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Articles 1 - 10 of 10
Full-Text Articles in Economic Theory
A Note On Monitoring Costs And Voter Fraud, Philip E. Graves, Robert L. Sexton, Gary Galles
A Note On Monitoring Costs And Voter Fraud, Philip E. Graves, Robert L. Sexton, Gary Galles
PHILIP E GRAVES
Election fraud can threaten democracy if many ineligible people are allowed to vote. The usual policy prescription is to increase monitoring cost. However, this is very costly. This paper proposes a more cost effective strategy: substitute tougher and consistent statutes across states against voter fraud.
Productive Complements: Too Often Neglected In The Principles Course?, Gary Galles, Philip E. Graves, Robert L. Sexton
Productive Complements: Too Often Neglected In The Principles Course?, Gary Galles, Philip E. Graves, Robert L. Sexton
PHILIP E GRAVES
Many great economic thinkers, including Alfred Marshall and William Stanley Jevons discussed the importance of joint production, or productive complements, and there are important applications. Yet many students today could complete an economics major and never be introduced to this important concept.
Coase Minus The Coase Theorem--Some Problems With Chicago Transaction Cost Analysis, Pierre Schlag
Coase Minus The Coase Theorem--Some Problems With Chicago Transaction Cost Analysis, Pierre Schlag
Pierre Schlag
In law as well as economics, the most well-known aspect of Coase’s “The Problem of Social Cost,” is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics—namely, transaction cost analysis. In this Article, I deliberately bracket the Coase Theorem to show that “The Problem of Social Cost” contains far more interesting and unsettling lessons—both for law as well as for economics. Indeed, while Coase’s arguments clearly target the Pigouvian attempts to “improve on the market” through government correctives, there is, lurking in those arguments, a much more profound critique …
Benefit-Cost Analysis Of Enviromental Projects: A Plethora Of Biases Understating Net Benefits, Philip E. Graves
Benefit-Cost Analysis Of Enviromental Projects: A Plethora Of Biases Understating Net Benefits, Philip E. Graves
PHILIP E GRAVES
There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores sources of bias in the methods used to evaluate environmental policy in the United States, although most of the arguments translate immediately to decision-making in other countries. There are some “big picture” considerations that have gone unrecognized, and there are numerous more minor, yet cumulatively important, technical details that point to potentially large biases against acceptance on benefit-cost …
If The Large Wta-Wtp Gap For Public Goods Is Real (And There Are Good Reasons To Think So) Conventional Welfare Measures Are Simply Incorrect, Philip E. Graves
If The Large Wta-Wtp Gap For Public Goods Is Real (And There Are Good Reasons To Think So) Conventional Welfare Measures Are Simply Incorrect, Philip E. Graves
PHILIP E GRAVES
A robust finding in economics is that decision-makers often exhibit a much smaller dollar willingness to pay (WTP) for an item than the minimum amount that they claim to be willing to accept (WTA) to part with it. The spread between these two numbers is particularly large for public goods, raising serious public policy concerns regarding which number, if either, is appropriate for valuing such goods. A traditional utility maximizing model is presented here that predicts–as both measures are currently calculated–that WTA will exceed WTP, quite plausibly by a substantial amount for public goods. Moreover, it is shown here that …
The Role Of Equilibrium And Disequilibrium In Modeling Regional Growth And Decline: A Critical Reassessment, Philip E. Graves, Peter R. Mueser
The Role Of Equilibrium And Disequilibrium In Modeling Regional Growth And Decline: A Critical Reassessment, Philip E. Graves, Peter R. Mueser
PHILIP E GRAVES
The assumption of interregional equilibrium in migration research has recently been attacked. At issue is the motivation for on-going migration if rents and wages accurately compensate for spatial amenity variations; but if rents and wages fail to accurately compensate potential migrants, then amenity valuations must be flawed. We here show that arguments supporting substantial disequilibrium in the U.S. economy are unconvincing. The substantive issues are then clarified by a model which allows for both equilibrium and disequilibrium migration. We conclude that intertemporally systematic migration stems predominantly from equilibrium forces.
Multimarket Amenity Compensation And The Behavior Of The Elderly, Philip E. Graves, Donald M. Waldman
Multimarket Amenity Compensation And The Behavior Of The Elderly, Philip E. Graves, Donald M. Waldman
PHILIP E GRAVES
There is no abstract for this work.
A Note On Drinking, Driving, And Enforcement Costs, Philip E. Graves, Dwight Lee, Robert L. Sexton
A Note On Drinking, Driving, And Enforcement Costs, Philip E. Graves, Dwight Lee, Robert L. Sexton
PHILIP E GRAVES
There was no abstract for this brief note.
Migration And Job Change: A Multinomial Logit Approach (Jue 1983), Peter D. Linneman, Philip E. Graves
Migration And Job Change: A Multinomial Logit Approach (Jue 1983), Peter D. Linneman, Philip E. Graves
PHILIP E GRAVES
See paper for the full abstract.
Household Migration: Theoretical And Empirical Results, Philip E. Graves, Peter D. Linneman
Household Migration: Theoretical And Empirical Results, Philip E. Graves, Peter D. Linneman
PHILIP E GRAVES
See article for detailed abstract.