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Articles 1 - 30 of 36
Full-Text Articles in Social and Behavioral Sciences
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
PHILIP E GRAVES
There is no abstract for this brief contribution.
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
Robert L Sexton
There is no abstract for this brief contribution.
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee
Robert L Sexton
There is no abstract for this brief contribution.
The Investment Decision Of The Post-Keynesian Firm: A Suggested Microfoundation For Minsky's Investment Instability Thesis, James Crotty, Jonathan P. Goldstein
The Investment Decision Of The Post-Keynesian Firm: A Suggested Microfoundation For Minsky's Investment Instability Thesis, James Crotty, Jonathan P. Goldstein
James Crotty
In this paper, Crotty and Goldstein undertake the formulation of a model of enterprise investment decision that can provide a microeconomic foundation for the Keynes-Minsky macromodels developed by Delli Gatti & Gallegati, Jarsulic, Semmler and others. The authors address the difficulties inherent in the formulation of an investmes theory in which the future is unknowable, and investment substantially irreversible. Where Minsky accepts a variation of the Tobin-q theory-in which owners and managers are assumed to be identical economic agents-Crotty and Goldstein look to Keynes' insistence on their qualitative difference. Financial commitments to creditors are certain, while expected profits are not. …
An Income-Satiation Model Of Efficiency Wages, Eric Bennett Rasmusen
An Income-Satiation Model Of Efficiency Wages, Eric Bennett Rasmusen
Eric Bennett Rasmusen
Efficiency wages are wages that exceed a worker's reservation wage. A standard explanation for such wages is ``bonding'': by increasing the worker's fear of discharge, high wages increase the worker's cost from punishment. A neglected alternative is ``satiation'': by decreasing the worker's marginal utility of income, the high wage decreases the benefit from misbehavior. Satiation, unlike bonding, applies even in a one- period model, but it relies on the misbehavior having a monetary benefit and on at least part of the punishment being nonmonetary.
Analyzing Performance Skewness In Public Agencies: The Case Of Urban Mass Transit, Herman L. Boschken
Analyzing Performance Skewness In Public Agencies: The Case Of Urban Mass Transit, Herman L. Boschken
Herman L. Boschken
Previous studies of public organizational performance have focused mostly on operating efficiency, without dealing with the complex accountability problems associated with plural public interests. The fact that an agency exhibits multiple and often paradoxical performances has not been of comparable concern. This failure to account for performance in a multiple-constituencies context has led to a narrow view of how well agencies do. To broaden the research on agency performance, a multiple-constituencies model is introduced and tested for statistically significant variances. The findings confirm the model's robustness in structuring a dependent variable for empirical research on why agencies perform toward different …
The Geographical Concentration Of Employment And Its Implications For Trade And Adjustment, Robert C. Shelburne, Robert W. Bednarzik
The Geographical Concentration Of Employment And Its Implications For Trade And Adjustment, Robert C. Shelburne, Robert W. Bednarzik
Robert C. Shelburne
This paper examines the geographical concentration of employment by detailed industrial categories by state using a Department of Labor dataset not available to the public. It discusses the theoretical reasons for geographical concentration, and provides detailed Gini coefficients for both 3 and 4 digit SIC categories. It discusses how concentration varies by type of industry, and by the intensity to which the industry either exports or imports. Its provides information on the location of industries intensively involved with trade. This information in then used to assess the possible adjustment pressures that might result from NAFTA. A condensed version of this …
La Constitución No Estaba Agotada, Jose Luis Sardon
La Constitución No Estaba Agotada, Jose Luis Sardon
Jose Luis Sardon
No abstract provided.
Sinrazones De La Ruptura Del Orden Constitucional, Jose Luis Sardon
Sinrazones De La Ruptura Del Orden Constitucional, Jose Luis Sardon
Jose Luis Sardon
No abstract provided.
Defining The Mean-Preserving Spread: 3-Pt Versus 4-Pt, Eric Bennett Rasmusen, Emmanuel Petrakis
Defining The Mean-Preserving Spread: 3-Pt Versus 4-Pt, Eric Bennett Rasmusen, Emmanuel Petrakis
Eric Bennett Rasmusen
The standard way to define a mean-preserving spread is in terms of changes in the probability at four points of a distribution (Rothschild and Stiglitz [1970]). Our alternative definition is in terms of changes in the probability at just three points. Any 4-pt mean- preserving spread can be constructed from two 3-pt mean-preserving spreads, and any 3-pt mean-preserving spread can be constructed from two 4-pt mean- preserving spreads. The 3-pt definition is simpler and more often applicable. It also permits easy rectification of a mistake in the Rothschild-Stiglitz proof that adding a mean- preserving spread is equivalent to other measures …
Managerial Conservatism And Rational Information Acquisition, Eric Bennett Rasmusen
Managerial Conservatism And Rational Information Acquisition, Eric Bennett Rasmusen
Eric Bennett Rasmusen
Conservative managerial behavior can be rational and profit- maximizing. If the valuation of innovations contains white noise and the status quo would be preferred to random innovation, then any innovation that does not appear to be substantially better than the status quo should be rejected. The more successful the firm, the higher the threshold for accepting innovation should be, and the greater the conservative bias. Other things equal, more successful firms will spend less on research, adopt fewer innovations, and be less likely to advance the industry 's best practice.
Randomly Drawn Opportunity Sets In A Random Utility Model Of Lake Recreation, George R. Parsons, Mary Jo Kealy
Randomly Drawn Opportunity Sets In A Random Utility Model Of Lake Recreation, George R. Parsons, Mary Jo Kealy
George Parsons
No abstract provided.
From Libertarianism To Egalitarianism, Justin Schwartz
From Libertarianism To Egalitarianism, Justin Schwartz
Justin Schwartz
A standard natural rights argument for libertarianism is based on the labor theory of property: the idea that I own my self and my labor, and so if I "mix" my own labor with something previously unowned or to which I have a have a right, I come to own the thing with which I have mixed by labor. This initially intuitively attractive idea is at the basis of the theories of property and the role of government of John Locke and Robert Nozick. Locke saw and Nozick agreed that fairness to others requires a proviso: that I leave "enough …
Are Equilibrium Strategies Unaffected By Incentives?, Eric Bennett Rasmusen, Jack Hirshleifer
Are Equilibrium Strategies Unaffected By Incentives?, Eric Bennett Rasmusen, Jack Hirshleifer
Eric Bennett Rasmusen
Tsebelis proposed that in games such as the"Police Game"that have only a mixed strategy equilibrium, changing a player's payoff parameters will not affect his behavior. Care must be taken not to push this reasoning too far
The Strategy Of Sovereign Debt Renegotiations, Eric Bennett Rasmusen
The Strategy Of Sovereign Debt Renegotiations, Eric Bennett Rasmusen
Eric Bennett Rasmusen
The standard economic theory of perfect competition assumes that there are many buyers and many sellers, all possessing the same information, so that no one can act strategically. This standard theory is clearly not appropriate for analyzing debt renegotiation, where buyer and seller are bound to deal with each other and information is asymmetric. Game theory is a set of techniques developed to analyze economic situations that, like games, involve few players and strategic behavior. This theory has been greatly developed in the past fifteen years, and is useful for understanding some of the paradoxes of debt regenotiation.
Game Theory In Finance, Eric Bennett Rasmusen
Game Theory In Finance, Eric Bennett Rasmusen
Eric Bennett Rasmusen
A short survey of the use of game theory in finance.
Comment On Tullock, Hechter, And Wildavsky, Eric Bennett Rasmusen
Comment On Tullock, Hechter, And Wildavsky, Eric Bennett Rasmusen
Eric Bennett Rasmusen
Game theory has been criticized as neglecting key aspects of individual behavior and as relying too heavily on special assumptions. It can, in fact, handle individual heterogeneity if the modeller is willing to carefully specify how people are different, but to the extent that such things as heterogeneity and culture are important, the desire for a single unified model is impossible to satisfy. At the same time, game theory's approach is very useful for building specialized models.
Equilibrium Visions, Mario J. Rizzo
Equilibrium Visions, Mario J. Rizzo
Mario Rizzo
This is an analysis of the uses of the equilibrium concept in the works of Ludwig von Mises, Friedrich Hayek and Ludwig Lachmann. It is claimed that for Mises the concept of equilibrium is an analytical tool or construct. Hayek and Lachmann thought of equilibrium in more realistic terms but differed as to the extent to which the real world approximates an equilibrium.
Strikes And Holdouts In Wage Bargaining: Theory And Data, Peter Cramton, Joseph Tracy
Strikes And Holdouts In Wage Bargaining: Theory And Data, Peter Cramton, Joseph Tracy
Peter Cramton
We develop a private-information model of union contract negotiations in which disputes signal a firm’s willingness to pay. Previous models have assumed that all labor disputes take the form of a strike. Yet a prominent feature of U.S. collective bargaining is the holdout: negotiations often continue without a strike after the contract has expired. Production continues with workers paid according to the expired contract. We analyze the union’s decision to strike or hold out and highlight its importance to strike activity. Strikes are more likely to occur after a drop in the real wage or a decline in unemployment.
Strategic Delay In Bargaining With Two-Sided Uncertainty, Peter Cramton
Strategic Delay In Bargaining With Two-Sided Uncertainty, Peter Cramton
Peter Cramton
The role of strategic delay is analyzed in an infinite-horizon alternating-offer model of bargaining. A buyer and seller are engaged in the trade of a single object. Both bargainers have private information about their own preferences and are impatient in that delaying agreement is costly. An equilibrium is constructed in which the bargainers signal the strength of their bargaining positions by delaying prior to making an offer. A bargainer expecting large gains from trade is more impatient than one expecting small gains, and hence makes concessions earlier on. Trade occurs whenever gains from trade exist, but due to the private …
The Impact Of Profitability, Financial Fragility And Competitive Regime Shifts On Investment Demand: Empirical Evidence, James Crotty, Jonathan P. Goldstein
The Impact Of Profitability, Financial Fragility And Competitive Regime Shifts On Investment Demand: Empirical Evidence, James Crotty, Jonathan P. Goldstein
James Crotty
Crotty and Goldstein have developed a hybrid post-Keynesian/ neo-Schumpeterian theory of investment demand. In this micro-founded theory of accumulation, the optimal investment decision depends on the level of expected profitability, the degree of competition, and the degree of financial fragility. Its core assumptions are: i)the future is unknowable in principle, ii) physical capital is ii) illiquid and the accumulation process is substantially irreversible, iii) managers and owners are distinct economic agents with an unresolved principal-agent conflict, and iv) management seeks the long-term growth and financial stability of the firm itself, and guards its decision-making authority against encroachment by stockholders and …
Development Of The Assabet Mills In 19th Century Maynard, John R. Mullin
Development Of The Assabet Mills In 19th Century Maynard, John R. Mullin
John R. Mullin
Historians who focus on the development of nineteenth century New England textile mills generally place them in either of two categories. The first, referred to as the Rhode Island system, tended to be small, water-power dependent, family-owned, and located in villages and towns. The mills located in communities along the Quinebaug River in Massachusetts and Connecticut and the Blackstone River in Massachusetts and Rhode Island exemplify this system. The second category is most often called the Waltham or Lowell system. Large-scale, steam-powered, corporately-owned and located in larger cities, these mills could be found in Waltham, Lowell, Lawrence, Chicopee, and Holyoke, …
Charles E. Lindblom, Richard Adelstein
Charles E. Lindblom, Richard Adelstein
Richard Adelstein
An intellectual biography and review of the work of Charles E. Lindblom.
Adaptive Estimation In Timeseries Regression Models, Douglas Steigerwald
Adaptive Estimation In Timeseries Regression Models, Douglas Steigerwald
Douglas G. Steigerwald
I develop adaptive estimators for linear regression with serially correlated errors. The efficiency results hold even when the serial correlation structure is unknown. Simulations indicate that efficiency gains can be substantial with samples of only 50 observations. We apply the method to a study of forward exchange rates.
On The Finite Sample Behavior Of Adaptive Estimators, Douglas Steigerwald
On The Finite Sample Behavior Of Adaptive Estimators, Douglas Steigerwald
Douglas G. Steigerwald
With only 50 observations, the adaptive estimator produces confidence intervals that are 20 to 50 percent shorter than those produced by GLS procedures. The key feature is that the underlying error density is symmetric. Under asymmetry the interval length is shortened by a smaller amount.
Controlling The Abandonment Of Automobiles: Mandatory Deposits Vs Fines, Dwight Lee, Philip E. Graves, Robert L. Sexton
Controlling The Abandonment Of Automobiles: Mandatory Deposits Vs Fines, Dwight Lee, Philip E. Graves, Robert L. Sexton
Robert L Sexton
There is no abstract, but the paper describes first-best solutions to the abandonment of automobiles, arguing that litter fines are inefficient with or without a mandatory deposit. However, the latter can generate first-best optimality.
Mutual Forbearance In Experimental Conglomerate Markets, Owen R. Phillips, Charles F. Mason
Mutual Forbearance In Experimental Conglomerate Markets, Owen R. Phillips, Charles F. Mason
Owen R Phillips
We conduct economic experiments to gauge the level of cooperation between conglomerate rivals. First we run control experiments to observe cooperation between subjects acting as duopolists in one of two markets. In the control experiments, subject pairs choose a quantity xi (or yi) from a payoff matrix in a repeated game. Relatively less cooperation is observed in the Y market than in the X market. A second series of experiments then combines the two payoff matrices to create a conglomerate setting. Facing each other in two markets, opponents now choose an (xi, yi) …
A Course In Econometrics: A Review, Douglas G. Steigerwald
A Course In Econometrics: A Review, Douglas G. Steigerwald
Douglas G. Steigerwald
No abstract provided.
Controlling The Abandonment Of Automobiles: Mandatory Deposits Vs Fines, Dwight Lee, Philip E. Graves, Robert L. Sexton
Controlling The Abandonment Of Automobiles: Mandatory Deposits Vs Fines, Dwight Lee, Philip E. Graves, Robert L. Sexton
Robert L Sexton
There is no abstract, but the paper describes first-best solutions to the abandonment of automobiles, arguing that litter fines are inefficient with or without a mandatory deposit. However, the latter can generate first-best optimality.
Continuity And Change Redux: Market And State In American History, Richard Adelstein
Continuity And Change Redux: Market And State In American History, Richard Adelstein
Richard Adelstein
A review of Jonathan Hughes, The Government Habit Redux (1991).