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Articles 1 - 30 of 67
Full-Text Articles in Economics
Employment Guarantee For Rural India, A Ganesh-Kumar, Srijit Mishra, Manoj Panda
Employment Guarantee For Rural India, A Ganesh-Kumar, Srijit Mishra, Manoj Panda
Srijit Mishra
A report of a round-table discussion held in Mumbai in November 2004 on the proposed employment guarantee programme.
Who Survived The Titanic? A Logistic Regression Analysis, Lonnie K. Stevans, David Gleicher
Who Survived The Titanic? A Logistic Regression Analysis, Lonnie K. Stevans, David Gleicher
Lonnie K. Stevans
A logistic regression analysis of an extensive data set on the Titanic passengers is presented which tests the likelihood that a Titanic passenger survived the accident--based upon passenger characteristics. The main finding is that underneath the strong overt preference afforded in the rescue by the authorities to women and children over men, there was a complex class determination of survival rates among men, on the one hand, and women and children, on the other. We hypothesize that the statistical interactions of gender and class are explained by two crucial decisions made by the ship’s authorities: 1. to encourage, and perhaps …
Further Evidence That Legalized Abortion Lowered Crime: A Reply To Joyce, John Donohue, Steven D. Levitt
Further Evidence That Legalized Abortion Lowered Crime: A Reply To Joyce, John Donohue, Steven D. Levitt
John Donohue
No abstract provided.
Guns, Crime, And The Impact Of State Right-To-Carry Laws, John Donohue
Guns, Crime, And The Impact Of State Right-To-Carry Laws, John Donohue
John Donohue
No abstract provided.
A Suite Deal, Scott J. Wallsten
Expert Witness Says Disney Had Cause To Fire President, John Donohue
Expert Witness Says Disney Had Cause To Fire President, John Donohue
John Donohue
The Walt Disney Company should have fired Michael S. Ovitz because of his "substantial and repeated dishonesty," a legal specialist testified yesterday in support of the shareholders who are suing Disney's directors over Mr. Ovitz's $140 million severance package.
Ovitz Performance In Disney Role Is Faulted At Trial, John Donohue
Ovitz Performance In Disney Role Is Faulted At Trial, John Donohue
John Donohue
Former Walt Disney Co. President Michael Ovitz's job performance and spending habits came under attack during testimony in a Delaware court case, as an expert witness said Disney's directors could have fired Mr. Ovitz for cause, rather than giving him the no‐fault termination he received. John J. Donohue, a Yale University law professor and witness for a group of Disney shareholders, testified that his review of California law, of Mr. Ovitz's employment contract and of depositions in the case showed that Disney's board had the right not to grant Mr. Ovitz a no‐ fault termination, which resulted in an estimated …
Disney Had Good Reason To Fire Ovitz, John Donohue
Disney Had Good Reason To Fire Ovitz, John Donohue
John Donohue
GEORGETOWN, Del., Oct 21 (Reuters) - Walt Disney Co. (DIS.N) should have fired Michael Ovitz rather than paying him $140 million in severance, a legal expert testified on Thursday in support of shareholders suing the Disney board. Shareholders are demanding that the severance and interest - a sum that could total about $200 million - be returned to the company, claiming that the board was asleep at the wheel when they approved the deal and that Ovitz failed miserably in his 14 months as president. In the second day of a trial that is being closely watched in corporate boardrooms, …
Decreasing Relative Risk Aversion, Risk Sharing, And The Permanent Income Hypothesis, Qiang Zhang, Masao Ogaki
Decreasing Relative Risk Aversion, Risk Sharing, And The Permanent Income Hypothesis, Qiang Zhang, Masao Ogaki
Qiang Zhang
This paper develops a method to test the risk sharing hypothesis (RSH) against various versions of the permanent income hypothesis (PIH) while allowing for heterogeneity in risk preferences across households. Using one-year and longer differences in household total non-durable consumption data from Indian villages, we find evidence that favors RSH rather than the PIH at the village level.
The Economics Of Agency Law And Contract Formation, Eric Bennett Rasmusen
The Economics Of Agency Law And Contract Formation, Eric Bennett Rasmusen
Eric Bennett Rasmusen
This article uses the economic approach to address issues that arise in agency law when agents make contracts on behalf of principals. The main issue is whether the principal should be bound when the agent makes a contract with some third party on his behalf which the principal would immediately wish to disavow. The resulting tradeoffs resemble those in tort law, so the least-cost-avoider principle is useful for deciding when contracts are valid and may be the underlying logic behind a number of different legal doctrines applied to agency cases. In particular, an efficiency explanation can be found for the …
Annual Income, Hourly Wages, And Identity Among Mexican Americans And Other Latinos, Patrick Leon Mason
Annual Income, Hourly Wages, And Identity Among Mexican Americans And Other Latinos, Patrick Leon Mason
Patrick L. Mason
This paper examines heterogeneity and income inequality among Hispanic Americans. Two processes that influence Hispanic heterogeneity include acculturation and labor market discrimination because of skin shade/phenotype. I focus on Hispanics because of their variation in phenotype, color, nativity, and language usage, and also because of their recent large-scale integration into a society that has been historically characterized by bi-polar racial categories that are putatively based on phenotype. This process provides a natural experiment for appraising the relative importance of acculturation, discrimination, and income inequality. I use data from two periods, 1979 and 1989, to determine the stability of identity formation …
Equilibrium Selection In Coordination Games: Why Do Dominated Strategies Matter?, Suren Basov
Equilibrium Selection In Coordination Games: Why Do Dominated Strategies Matter?, Suren Basov
Suren Basov
In this paper I illustrate by an example that strictly dominated strategies may affect the process of the equilibrium selection in coordination games. The strategy profile that gets selected may be both Pareto and risk dominated. This distinguishes it from the examples provided in Ellison (2000) and Maruta (1997).
Productivity Effects Of Organizational Change: Microeconometric Evidence, Ulrich Kaiser, Irene Bertschek
Productivity Effects Of Organizational Change: Microeconometric Evidence, Ulrich Kaiser, Irene Bertschek
ULRICH KAISER
No abstract provided.
Industry Clusters And Economic Development: A Learning Resource, Edward J. Feser
Industry Clusters And Economic Development: A Learning Resource, Edward J. Feser
Edward J Feser
One of the most widely discussed issues in community and economic development today is the role of industry clusters as engines of regional growth and development. Many communities are undertaking cluster studies or initiating cluster planning exercises as a way to organize development strategies to promote key local economic strengths or to shore up identified weaknesses. A large consulting industry has emerged to serve governments’ interest in clusters and the research literature on the topic is growing rapidly. At the same time, some analysts have likened clusters to another economic development fad that will eventually be supplanted by the next …
Spanish Regiones And Sustainable Development: Measurement Of Advances From Rio To Johannesburg Through Multidimensional Synthetic Indexes, Fernando González-Laxe, Federico Martín Palmero
Spanish Regiones And Sustainable Development: Measurement Of Advances From Rio To Johannesburg Through Multidimensional Synthetic Indexes, Fernando González-Laxe, Federico Martín Palmero
Fernando González-Laxe
No abstract provided.
Determinants Of Consumers’ Use Of Nutritional Food Labels, Andreas Drichoutis, Panagiotis Lazaridis, Rodolfo M. Nayga, Jr.
Determinants Of Consumers’ Use Of Nutritional Food Labels, Andreas Drichoutis, Panagiotis Lazaridis, Rodolfo M. Nayga, Jr.
Andreas Drichoutis
No abstract provided.
Private Control, Competition, And The Performance Of Telephone Firms In Less Developed Countries, Bruno E. Viani
Private Control, Competition, And The Performance Of Telephone Firms In Less Developed Countries, Bruno E. Viani
Bruno E. Viani
Firm-level data of 23 public telephone firms from less developed countries is used to compare the operating performance under private and state control in the period 1986-2001. Fixed-effects estimation indicates that privately controlled firms exhibit higher productive efficiency than their state counterparts after controlling for monopoly conditions, income level, and the scale of the firm’s fixed telephone network. This strongly supports the property rights theory of the firm even under the limited private property protection that less developed countries offer. On the other hand, public telephone firms that face competition on basic services and from wireless firms tend to exhibit …
Bad Politicians, Francesco Caselli, Massimo Morelli
Bad Politicians, Francesco Caselli, Massimo Morelli
Massimo Morelli
No abstract provided.
Las Nuevas Estrategias De Los Desarrollos Portuarios En Europa, Fernando González-Laxe
Las Nuevas Estrategias De Los Desarrollos Portuarios En Europa, Fernando González-Laxe
Fernando González-Laxe
No abstract provided.
The Green Solow Model, M. Scott Taylor, William A. Brock
The Green Solow Model, M. Scott Taylor, William A. Brock
M. Scott Taylor
We demonstrate that a key empirical finding in environmental economics - The Environmental Kuznets Curve - and the core model of modern macroeconomics - the Solow model - are intimately related. Once we amend the Solow model to incorporate technological progress in abatement, the EKC is a necessary by product of convergence to a sustainable growth path. Our amended model, which we dub the "Green Solow", generates an EKC relationship between both the flow of pollution emissions and income per capita, and the stock of environmental quality and income per capita. The resulting EKC may be humped shaped or strictly …
Islam, Globalization, And Economic Performance In The Middle East, Marcus Noland, Howard Pack
Islam, Globalization, And Economic Performance In The Middle East, Marcus Noland, Howard Pack
Marcus Noland
The Middle East is a demographic time bomb. According to the United Nations De¬velopment Program’s (UNDP) Arab Human Development Report 2002, the population of the Arab region is expected to increase by around 25 percent between 2000 and 2010 and by 50 to 60 percent by 2020—or by perhaps 150 million people, a fig¬ure equivalent to more than two Egypts. Even under the UNDP’s more conserva¬tive scenario, Bahrain, Kuwait, Qatar, and the United Arab Emirates will be the only Arab countries in 2020 with median ages above 30. These figures suggest that the region as a whole will experience labor …
The Performance Of German Firms In The Business-Related Service Sectors, Ulrich Kaiser, François Laisney, Phu Nguyen Van
The Performance Of German Firms In The Business-Related Service Sectors, Ulrich Kaiser, François Laisney, Phu Nguyen Van
ULRICH KAISER
No abstract provided.
Agroforestry Adoption In Mexico: Using Keynes To Better Understand Farmer Decision-Making, James F. Casey
Agroforestry Adoption In Mexico: Using Keynes To Better Understand Farmer Decision-Making, James F. Casey
James F Casey
The objective of this paper is to empirically test the hypothesis that reducing uncertainty for farmers through investment in human capital increases the likelihood of participation in an agroforestry development program. A model based on Keynes’s notion of profit expectations and “weight” is developed in order to gain some insight into agroforestry adoption behavior. Data was collected near the Calakmul Biosphere Reserve in the state of Campeche in southeastern Mexico. One hundred seventy-five farmers were interviewed from January through March of 1998. Results support the hypothesis that human capital investment improves the likelihood of participation in an agroforestry development program.
Trade And Inequality: The Role Of Vertical Specialization And Outsourcing, Robert C. Shelburne
Trade And Inequality: The Role Of Vertical Specialization And Outsourcing, Robert C. Shelburne
Robert C. Shelburne
This article considers how the process of outsourcing results in economic changes in factor usage and productivity in developed countries. Some scholars have incorrectly interpreted these observed changes as being the result of biased skilled-labor using technological change. This article examines the size and significance of vertical specialization, and describes how outsourcing contributes to increased inequality in developed nations. The effects of outsourcing on labor market outcomes in the developing world are also explored. The author describes the potential implications and significance of outsourcing services. The major conclusion is that the downward pressure on the wages of the unskilled is …
Antitrust For Patent Pools: A Century Of Policy Evolution, Richard J. Gilbert
Antitrust For Patent Pools: A Century Of Policy Evolution, Richard J. Gilbert
Richard J Gilbert
This paper reviews the antitrust treatment of patent-pooling and cross-licensing arrangements from E. Bement & Sons v. National Harrow Co., decided in 1902, to the recent Department of Justice business review letters on the MPEG and DVD patent pools. I examine the factors that the courts identified as pertinent to the antitrust outcome and compare them to the competitive factors identified in the DOJ/FTC Antitrust Guidelines for the Licensing of Intellectual Property. Until recently, the competitive relationship of the patents was not a major determinant of the antitrust outcome in most cases. Instead, the courts have focused on restrictive licensing …
Buyer-Option Contracts, Renegotiation, And The Hold-Up Problem, Eric Bennett Rasmusen, Thomas P. Lyon
Buyer-Option Contracts, Renegotiation, And The Hold-Up Problem, Eric Bennett Rasmusen, Thomas P. Lyon
Eric Bennett Rasmusen
Hart & Moore (1999) construct a model to show that contracts perform poorly when the state of the world is unverifiable and renegotiation cannot be ruled out. They implicitly assume that one player can extort payment from another by threatening to take an inefficient action which hurts both of them. Without this assumption, a simple ``buyer option" contract can implement the first-best even as complexity becomes severe. The model is a good illustration of the need to be careful with the ideas of ``one party has all the bargaining power'' and ``one party can make a take-it-or-leave-it offer.''
Optimality Of The Competitive Equilibrium In The Uzawa-Lucas Model With Sector-Specific Externalities, Manuel A. Gómez
Optimality Of The Competitive Equilibrium In The Uzawa-Lucas Model With Sector-Specific Externalities, Manuel A. Gómez
Manuel A. Gómez
In this paper, we show that the competitive equilibrium is optimal in the Uzawa-Lucas model with sector-specific externalities associated to human capital in the goods sector. Thus, these external effects do not provoke a market failure and do not provide a rationale for government intervention.
Vickrey Auctions With Reserve Pricing, Peter Cramton, Lawrence M. Ausubel
Vickrey Auctions With Reserve Pricing, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
We generalize the Vickrey auction to allow for reserve pricing in a multi-unit auction with interdependent values. In the Vickrey auction with reserve pricing, the seller determines the quantity to be made available as a function of the bidders’ reports of private information, and then efficiently allocates this quantity among the bidders. Truthful bidding is a dominant strategy with private values and an ex post equilibrium with interdependent values. If the auction is followed by resale, then truthful bidding remains an equilibrium in the auction-plus-resale game. In settings with perfect resale, the Vickrey auction with reserve pricing maximizes seller revenues.
Auctioning Many Divisible Goods, Peter Cramton, Lawrence M. Ausubel
Auctioning Many Divisible Goods, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
We study the theory and practical implementation of auctioning many divisible goods. With multiple related goods, price discovery is important not only to reduce the winner’s curse, but more importantly, to simplify the bidder’s decision problem and to facilitate the revelation of preferences in the bids. Simultaneous clock auctions are especially desirable formats for auctioning many divisible goods. We examine the properties of these auctions and discuss important practical considerations in applying them.
High Tech Cluster Bombs: Why Successful Biotech Hubs Are The Exception, Not The Rule, Scott J. Wallsten
High Tech Cluster Bombs: Why Successful Biotech Hubs Are The Exception, Not The Rule, Scott J. Wallsten
Scott J. Wallsten
No abstract provided.