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Does The Presence Of Surplus Labor Hinder Production In Indian Manufacturing?, Subhash C. Ray, Kankana Mukherjee
Does The Presence Of Surplus Labor Hinder Production In Indian Manufacturing?, Subhash C. Ray, Kankana Mukherjee
Economics Working Papers
Input congestion occurs at a given input bundle when the assumption of free disposability of inputs does not hold and an increase in input leads to a decline in output. In this paper we employ the nonparametric method of Data Envelopment Analysis (DEA) to examine the question on input congestion with respect to labor, using state level data from the Annual Survey of Industries for the period 1986-87 through 1999-2000. When the standard assumption of strong disposability is relaxed for the labor inputs, the nonparametric analysis of state-level data from Indian manufacturing shows considerable measure of labor input congestion. While …
A Median Voter Theorem For Postelection Politics, Dhammika Dharmapala, Etienne Lehmann
A Median Voter Theorem For Postelection Politics, Dhammika Dharmapala, Etienne Lehmann
Economics Working Papers
We analyze a model of 'postelection politics', in which (unlike in the more common Downsian models of 'preelection politics') politicians cannot make binding commitments prior to elections. The game begins with an incumbent politician in office, and voters adopt reelection strategies that are contingent on the policies implemented by the incumbent. We generalize previous models of this type by introducing heterogeneity in voters' ideological preferences, and analyze how voters' reelection strategies constrain the policies chosen by a rent-maximizing incumbent. We first show that virtually any policy (and any feasible level of rent for the incumbent) can be sustained in a …
The Export Insurance System And Export Supply Of Britain, Jai S. Mah
The Export Insurance System And Export Supply Of Britain, Jai S. Mah
Economics Working Papers
This paper examines whether or not the export insurance subsidy provided by the British government has promoted Britain.s export supply. Unlike previous studies on the effectiveness of export subsidy in export supply, the current study examines the stationarity nature of the concerned variables. The unit root tests show that all concerned variables are integrated of order one. According to Johansen cointegration test, the concerned variables are not cointegrated. The empirical evidences using the first differenced data show that the export subsidy in terms of provision of export insurances by the government is not statistically significant in increasing export supply.
Shirking, Commuting And Labor Market Outcomes, Stephen L. Ross, Yves Zenou
Shirking, Commuting And Labor Market Outcomes, Stephen L. Ross, Yves Zenou
Economics Working Papers
Recent theoretical work has examined the spatial distribution of unemployment using the efficiency wage model as the mechanism by which unemployment arises in the urban economy. This paper extends the standard efficiency wage model in order to allow for behavioral substitution between leisure time at home and effort at work. In equilibrium, residing at a location with a long commute affects the time available for leisure at home and therefore affects the trade-off between effort at work and risk of unemployment. This model implies an empirical relationship between expected commutes and labor market outcomes, which is tested using the metropolitan …
Some Law And Economics Of Historic Shipwrecks, Paul Hallwood
Some Law And Economics Of Historic Shipwrecks, Paul Hallwood
Economics Working Papers
This paper examines how US and proposed international law relate to the recovery of archaeological data from historic shipwrecks. It argues that US federal admiralty law of salvage gives far less protection to historic submerged sites than do US laws protecting archaeological sites on US federal and Indian lands. The paper offers a simple model in which the net present value of the salvage and archaeological investigation of an historic shipwreck is maximized. It is suggested that salvage law gives insufficient protection to archaeological data, but that UNESCO's Convention on the Protection of the Underwater Cultural Heritage goes too far …
The Restructuring In The Post-Crisis Korean Economy, Jai S. Mah
The Restructuring In The Post-Crisis Korean Economy, Jai S. Mah
Economics Working Papers
The current paper evaluates the restructuring measures implemented in the post-crisis Korean economy. Its policies taken after the economic crisis were quite successful in terms of economic recovery. The financial and corporate sector reforms undertaken by the Korean government contributed to strengthening the banking and corporate sectors, attracting FDI inflows. However, most indicators show worsening of income inequalities and workers. situation regarding job security. The strengths as well as the weaknesses of the development strategy of Korea and its reform measures undertaken since the occurrence of the economic crisis need to be differentiated.
Countervailing Duties In The Usa, Jai S. Mah
Countervailing Duties In The Usa, Jai S. Mah
Economics Working Papers
This paper reveals the characteristics of the ITC's decisions on countervailing duties, which have seldom been studied. The empirical evidences based on time series data show that there is a long run equilibrium relationship between affirmative countervailing decisions and macroeconomic variables such as economic growth rates and import penetration ratios. The error correction models show that there is a unidirectional causality from affirmative countervailing decisions to slower economic growth.
Discrimination In Metropolitan Housing Markets: Phase 3 - Native Americans, Margery Austin Turner, Stephen L. Ross
Discrimination In Metropolitan Housing Markets: Phase 3 - Native Americans, Margery Austin Turner, Stephen L. Ross
Economics Working Papers
This paper documents the results of a pilot paired testing program to examine the treatment of Native Americans by real estate agents in rental housing markets in three states and owner-occupied housing markets in one state. The study finds that the level of discrimination experienced by Native Americans in rental markets exceed those experienced by Hispanics, Blacks, and Asian-Americans.
Credible Criminal Enforcement, Matthew J. Baker, Thomas J. Miceli
Credible Criminal Enforcement, Matthew J. Baker, Thomas J. Miceli
Economics Working Papers
Economic models of crime and punishment implicitly assume that the government can credibly commit to the fines, sentences, and apprehension rates it has chosen. We study the government's problem when credibility is an issue. We find that several of the standard predictions of the economic model of crime and punishment are robust to commitment, but that credibility may in some cases result in lower apprehension rates, and hence a higher crime rate, compared to the static version of the model.
Search, Seizure And (False?) Arrest: An Analysis Of Fourth Amendment Remedies When Police Can Plant Evidence, Dhammika Dharmapala, Thomas J. Miceli
Search, Seizure And (False?) Arrest: An Analysis Of Fourth Amendment Remedies When Police Can Plant Evidence, Dhammika Dharmapala, Thomas J. Miceli
Economics Working Papers
The Fourth Amendment prohibits unreasonable searches and seizures in criminal investigations. The Supreme Court has interpreted this to require that police obtain a warrant prior to search and that illegally seized evidence be excluded from trial. A consensus has developed in the law and economics literature that tort liability for police officers is a superior means of deterring unreasonable searches. We argue that this conclusion depends on the assumption of truth-seeking police, and develop a game-theoretic model to compare the two remedies when some police officers (the bad type) are willing to plant evidence in order to obtain convictions, even …
An Economic Model Of Fair Use, Thomas J. Miceli, Richard P. Adelstein
An Economic Model Of Fair Use, Thomas J. Miceli, Richard P. Adelstein
Economics Working Papers
The doctrine of fair use allows unauthorized copying of original works of art, music, and literature for limited purposes like criticism, research, and education, based on the rationale that copyright holders would consent to such uses if bargaining were possible. This paper develops the first formal analysis of fair use in an effort to derive the efficient legal standard for applying the doctrine. The model interprets copies and originals as differentiated products and defines fair use as a threshold separating permissible copying from infringement. Application of the analysis to several key cases (including the recent Napster case) shows that this …
What Is Known About Testing For Discrimination: Lessons Learned By Comparing Across Different Markets, Stephen L. Ross
What Is Known About Testing For Discrimination: Lessons Learned By Comparing Across Different Markets, Stephen L. Ross
Economics Working Papers
The paper provides a fairly comprehensive examination of recent empirical work on discrimination within economics. The three major analytical approaches considered are traditional regression analysis of outcomes, paired testing or audits, and finally analysis of performance where higher group performance suggests that a group has been treated disfavorably. The review covers research in the labor, credit, and consumption markets, as well as recent studies of discrimination within the legal system. The review suggests that the validity of interpreting observed racial differences as discrimination depends heavily on whether the analysis is based on a sample that is representative of a population …
Measuring Scale Efficiency From The Translog Multi-Input, Multi-Output Distance Function, Subhash C. Ray
Measuring Scale Efficiency From The Translog Multi-Input, Multi-Output Distance Function, Subhash C. Ray
Economics Working Papers
Ray (1998) developed measures of input- and output-oriented scale efficiency that can be directly computed from an estimated Translog frontier production function. This note extends the earlier results from Ray (1998) to the multiple-output multiple input case.
Intergenerational Conflict And The Political Economy Of School Spending, Ed Baldson, Eric Brunner
Intergenerational Conflict And The Political Economy Of School Spending, Ed Baldson, Eric Brunner
Economics Working Papers
In this paper we use survey data to examine support among voters from different age cohorts for public school spending. The survey asked potential voters in California how they intended to vote on two initiatives, one a statewide initiative that would increase spending on public schools throughout the state and the other a local initiative that would increase spending only in the respondent's local school district. We find that older voters without children generally oppose increases in state spending but are much more willing to support local spending. We examine two explanations for this voting pattern, namely the capitalization of …
Exchange Market Pressure On The Pound-Dollar Exchange Rate: 1925-1931, C. Paul Hallwood, Ian W. Marsh
Exchange Market Pressure On The Pound-Dollar Exchange Rate: 1925-1931, C. Paul Hallwood, Ian W. Marsh
Economics Working Papers
An investigation of exchange market pressure against the pound sterling during the inter-war period. The main findings are that a) the behavior of UK fundamentals relative to those of the USA help to explain exchange market pressure against the pound; b) during the run up to devaluation in September 1931 the monetary authorities in the UK were acting to reduce domestic credit; but that c) additional pressure was brought against the pound from speculative sources. These findings relate to current thinking on the choice of exchange rate regime as even well behaved fundamentals may not be sufficient to sustain a …
Macroeconomic Rationality And Lucas' Misperceptions Model: Further Evidence From Forty-One Countries, Nicholas Aspergis, Stephen M. Miller
Macroeconomic Rationality And Lucas' Misperceptions Model: Further Evidence From Forty-One Countries, Nicholas Aspergis, Stephen M. Miller
Economics Working Papers
Several researchers have examined Lucas's misperceptions model as well as various propositions derived from it within a cross-section empirical framework. The cross-section approach imposes a single monetary policy regime for the entire period. Our paper innovates on existing tests of those rational expectations propositions by allowing the simultaneous effect of monetary and short run aggregate supply (oil price) shocks on output behavior and the employment of advanced panel econometric techniques. Our empirical findings, for a sample of 41 countries over 1949 to 1999, provide evidence in favor of the majority of rational expectations propositions.
Continuous Paretian Preferences, Vicki Knoblauch
Continuous Paretian Preferences, Vicki Knoblauch
Economics Working Papers
Two forms of continuity are defined for Pareto representations of preferences. They are designated continuity and coordinate continuity. Characterizations are given of those Pareto representable preferences that are continuously representable and, in dimension two, of those that are coordinate-continuously representable.
Continuous Lexicographic Preferences, Vicki Knoblauch
Continuous Lexicographic Preferences, Vicki Knoblauch
Economics Working Papers
Under what conditions are lexicographically representable preferences continuously representable? This question is actually two questions, since there are two natural definitions of continuity for lexicographic representations. A complete answer is given for one of these questions, and the other is answered for two-dimensional lexicographic representations.
Characterizing Paretian Preferences, Vicki Knoblauch
Characterizing Paretian Preferences, Vicki Knoblauch
Economics Working Papers
A characterization of a property of binary relations is of type M if it can be stated in terms of ordered M-tuples of alternatives. A characterization of finite type provides an easy test of whether preferences over a large set of alternatives possesses the property characterized. Unfortunately, there is no characterization of finite type for Pareto representability in R..2. A partial result along the same lines is obtained for Pareto representability in R..k, k .. 2.
Endogenous Financing And The Long Run Impact Of Money Growth On Output And Prices, John D. Stiver
Endogenous Financing And The Long Run Impact Of Money Growth On Output And Prices, John D. Stiver
Economics Working Papers
Most monetary models make use of the quantity theory of money along with a Phillips curve. This implies a strong correlation between money growth and output in the short run (with little or no correlation between money and prices) and a strong long run correlation between money growth and inflation and inflation (with little or no correlation between money growth and output). The empirical evidence between money and inflation is very robust, but the long run money/output relationship is ambiguous at best. This paper attempts to explain this by looking at the impact of money growth on firm financing.
Sustaining The Economic Rent Of Oceanic Resources: The Case Of Marine Protected Areas, Paul Hallwood
Sustaining The Economic Rent Of Oceanic Resources: The Case Of Marine Protected Areas, Paul Hallwood
Economics Working Papers
This paper investigates economic aspects of marine protected areas (MPAs) that are closely related to the underlying marine biota. Many marine scientists recognize that enough is now known about the marine biology for the scientific siting of MPAs to protect marine environments that create associated economic values. Marine scientists have identified several objectives of MPAs. These include protection of genetic and biodiversity, increase in population levels and structures (e.g., age, size, fecundity), enrichment of ecosystems by promoting species interactions, and the protection of continental shelf landscapes from invasive human actions. Indeed, some marine scientists and fisheries economists view MPAs as …
Evaluation Of Police Patrol Patterns, Stephen Sacks
Evaluation Of Police Patrol Patterns, Stephen Sacks
Economics Working Papers
This paper describes an ArcView extension that allows police planners to design patrol districts and to evaluate them by displaying various performance measures. It uses a spatially distributed queuing system (the Larson Hypercube) to calculate expected travel times, workloads, preventive patrol frequencies, and other variables; and it allows planners to see the unavoidable tradeoffs among their objectives. Using this tool, planners can experiment with various patrol patterns to find those that best meet their Department.s goals. For example, those patrol patterns which are best in terms of average response time don.t do as well as others in terms of workload …
Contractual Difficulties In Environmental Management And The Protection Of Biodiversity: The Case Of Conservation And Mitigation Banking, Paul Hallwood
Economics Working Papers
This paper offers a principal-agent model of feasible private contracting in mitigation and conservation banking aimed at the protection of natural habitat and bio-diversity of US wetlands and uplands. It is shown that while it is straightforward to design an incentive contract, such a contract may not achieve the federally mandated objective of no net loss of habitat. This is because the minimum payment required as an economic incentive to private agents may be greater than what they should receive for the habitat values that they actually created in the field. This possible problem is shown to derive from nonconvexity …
Technical Efficiency In Public And Private Sectors In India: Evidence From The Post-Reform Years, T. T. Ram Mohan, Subhash C. Ray
Technical Efficiency In Public And Private Sectors In India: Evidence From The Post-Reform Years, T. T. Ram Mohan, Subhash C. Ray
Economics Working Papers
While India's state-owned enterprises are widely believed to be inefficient, there is a dearth of studies that document such inefficiency on any rigorous basis. Yet, since improvement in firm efficiency is one of the basic objectives of privatization, it is important to assess whether efficiency is indeed lower in the public sector than in the private sector. This paper compares the performance of state-owned enterprises with those of private sector firms in respect of technical efficiency. The comparison is made in eight different sectors over the period 1991-92 to 1998-99. We measure technical efficiency using the method of Data Envelopment …
Mba Program Reputation: Objective Rankings For Students, Employers And Program Administrators, Yongil Jeon, Stephen M. Miller, Subhash C. Ray
Mba Program Reputation: Objective Rankings For Students, Employers And Program Administrators, Yongil Jeon, Stephen M. Miller, Subhash C. Ray
Economics Working Papers
Widely publicized reports of fresh MBAs receiving multiple job offers with six-figure annual salaries leave a long-lasting general impression about the high quality of selected business schools. Business Week reports on a regular basis ranking of MBA programs based on subjective surveys of students and employers. This paper ranks MBA programs using objective data from three different points of view students, employers, and MBA program administrators.
Technology, Investment, And Economic Fluctuations, John D. Stiver
Technology, Investment, And Economic Fluctuations, John D. Stiver
Economics Working Papers
Since 1854, the United States has experienced 32 business cycles. While the average length of these cycles (trough-to-trough) has been 51 months, there has been significant variation across different subperiods. This paper attempts to explore the relationship between capital accumulation, technology accumulation, and the business cycle.
Time-Limited Property Rights And Investment Incentives, Thomas J. Miceli, C. F. Sirmans
Time-Limited Property Rights And Investment Incentives, Thomas J. Miceli, C. F. Sirmans
Economics Working Papers
Although it is axiomatic that property rights of infinite duration are necessary for owners to make efficient long term investments in their property, time limits on property rights are pervasive in the law. This paper provides an economic justification for such limits by arguing that they actually enhance property values in the presence of various sorts of market failure. The analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law.
Chandler In A Larger Frame: Markets, Transaction Costs, And Organizational Form In History, Richard N. Langlois
Chandler In A Larger Frame: Markets, Transaction Costs, And Organizational Form In History, Richard N. Langlois
Economics Working Papers
No abstract provided.
The Real Exchange Rate In Small Open Developed Economies: Evidence From Cointegration Analysis, Debabrata Bagchi, Georgios E. Chortareas, Stephen M. Miller
The Real Exchange Rate In Small Open Developed Economies: Evidence From Cointegration Analysis, Debabrata Bagchi, Georgios E. Chortareas, Stephen M. Miller
Economics Working Papers
We examine the effects of the terms of trade and the expected real interest rate differential on the real exchange rate in a sample of small open developed economies. We employ cointegration analysis to search for possible long-term linkages. We find that while both the terms of trade and the expected real interest rate differentials affect the real exchange rate in the long run, the role of the terms of trade generally proves more consistent across countries. The speed of adjustment for the expected real interest rate differential in the error-correction model, however, is quantitatively larger than it is for …
Embodied Technology And Monetary Shocks; Lumps, Bumps, And Humps, John D. Stiver
Embodied Technology And Monetary Shocks; Lumps, Bumps, And Humps, John D. Stiver
Economics Working Papers
VAR analysis of monetary shocks suggest that an unanticipated, positive money shocks cause a drop in nominal interest rates, and increases in output, consumption, prices, and wages. Further, impulse responses indicate a "hump shaped" pattern with the maximum effect felt 1-2 years after the initial shock. Limited participation models can replicate the contemporaneous correlations of money shocks, but have difficulty with the longer run dynamics. This paper integrates a limited participation framework in a vintage capital model in an attempt to strengthen the monetary transmission mechanism.