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Articles 1 - 30 of 178
Full-Text Articles in Economics
Trading Carbon Under Uncertainty: How Much Credit Should Be Given For Afforestation?, Ram Ranjan, James Shortle
Trading Carbon Under Uncertainty: How Much Credit Should Be Given For Afforestation?, Ram Ranjan, James Shortle
Ram Ranjan
This paper designs an optimal trading ratio between carbon abatement measures that are certain (such as curtailing carbon emissions) and those that have elements of uncertainty associated with them (such as sequestration through afforestation). Carbon sequestration through afforestation is prone to leak back into the atmosphere through loss of forestry caused by natural disasters or harvesting. When stock of carbon sequestered in plantations is uncertain its value should be discounted compared to measures that have a permanent impact on the atmospheric stock of carbon. An optimal trading mechanism would involve equating the ratio of the marginal costs of the two …
Exit Timing Decisions Under Land Speculation And Resource Scarcity In Agriculture, Ram Ranjan, Sorada Tapsuwan
Exit Timing Decisions Under Land Speculation And Resource Scarcity In Agriculture, Ram Ranjan, Sorada Tapsuwan
Ram Ranjan
This paper models the impact of water scarcity in agriculture on the timing of exit decisions for farmers faced with the prospect of declining profitability in agriculture but increasing benefits from land rezoning in the future. The prospects of land rezoning are modeled as a Poisson process. The analysis highlights the role of speculative rewards in making farmers resilient to declining profitability in agriculture and also identifies the circumstances under which water prices may become an ineffective policy tool for allocating water. An empirical application is performed for the case of a drought prone region in Western Australia. Results indicate …
Masking Identification Of Discrete Choice Models Under Simulation Methods, Lesley Chiou, Joan L. Walker
Masking Identification Of Discrete Choice Models Under Simulation Methods, Lesley Chiou, Joan L. Walker
Lesley Chiou
We present examples based on actual and synthetic datasets to illustrate how simulation methods can mask identification problems in the estimation of discrete choice models such as mixed logit. Simulation methods approximate an integral (without a closed form) by taking draws from the underlying distribution of the random variable of integration. Our examples reveal how a low number of draws can generate estimates that appear identified, but in fact, are either not theoretically identified by the model or not empirically identified by the data. For the particular case of maximum simulated likelihood estimation, we investigate the underlying source of the …
A Dynamic Model Of Sectoral Agglomeration Effects, Nicole Andréa Mathys
A Dynamic Model Of Sectoral Agglomeration Effects, Nicole Andréa Mathys
Nicole Andréa Mathys
This note derives a theoretical model that justifies the dynamic specification used in empirical works investigating the impact of agglomeration effects on regional industry-specific labour productivity. It extends the seminal multi-regional framework of Ciccone (2002) to allow for sectoral disaggregation and a temporal dimension. As a result, present productivity becomes a function of past productivity and other contemporaneous and lagged control variables.
A Product-Market Theory Of Industry-Specific Training, Hans Gersbach, Armin Schmutzler
A Product-Market Theory Of Industry-Specific Training, Hans Gersbach, Armin Schmutzler
Armin Schmutzler
We develop a product market theory that explains why firms provide their workers with skills that are sufficiently general to be potentially useful for competitors. We consider a model where firms first decide whether to invest in industry-specific human capital, then make wage offers for each others' trained employees and finally engage in imperfect product market competition. Equilibria with and without training, and multiple equilibria can emerge. If competition is sufficiently soft, firms may invest in non-specific training if others do the same. Thereby, they avoid having to pay high wages in order to attract trained workers.
The Simple Economics Of Risk-Sharing Agreements Between The Nhs And The Pharmaceutical Industry, Pedro P. Barros
The Simple Economics Of Risk-Sharing Agreements Between The Nhs And The Pharmaceutical Industry, Pedro P. Barros
Pedro P Barros
The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An …
An Overview Of Combinatorial Auctions, Peter Cramton, Yoav Shoham, Richard Steinberg
An Overview Of Combinatorial Auctions, Peter Cramton, Yoav Shoham, Richard Steinberg
Peter Cramton
No abstract provided.
Why Bayes Rules: A Note On Bayesian Vs. Classical Inference In Regime Switching Models, Dennis L. Gärtner
Why Bayes Rules: A Note On Bayesian Vs. Classical Inference In Regime Switching Models, Dennis L. Gärtner
Dennis L Gärtner
By means of a very simple example, this note illustrates the appeal of using Bayesian rather than classical methods to produce inference on hidden states in models of Markovian regime switching.
Voting, Wealth Heterogeneity, And Endogenous Labor Supply, Chetan Ghate
Voting, Wealth Heterogeneity, And Endogenous Labor Supply, Chetan Ghate
Chetan Ghate
We examine the link between voting outcomes, wealth heterogeneity, and endogenous labor leisure choice in the majority voting – endogenous growth frameworks of Alesina and Rodrik (1994) and Das and Ghate (2004). We augment these frameworks to incorporate leisure dependent utility and allow households to vote over factor specific income taxes. When agents vote over factor specific taxes, we show that the asymptotic convergence of factor holdings does not imply unanimity over the growth maximizing tax policy in the steady state. Unanimity over growth maximizing policies holds only when agents vote over a general income tax, and when agents vote …
Crime Prospects And Prospect Theory, Ram Ranjan
Crime Prospects And Prospect Theory, Ram Ranjan
Ram Ranjan
This paper models criminal behavior in a dynamic optimization setting where psychological factors such as subjective risk perception and time preferences play a key role in inducing illegal actions. When psychological perceptions over the actual magnitude of the reward and over the subjective risks of finding a victim or of being caught are dynamic, their influence on crime efforts could vary. Specifically, increasing punishment over rewards, ceteris paribus, deters crime, but increasing punishment and monitoring simultaneously, may encourage crime in the long term. It is also demonstrated that it may not be possible to distinguish between the impacts of hyperbolic …
Comments On The Rggi Market Design, Peter Cramton
The 700 Mhz Spectrum Auction: An Opportunity To Protect Competition In A Consolidating Industry, Peter Cramton, Andrzej Skrzypacz, Robert Wilson
The 700 Mhz Spectrum Auction: An Opportunity To Protect Competition In A Consolidating Industry, Peter Cramton, Andrzej Skrzypacz, Robert Wilson
Peter Cramton
This paper is provided in connection with the 2007 Telecommunications Symposium – Voice, Video and Broadband: The Changing Competitive Landscape and Its Impact on Consumers, sponsored by the Antitrust Division of the U.S. Department of Justice (“the Division”). Our focus is on the state of competition in the wireless sector. Maintaining a competitive wireless sector is particularly critical if, as the Division’s agenda indicates, wireless services are to function as a competitive alternative to wireline technologies. Strengthening competition is especially important now after recent mergers that consolidated the wireless industry into a few dominant firms (two to four depending on …
Born (Again) On The First Of July: Another Experiment In Birth Timing, Joshua S. Gans, Andrew Leigh
Born (Again) On The First Of July: Another Experiment In Birth Timing, Joshua S. Gans, Andrew Leigh
Joshua S Gans
In an earlier paper (Gans and Leigh, 2006a), we analysed the effect of the introduction of the $3,000 “Baby Bonus” for children born on or after July 1, 2004. We demonstrated that parents behaved strategically in order to receive this benefit, with over 1000 births being “moved” so as to ensure that their parents were eligible for the Baby Bonus. On July 1, 2006, the payment was increased by $834. In this paper, we analyse births in 2006, and find that again, a large number of births were moved. We estimate that over 600 births were moved from June 2006 …
Widespread Economic Doubts, Julio J. Prado
Widespread Economic Doubts, Julio J. Prado
Julio J Prado
Many people think –perhaps with just reason- that the economy is a boring theoretical science, and that it does not have its feet upon the ground. In order to try to change that perception, we are going to propound for ourselves some day to day questions, to which we can provide an answer (to the extent possible) with a bit of economic “logic”.
Dudas Económicas Existenciales, Julio J. Prado
Dudas Económicas Existenciales, Julio J. Prado
Julio J Prado
Muchas personas creen -con justa razón quizás- que la economía es una ciencia aburrida, teórica y que no tiene los pies en la tierra. Para tratar de cambiar esa percepción, vamos a plantearnos algunas preguntas del día a día, a las que daremos respuesta (en la medida de lo posible) con algo de “lógica” económica.
New And Dynamic Sectors Of World Trade, Robert C. Shelburne
New And Dynamic Sectors Of World Trade, Robert C. Shelburne
Robert C. Shelburne
Comments made at a UNCTAD Expert Meeting on New and Dynamic Sectors of World Trade, Geneva, October 2007
A Monetary Policy Framework For Sudan, Warren Coats
A Monetary Policy Framework For Sudan, Warren Coats
Warren Coats
This short overview of the money supply process and the central bank's control of the money supply is tailored to the situation of Southern Sudan, now the independent country of South Sudan.
Start-Up Commercialisation Strategy And Innovative Dynamics, Joshua S. Gans
Start-Up Commercialisation Strategy And Innovative Dynamics, Joshua S. Gans
Joshua S Gans
This paper endogenises a start-up’s choice between competitive and cooperative commercialisation in a dynamic environment. It is demonstrated that, depending upon firms’ dynamic capabilities, there may or may not be gains to trade between incumbents and start-ups in a cumulative innovation environment; that is, start-ups may not be adequately compensated for losses in future innovative potential. Because of this, there is no clear relationship between observed inter-industry innovation and commercialisation choice unless dynamic capabilities of firms are taken into account. In addition, the analysis demonstrates subtle and novel insights into the relationship between dynamic capabilities and rates of innovation.
Bilateral Bargaining With Externalities, Catherine C. De Fontenay, Joshua S. Gans
Bilateral Bargaining With Externalities, Catherine C. De Fontenay, Joshua S. Gans
Joshua S Gans
This paper provides an analysis of a non-cooperative pairwise bargaining game between agents in a network. We establish that there exists an equilibrium that generates a coalitional bargaining division of the reduced surplus that arises as a result of externalities between agents. That is, we provide a non-cooperative justification for a cooperative division of a non-cooperative surplus. The resulting division is akin to the Myerson-Shapley value with properties that are particularly useful and tractable in applications. We demonstrate this by examining firm-worker negotiations and buyer-seller networks.
Connecting The Unconnected In Sub-Saharan Africa: Postal Networks Can Leverage Access To Infrastructure Services, Jose Anson
Jose Anson, PhD
With more than 80% of post offices in Sub-Saharan Africa located in small- and medium-sized cities and rural areas, a well-managed postal network, in strong partnership with other providers of infrastructure and network services, could establish itself as a critical link that binds all other networks together, and helps move the "unconnected" out of the poverty trap.
Burnout And The Retirement Decision, Nicole Maestas, Xiaoyan Li
Burnout And The Retirement Decision, Nicole Maestas, Xiaoyan Li
Nicole Maestas
No abstract provided.
Testimony On Broadband To Senate Committee On Small Business And Entrepreneurship, Scott J. Wallsten
Testimony On Broadband To Senate Committee On Small Business And Entrepreneurship, Scott J. Wallsten
Scott J. Wallsten
No abstract provided.
Neighborhood Dynamics And Superfund: Direct And Indirect Effects On Property Values, Douglas S. Noonan, Douglas J. Krupka
Neighborhood Dynamics And Superfund: Direct And Indirect Effects On Property Values, Douglas S. Noonan, Douglas J. Krupka
Douglas S. Noonan
No abstract provided.
Who Cares About Director Independence? Presentation (Pdf Format), Paolo Santella, Carlo Drago, Giulia Paone
Who Cares About Director Independence? Presentation (Pdf Format), Paolo Santella, Carlo Drago, Giulia Paone
Paolo Santella
No abstract provided.
Who Cares About Director Independence? Presentation (Pdf Format), Paolo Santella, Carlo Drago, Giulia Paone
Who Cares About Director Independence? Presentation (Pdf Format), Paolo Santella, Carlo Drago, Giulia Paone
Carlo Drago
No abstract provided.
The Apostle Table - Part Iii - Incompetent Endogenous Response Intransitivity, David Randall Jenkins
The Apostle Table - Part Iii - Incompetent Endogenous Response Intransitivity, David Randall Jenkins
David Randall Jenkins
The Apostle Table illustrates a New Testament encryption scheme revealed in the Book of Matthew. Specifically, the list of the twelve apostles in Matthew, 10:1-4, points to the Matthew, Chapters 8 and 9, disciple characterizations. The disciples metaphorically characterize the social choice theory aspect of the scripture writers' (ordered relations theory: social choice theory: welfare model) regression. The paper is written in two parts: I. The Exogenous Pressures; and, II. The Endogenous Response. Interestingly, the paper explains why the crucified Jesus could not get off the cross.
Monopoly Rights In The Privatization Of Telephone Firms, Bruno E. Viani
Monopoly Rights In The Privatization Of Telephone Firms, Bruno E. Viani
Bruno E. Viani
Data from utility privatization sales in 74 countries is analyzed to investigate why governments award monopoly rights, and how monopoly affects government revenue from these sales. Financially constrained governments are more likely to award monopoly rights. Interest groups and institutions are important. Increased importance of taxed business users reduces the probability of a government granting monopoly rights, while an increase in the importance of subsidized residential users has the opposite effect. Durable democracies and market-oriented governments are less likely to award monopoly rights. Monopolies increase government revenue by 66 percent.
Geographical Concentration Of Service Activities Across U.S. States And Counties, 1969-2000, Domingo Perez-Ximenez, Fernando Sanz-Gracia
Geographical Concentration Of Service Activities Across U.S. States And Counties, 1969-2000, Domingo Perez-Ximenez, Fernando Sanz-Gracia
Domingo Perez-Ximenez
This paper inquires into the existence of concentration in the service sector. The principal characteristics of the concentration process in the period 1969-2000 in forty 2-digit SIC service sub-sectors for the U.S. states are examined. A similar analysis is carried out for five service sectors for the U.S. counties. We detect that concentration clearly takes place in some service sub-sectors, the level of sectoral disaggregation is relevant and the concentration patterns are maintained over time without relevant changes.
Naked Exclusion, Efficient Breach, And Downstream Competition, John Simpson, Abraham L. Wickelgren
Naked Exclusion, Efficient Breach, And Downstream Competition, John Simpson, Abraham L. Wickelgren
Abraham L. Wickelgren
Previous papers by Eric B. Rasmusen et. al. (1991) and Ilya R. Segal and Michael D. Whinston (2000) argue that exclusive contracts can inefficiently deter entry in the presence of scale economies and multiple buyers. We first show that these results no longer hold when buyers are final consumers who can breach these contracts and pay expectation damages. We then show, however, that exclusive contracts can inefficiently deter entry if buyers are downstream competitors, even in the absence of scale economies and even if breach is possible.
Comments On The Fcc’S Proposed Competitive Bidding Procedures For Auction 73, Peter Cramton, Gregory Rosston, Andrzej Skrzypacz, Robert Wilson
Comments On The Fcc’S Proposed Competitive Bidding Procedures For Auction 73, Peter Cramton, Gregory Rosston, Andrzej Skrzypacz, Robert Wilson
Peter Cramton
No abstract provided.