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Articles 1 - 6 of 6
Full-Text Articles in Social and Behavioral Sciences
Spatial Equilibrium In The Labor Market, Philip E. Graves
Spatial Equilibrium In The Labor Market, Philip E. Graves
PHILIP E GRAVES
The paper discusses two approaches to spatial equilibrium in the labor market. The more traditional approach of labor economics assumes wage differentials represent arbitrageable differences in utility, with implications 1) that migration should be toward higher wage areas and 2) that migration flows will lead to convergence in wages over space. The more recent approach of urban/regional economics follows Roback in examining the implications of assumed equilibrium in utility over space. In this view wage differentials are compensatory (along with rent differentials) for amenity variation over space. The implications for wage convergence over space are complicated, but in general there …
The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves
The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves
PHILIP E GRAVES
Benefit-cost analysts attempt to compare two states of the world, the status quo and a state in which a policy having benefits and costs is being contemplated. For environmental policies, this comparison is greatly complicated by the difficulty in inferring the values that individuals place on an increment to environmental quality. Unlike ordinary private goods, environmental goods are not directly exchanged in markets with observable prices. In this chapter, the hedonic approach to inferring the benefits of an environmental policy is examined.
The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves
The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves
PHILIP E GRAVES
There is no abstract for this book chapter.
The Economics Of Ghost Towns, Philip E. Graves, Stephan Weiler, Emily E. Tynon
The Economics Of Ghost Towns, Philip E. Graves, Stephan Weiler, Emily E. Tynon
PHILIP E GRAVES
The ghost towns of the American West are both intriguing historical artifacts and reflections of unique economic forces at work. In this study we develop linked labor and housing market models balancing the wages, rents, and local amenities of isolated boomtown sites to better understand the sources of such communities’ dramatic cycles. High variance boom-towns provide a unique context for investment in housing and other foundational infrastructure, leading directly to the unusually transient local development patterns seen in ghost town settings. We use Colorado-based case studies to illustrate the relevance of the model. Comparisons with more modern rural settings in …
Amenities And Fringe Benefits: Omitted Variable Bias, Philip E. Graves, Robert L. Sexton, Michelle M. Arthur
Amenities And Fringe Benefits: Omitted Variable Bias, Philip E. Graves, Robert L. Sexton, Michelle M. Arthur
PHILIP E GRAVES
If labor is fairly mobile, as it is in the United States, one would expect that households would move from less desirable areas toward more desirable areas until all areas are equally desirable. The way that areas become equally desirable is through the impact of movers on wages and rents (and possibly "endogenous" disamenities, such as congestion or pollution). That is, as people move to desirable areas, they will increase the demand for land (raising rents) and increase the supply of labor (lowering wages); in equilibrium, the wage and rent "compensation" for the niceness of an area reveals, in dollar …
The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman
The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman
PHILIP E GRAVES
There is no abstract for this article; it begins with the Introduction.