Social and Behavioral Sciences Commons^™

Collusive Bidding In The Fcc Spectrum Auctions, Peter Cramton, Jesse Schwartz

Jesse A. Schwartz

This paper describes the bid signaling that occurred in many of the FCC spectrum auctions. Bidders in these auctions bid on numerous spectrum licenses simultaneously, with bidding remaining open on all licenses until no bidder is willing to raise the bid on any license. Simultaneous open bidding allows bidders to send messages to their rivals, telling them on which licenses to bid and which to avoid. This “code bidding” occurs when one bidder tags the last few digits of its bid with the market number of a related license. We examine how extensively bidders signaled each other with retaliating bids …

Income Inequality And Family Income And Their Relationships To Chronic Medical Conditions And Mental Health Disorders, Roland Sturm, Carole Gresenz

Roland Sturm

No abstract provided.

An Empirical Test Of Models Explaining Research Expenditures And Research Cooperation, Ulrich Kaiser

ULRICH KAISER

No abstract provided.

Growth Of Government And The Politics Of Fiscal Policy, Chetan Ghate, Paul J. Zak

Chetan Ghate

US government expenditures increased rapidly during the post-war period, then slowed in the 1980s and began falling in 1992. To examine the dynamics of the growth and subsequent reduction in government spending, we present a general equilibrium growth model in which politicians chose government spending to maximize support by their constituents. That is, output and government spending are endogenous and jointly determined. The model predicts that government expenditures will initially mimic Wagner’s law—the tendency for government spending to increase with GDP—but eventually diverge from output due to the growth of the welfare state. After government expenditures become large, we identify …

Imported Capital Dependency As An Economic Development Strategy: The Failure Of Distortionary Tax Policies In Puerto Rico, Joseph Pelzman

Joseph Pelzman

The use of tax holidays and other financial incentives designed to attract foreign investment is an old development strategy which like a magic pill has substantial negative side effects. There are many factors that influence the flow of investment across borders. An increase in the rate of return as exemplified by a deferral of taxes is but one factor among many including, but not limited to, the quality of host location infrastructure, the human capital of the participating labor force, the state of health care provision, the state of telecommunication coverage, etc., that enter a multinational’s decision tree and determine …

The Existence Of Gender-Specific Promotion Standards In The U.S., Kathy Paulson Gjerde

Kathy A. Paulson Gjerde

This paper is motivated by the claim that promotion probabilities are lower for women than men. Using data from the 1984 and 1989 National Longitudinal Youth Surveys, this paper tests this claim and two related hypotheses concerning training and ability. It is found that females are less likely to be promoted than males, and females receive less training than males. The relationship between promotion and gender varies across occupations, however, suggesting that the alleged glass ceiling faced by women and other minorities in the workplace is not uniform across all labor markets.

Note: Link is to the article in a …

Marxist Institutionalism, Howard J. Sherman

HOWARD J SHERMAN

This is a review article of Phillip Anthony O'Hara, Marx, Veblen, and Contemporary Institutional Political Economy: Principles and Unstable Dynamics of Capitalism, Northampton, Massachusetts: Edward Elgar, 2000. O'Hara has fashioned a new synthesis of institutionalism and Marxism, which may be called Marxist Institutionalism.

Would Smaller Classes Help Close The Black-White Achievement Gap?, Alan Krueger, Diane Schanzenbach

Diane Whitmore Schanzenbach

No abstract provided.

Cap And Trade Policies In The Presence Of Monopoly And Distortionary Taxation, Don Fullerton, Gilbert E. Metcalf

Don Fullerton

Information And The Subsistence Farmer's Decision To Deforest In Latin America, James F. Casey

James F Casey

No abstract provided.

The Return Of The Long-Run Phillips Curve, Liam Graham, Dennis Snower

Dennis Snower

This paper shows that the interaction between money growth and staggered nominal contracts gives rise to a long-run inflation-unemployment tradeoff.

An Anatomy Of The Phillips Curve, Marika Karanassou, Hector Sala, Dennis Snower

Dennis Snower

The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions are backward- versus forward-looking. When economic agents, facing time-contingent, staggered nominal contracts, have a positive rate of time preference, the current wage and price levels depend more heavily on past variables (e.g. past wages and prices) than on future variables. Consequently, the long-run Phillips curve becomes downward-sloping and, indeed, quit flat for plausible parameter values. This paper provides an intuitive account of how this long-run Phillips curve arises.

Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton

PHILIP E GRAVES

This paper discusses the use of hedonic techniques to theoretically and empirically understand the wages of higher education faculty. The paper first presents theoretical models of department and faculty choice. These models represent a synthesis of prior work in the hedonic area. The models imply a hedonic wage equation for faculty with wages dependent on productivity, departmental amenities and locational amenities. The theoretical discussion is followed by exploratory and illustrative empirical work. In summary, the reported regressions show that increased teaching loads and secretaries per faculty member tend to decrease salaries while increasing referred journal articles, hotter than average summers, …

Additionality Of Debt Relief And Debt Forgiveness, And Implications For Future Volumes Of Official Assistance, Léonce Ndikumana

Léonce Ndikumana

This paper examines the impact of debt forgiveness and debt relief on official development assistance. From the recipient side, the econometric analysis suggests that countries that received debt relief also received more aid compared to those that did not qualify for debt relief. From the donor side, while the data indicate a decline in aid disbursement since the early 1990s, there is no econometric evidence for any direct causal relationship between the decline in aid and debt relief/forgiveness. Nonetheless, the decline in aid raises serious concerns given that developing countries’ need in external resources cannot be met by debt relief …

Skill And The Value Of Life, Jason Shogren, Tommy Stamland

Jason Shogren

The value of statistical life (VSL) can be inferred through real-world wage-fatality risk trade-offs made across different occupations. paper shows that the VSL based on the wage risk trade-off tends be biased upward if it does not account for the diversity of unobservable skill to cope privately with job risk. This upward arises because the highest required wage differential among the workers is divided by their average risk across the population.

Events That Shook The Market, Ray C. Fair

Ray C Fair

Tick data on the S&P 500 futures contract and newswire searches are used to match events to large one- to five-minute stock price changes. 69 events that led to large stock price changes are identified between 1982 and 1999, 53 of which are directly or indirectly related to monetary policy. Many large stock price changes have no events associated with them.

Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton

Robert L Sexton

This paper discusses the use of hedonic techniques to theoretically and empirically understand the wages of higher education faculty. The paper first presents theoretical models of department and faculty choice. These models represent a synthesis of prior work in the hedonic area. The models imply a hedonic wage equation for faculty with wages dependent on productivity, departmental amenities and locational amenities. The theoretical discussion is followed by exploratory and illustrative empirical work. In summary, the reported regressions show that increased teaching loads and secretaries per faculty member tend to decrease salaries while increasing referred journal articles, hotter than average summers, …

Controversias Jurisdiccionales Por La Apropiación De Recursos Hídricos, Max Garcia

Max Garcia Sanchez

No abstract provided.

Keynes' Beauty Contest: Stock Prices Sans Dividend Anchors, Shyam Sunder

Shyam Sunder

No abstract provided.

An Analysis Of Auction Volume And Market Competition For The Coastal Forest Regions In British Columbia, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Reserve Prices, Stumpage Fees, And Efficiency, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Setting The Upset Price In British Columbia Timber Auctions, Peter Cramton, Susan Athey, Allan Ingraham

Peter Cramton

US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.

Path Dependence And The Origins Of Cotton Textile Manufacturing In New England, Joshua L. Rosenbloom

Joshua L. Rosenbloom

During the first half of the nineteenth century the United States emerged as a major producer of cotton textiles. This paper argues that the expansion of domestic textile production is best understood as a path-dependent process that was initiated by the protection provided by the Embargo Act of 1807 and the War of 1812. This initial period of protection ended abruptly in 1815 with the conclusion of the war and the resumption of British imports, but the political climate had been irreversibly changed by the temporary expansion of the industry. After 1815 nascent manufacturers sought to protect the investments they …

Quantity Over Quality, Darius Lakdawalla

Darius N. Lakdawalla

No abstract provided.

Privatizing Commercial Law: Lessons From Icann, Gillian K. Hadfield

Gillian K Hadfield

No abstract provided.

Classroom Guide To The Equilibrium Exchange Rate Model, Sergio Da Silva

Sergio Da Silva

The article presents a classroom-suited version of the equilibrium exchange rate model of Stockman (1987) that features Cobb-Douglas functional forms for both production and utility, and considers foreign exchange intervention explicitly.

Unions, Bargaining And Strikes, Peter Cramton, Joseph Tracy

Peter Cramton

Labor disputes are an intriguing feature of the landscape of industrialized economies. Economists have had a long-standing interest in formulating a framework for understanding and analyzing labor disputes. The development of noncooperative bargaining theory provided the tools for a theory of collective bargaining and labor disputes. A general aim of this theoretical development is to inform policy makers of the efficiency and equity effects associated with different labor laws and institutions that govern and shape the collective bargaining process. While this new literature is still evolving, it can already offer many insights into the interplay between policy and the bargaining …

Regional Technology Assets And Opportunities: The Geographic Clustering Of High-Tech Industry, Science And Innovation In Appalachia, Edward Feser, Harvey Goldstein, Henry Renski, Catherine Renault

Edward J Feser

This study constitutes a systematic location analysis of the technology assets of Appalachia. The report identifies and documents sub-regional concentrations of technology-related employment, R&D, and applied innovation within and immediately adjacent to the 406-county service area of the Appalachian Regional Commission. By assembling and analyzing an extensive set of data at high levels of functional and spatial detail, the study reveals localized technology strengths that might be nurtured through focused economic development policy.

Determinants Of Demand For Food In Greece (Undergraduate Thesis, In Greek), Andreas Drichoutis

Andreas Drichoutis

No abstract provided.

Labour-Market Effects Of Intra-Industry Trade: Evidence For The United Kingdom, Marius Brulhart, Robert J.R. Elliott

Robert J R Elliott

According to the “smooth adjustment hypothesis”, the labour-market adjustment costs entailed by trade liberalisation are lower if trade expansion is intra-industry rather than inter-industry in nature. In this paper, we study the link between trade and labour market changes in UK manufacturing industries during the 1980s. We use industry-level measures of unemployment duration and wage variability as proxies for adjustment costs, and we relate them to various measures of intra-industry trade. Our evidence offers some support for the smooth adjustment hypothesis.