increasing extent of the market. The essay closes with some musings on the logic of both efficiency and exploitation in historical explanation.
Fundamental Determinants Of Mexico's Exchange-Rate Crisis Of 1994, Polly R. Allen
Fundamental Determinants Of Mexico's Exchange-Rate Crisis Of 1994, Polly R. Allen
Economics Working Papers
No abstract available.
Capabilities And Governance The Rebirth Of Production In The Theory Of Economic Organization, Richard N. Langlois, Nicolai J. Foss
Capabilities And Governance The Rebirth Of Production In The Theory Of Economic Organization, Richard N. Langlois, Nicolai J. Foss
Economics Working Papers
Almost a decade ago, Paul Milgrom and John Roberts (1988, p. 450), two of the leaders in the formalist branch of the New Institutional Economics, made the following observation. "The incentive based transaction costs theory has been made to carry too much of the weight of explanation in the theory of organizations. We expect competing and complementary theories to emerge - theories that are founded on economizing on bounded rationality and that pay more attention to changing technology and to evolutionary considerations." This paper argues that such theories are now emerging. We survey and synthesize a developing perspective that we …
The Organization Of Consumption, Richard N. Langlois, Metin M. Cosgel
The Organization Of Consumption, Richard N. Langlois, Metin M. Cosgel
Economics Working Papers
No abstract available.
Schumpeter And Personal Capitalism, Richard N. Langlois
Schumpeter And Personal Capitalism, Richard N. Langlois
Economics Working Papers
In an earlier paper, I criticized Schumpeter's account of the obsolescence of the entrepreneur in Capitalism, Socialism, and Democracy. That account rests, I argued, on a confusion about the nature of scientific knowledge and its role in the competences of the firm. This paper is an attempt to take up the argument again, moving it away from the doctrine-historical into the provinces of the economics of organization. Drawing on the work of Max Weber, as well as on a case study of the Swiss watch industry, the paper argues for the ineradicable role of personal capitalism, properly understood.
Cognition, Redundancy, And Learning In Organizations, Richard N. Langlois, Pierre Garrouste
Cognition, Redundancy, And Learning In Organizations, Richard N. Langlois, Pierre Garrouste
Economics Working Papers
No abstract available.
A Brief History Of Affordable Housing Cooperatives In The United States, Gerald Sazama
A Brief History Of Affordable Housing Cooperatives In The United States, Gerald Sazama
Economics Working Papers
For over 75 years housing cooperatives have been a source of affordable housing. Currently, the 376,000 dwelling units of affordable cooperatives is equivalent to seventeen percent of the rent reduction units owned by publichousing authorities. Understanding that affordable cooperatives have been developed under varying historical circumstances provides insights on how they could play a role in the future supply of affordable housing. The history of affordable co-ops starts during the 1920s and after World War II with the ethnic, union, and New York government financed co-ops. Through the 1960s and the early 1970s cooperatives were financed by various federal direct …