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Articles 1 - 17 of 17
Full-Text Articles in Economic Theory
Against The Epistemic Value Of Prediction Over Accommodation, Robin Collins
Against The Epistemic Value Of Prediction Over Accommodation, Robin Collins
Philosphy Educator Scholarship
Being able to make correct novel predictions has long been trumpeted as one of the most important virtues a scientific theory could have. Imre Lakatos (1970, pp. 91-195) has even gone so far as to claim that a research program can supersede its rival only by making some correct novel predictions. Others have based an entire defense of realism on the claim that realism is the only adequate explanation of the success of scientific theories, particularly their success in making correct novel predictions.1 For still others, the ability of the theories of science to make correct novel predictions (and hence …
Fallibility And Sequential Decision-Making, Winston T. H. Koh
Fallibility And Sequential Decision-Making, Winston T. H. Koh
Research Collection School Of Economics
Individuals typically make errors in evaluating information. In this paper, we consider a project selection problem, where fallible managers screen projects sequentially, and provide independent opinions on its quality. We compare the relative performance of the hierarchy and polyarchy when η (n > 2) managers are employed to evaluate projects. In addition to generalizing the existing results on the optimal screening standards, I discuss and characterize the optimal organizational size, and how the relative desirability of the two sequential decision processes are affected by changing the project quality. Finally, I also discuss the effect of variable evaluation costs on the optimal …
Entry Deterrence In The Commons, Charles F. Mason, Stephen Polasky
Entry Deterrence In The Commons, Charles F. Mason, Stephen Polasky
Charles F Mason
No abstract provided.
Theoretical Explanations Of Persistent Black Youth Unemployment, Rhonda M. Williams
Theoretical Explanations Of Persistent Black Youth Unemployment, Rhonda M. Williams
Trotter Review
This essay reviews and briefly summarizes three theoretical models used most often to explain two decades of persistently high unemployment among black youth and declining rates of male labor-force participation: neoclassical, Keynesian/neo-Keynesian, and radical perspectives. Based on a review of these models, it offers an alternative approach to explaining and analyzing black youth unemployment.
Cartels In An "Nth-Best" World: The Wholesale Foodstuff Trade In Ibadan, Nigeria, Harlan M. Smith Ii, Margaret E. Luttrell
Cartels In An "Nth-Best" World: The Wholesale Foodstuff Trade In Ibadan, Nigeria, Harlan M. Smith Ii, Margaret E. Luttrell
Economics Faculty Research
The purpose of this paper is to develop an understanding of the economic functions and associated welfare implications of the cooperative associations that dominate the wholesale trade in two staple foods. Questionnaire responses lead to several conclusions. Individual traders face incomplete markets, imperfect information, and little government-provided institutional and physical infrastructure. The associations are sophisticated "Coase-like" responses to this market environment: they focus on reducing their members' transaction costs, and hence the marginal private costs of trading. Thus it is likely that these associations enhance efficiency. We conclude with a critique of current government policy with respect to this trade.
Imperfect Product Testing And Market Size, Charles F. Mason, Frederic P. Sterbenz
Imperfect Product Testing And Market Size, Charles F. Mason, Frederic P. Sterbenz
Charles F Mason
No abstract provided.
Reuse Of Six Industrial Mills In Easthampton, Massachusetts, Umass Amherst Center Economic Development
Reuse Of Six Industrial Mills In Easthampton, Massachusetts, Umass Amherst Center Economic Development
Center for Economic Development Technical Reports
The purpose of this report was to determine the suitability for the reuse of six turn-of-the-century industrial mills in Easthampton, Massachusetts. The mills, clustered in the center of town, are an important historic and architectural resource, providing a visual link with Easthampton’s industrial heritage.
Constitutionalizing The Economy: German Neo-Liberalism, Competition Law And The "New" Europe, David J. Gerber
Constitutionalizing The Economy: German Neo-Liberalism, Competition Law And The "New" Europe, David J. Gerber
All Faculty Scholarship
No abstract provided.
Wage Bargaining With Time-Varying Threats, Peter Cramton, Joseph Tracy
Wage Bargaining With Time-Varying Threats, Peter Cramton, Joseph Tracy
Peter Cramton
We study wage bargaining in which the union is uncertain about the firm's willingness to pay and threat payoffs vary over time. Strike payoffs change over time as replacement workers are hired, as strikers find temporary jobs, and as inventories or strike funds run out. We find that bargaining outcomes are substantially altered if threat payoffs vary. If dispute costs increase in the long-run, then dispute durations are longer, settlement rates are lower, and wages decline more slowly during the short-run (and may even increase). The settlement wage is largely determined from the long-run threat, rather than the short-run threat.
The Determinants Of U.S. Labor Disputes, Peter Cramton, Joseph Tracy
The Determinants Of U.S. Labor Disputes, Peter Cramton, Joseph Tracy
Peter Cramton
We present a bargaining model of union contract negotiations, in which the union decides between two threats: the union can strike or continue to work under the expired contract. The model makes predictions about the level of dispute activity and the form the disputes take. Strike incidence increases as the strike threat becomes more attractive, because of low unemployment or a real wage drop during the prior contract. We test these predictions by estimating logistic models of dispute incidence and dispute composition for U.S. labor contract negotiations from 1970 to 1989. We find empirical support for the model's key predictions, …
Relational Investing And Agency Theory, Peter Cramton, Ian Ayres
Relational Investing And Agency Theory, Peter Cramton, Ian Ayres
Peter Cramton
This Article analyzes how, and when, corporate governance could be improved by utilizing "relational investing." The term relational investing is just coming into vogue and there does not yet seem to be a consensus on what it means. Although the term has been trumpeted on the cover of Business Week, before the Conference on Relational Investing at Columbia University, relatively little legal writing had been published on the subject. For the purposes of this Article, we define relational investing to encompass commitments to buy and hold significant blocks of a corporation's stock. And it is particularly important that the relational …
(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack
(Review) Stewart Justman, The Autonomous Male Of Adam Smith, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
"An Honest Living": Street Vendors, Municipal Regulation, And The Black Public Sphere, Regina Austin
"An Honest Living": Street Vendors, Municipal Regulation, And The Black Public Sphere, Regina Austin
All Faculty Scholarship
No abstract provided.
Decreasing Cost And Profit Maximization In Cournot Duopoly Models, Kai Cheong Lei
Decreasing Cost And Profit Maximization In Cournot Duopoly Models, Kai Cheong Lei
Centre for Public Policy Studies : CPPS Working Paper Series
No abstract provided.
Is 'Keynesian Policy' Still Viable?, Hyman P. Minsky Ph.D.
Is 'Keynesian Policy' Still Viable?, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
Six, single-sided pages of hand-written notes on Keynesian critique of capitalism. While according to J Robinson “Marx is a socialist who analyzed capitalism,” and “Marshal is a Capitalist who analyzed Socialist," Minksy writes “Keynes is a capitalist who analyzed capitalism,” and “uncovered flaws in capitalism due to the very nature of capitalism.” Discusses Keynes work in the 1930s and his time spent in Chicago, among other things. Marked in black ink.
The Limits Of Preference-Based Legal Policy, Herbert J. Hovenkamp
The Limits Of Preference-Based Legal Policy, Herbert J. Hovenkamp
All Faculty Scholarship
America's political institutions are built on the principle that individual preferences are central to the formation of policy. The two most important institutions in our system, democracy and the market, make individual preference decisive in the formation of policy and the allocation of resources. American legal traditions have always reflected the centrality of preference in policy determination. In private law, the importance of preference is reflected mainly in the development and persistence of common-law rules, which are intended to facilitate private transactions over legal entitlements. In constitutional law, the centrality of preference is reflected in the high position we assign …
Heterogeneous Demand And Order Of Resource Extraction, Ujjayant N. Chakravorty, Darrell Krulce
Heterogeneous Demand And Order Of Resource Extraction, Ujjayant N. Chakravorty, Darrell Krulce
Ujjayant Chakravorty
No abstract provided.