Social and Behavioral Sciences Commons^™

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.

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

Don Fullerton

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.

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.

Innovation And The Economy, Mario Pianta, J. Michie, C. Oughton

Mario Pianta

Unemployment has remained at relatively high levels across most European countries for a generation now. There have been a number of suggested explanations for this, with correspondingly different policy implications. Two of the major hypotheses relate, first, to the impact on the European economies from increased international competition, and `globalisation’ more generally, and, secondly, to the effects of new technology and innovation. The effects of both globalisation and technology on growth and employment in Europe have been researched over the past two years through an EU-funded project, the results of which, relating in particular to innovation, are reported in this …

R&D With Spillovers And Endogenous Absorptive Capacity, Ulrich Kaiser

ULRICH KAISER

No abstract provided.

Incapacity Benefits And Employment Policy, Dennis Snower, Michael J. Orszag

Dennis Snower

The paper explores the employment implications of allowing people the opportunity of using a portion of their incapacity benefits to provide employment vouchers for employers that hire them. The analysis indicates that introducing this policy could increase employment, raise the incomes of incapacity benefit recipients, and reduce employers’ labor costs. The analysis explicitly derives the optimal voucher, i.e. the voucher that maximizes employment at no extra budgetary cost. This voucher is shown to depend on the size of incapacity benefits, the separation rate in the absence of the voucher, and the degree of displacement; but it does not depend on …

Equity And Efficiency In Markets For Ideas, Richard Adelstein

Richard Adelstein

Intellectual property and patent protection in light of the AIDS crisis in Africa.

Optimal Policies For Investment With Time-Varying Return Distributions, Douglas Steigerwald, Doncho Donchev, Svetlozar Rachev

Douglas G. Steigerwald

We develop a model in which investors must learn the distribution of asset returns over time. The process of learning is made more difficult by the fact that the distributions are not constant through time. We consider risk-neutral investors who have quadratic utility and are selecting between two risky assets. We determine the time at which it is optimal to update the distribution estimate and, hence, alter portfolio weights. Our results deliver an optimal policy for asset allocation, that is, the sequence of time intervals at which it is optimal to switch between assets, based on stochastic optimal control theory. …

Inside The Sausage Factory: Improving Estimates Of The Effects Of Health Insurance Expansion Proposals, Sherry Glied, Dahlia Remler, Joshua Graff Zivin

Joshua Graff Zivin

No abstract provided.

How Do Doctors Behave When Some (But Not All) Of Their Patients Are In Managed Care, Sherry Glied, Joshua Graff Zivin

Joshua Graff Zivin

No abstract provided.

State Medical Marijuana Laws: Understanding The Laws And Their Limitations, Rosalie Liccardo Pacula, Jamie F. Chriqui, Deborah A. Reichmann, Yvonne M. Terry-Mcelrath

Rosalie Liccardo Pacula

No abstract provided.

The Economics Of Household Garbage And Recycling Behavior, Don Fullerton, Thomas Kinnaman

Thomas C. Kinnaman

This book collects ten previously published papers by Don Fullerton, or Thomas Kinnaman, or both together. These papers include a theory of optimal pricing per bag of garbage when recycling and dumping are available options, empirical work using a cross section of cities that charge different prices, and empirical work using a cross section of households at the start of a price per bag of garbage at the curb.

Globalization And Infectious Diseases: Integrating Country Of Origin Into The Clinical Management Of Latent Tuberculosis Infection, Kamran Khan, Peter Muennig, Maryam Behta, Joshua Graff Zivin

Joshua Graff Zivin

No abstract provided.

Trafficking For Sex Exploitation: The Case Of The Russian Federation, Donna M. Hughes Dr.

Donna M. Hughes

No abstract provided.

James Heckman As A Law & Society Scholar: An Outsider’S Appreciation, Peter Siegelman

Peter Siegelman

No abstract provided.

The Shield Of Achiles, State, Security And New Wars (El Escudo De Aquiles, Estado, Seguridad Y Nuevas Guerras) Spanish, Fernando Estrada

Fernando Estrada

At this stage of the manifestation of irregular warfare conflicts becomes porous, bottom to top and back. The security of states depends on a weak shield vulnerable to unforeseen terrorist actions. This will not come labeled by a single identity but multiplied their masks, may be a timid bystander who walks the streets at noon sweater dress with a teacher dressed and slow. The security policy imposes severe restrictions on basic freedoms, including perhaps most importantly, individual privacy or family.

Forecasting Volatility In European Stock Markets With Non-Linear Garch Models, Giancarlo Forte, Matteo Manera

Matteo Manera

This paper investigates the forecasting performance of three popular variants of the nonlinear GARCH models, namely VS-GARCH, GJR-GARCH and Q-GARCH, with the symmetric GARCH(1,1) model as a benchmark. The application involves ten European stock price indexes. Forecasts produced by each non-linear GARCH model and each index are evaluated using a common set of classical criteria, as well as forecast combination techniques with constant and non-constant weights. With respect to the standard GARCH specification, the non-linear models generally lead to better forecasts in terms of both smaller forecast errors and lower biases. In-sample forecast combination regressions are better than those from …

O Uso Comercial Das Redes: O Caso Da World Wide Web, Eloi Martins Senhoras

Elói Martins Senhoras

No abstract provided.

Environmental Levies And Distortionary Taxation: Pigou, Taxation, And Pollution, Gilbert E. Metcalf

Gilbert E. Metcalf

I note an important distinction between the optimal price of environmental quality in a second-best world and the optimal level of environmental quality. Using an analytical general equilibrium model, I show that for reasonable parameter values, an increase in tax distortions (arising from an increase in required tax revenues) leads to a fall in the optimal Pigouvian tax rate even while environmental quality improves. In general, knowledge of the direction of changes in optimal environmental tax rates due to changes in the economy is not sufficient for understanding the impact on environmental quality.

The Economics Of Household Garbage And Recycling Behavior, Don Fullerton, Thomas Kinnaman

Don Fullerton

This book collects ten previously published papers by Don Fullerton, or Thomas Kinnaman, or both together. These papers include a theory of optimal pricing per bag of garbage when recycling and dumping are available options, empirical work using a cross section of cities that charge different prices, and empirical work using a cross section of households at the start of a price per bag of garbage at the curb.

Can Taxes On Cars And On Gasoline Mimic An Unavailable Tax On Emissions, Don Fullerton, Sarah E. West

Don Fullerton

An emissions tax is efficient, but measurement of every car’s emissions would be inaccurate and expensive. With identical consumers, we demonstrate the same efficiency for: an emissions tax; a gas tax that depends on fuel type, engine size, and pollution control equipment (PCE); a vehicle tax that depends on mileage; or a combination of uniform tax rates on gasoline and engine size with a subsidy to PCE. With heterogeneous consumers, efficiency can be obtained by a vehicle-specific gas tax or mileage-specific vehicle tax, but not by flat rates. We characterize second-best uniform tax rates on gasoline and on car characteristics.

Tax Incidence, Don Fullerton, Gilbert E. Metcalf

Don Fullerton

This chapter reviews the concepts, methods, and results of studies that analyze the incidence of taxes. The purpose of such studies is to determine how the burden of a particular tax is allocated among consumers through higher product prices, workers through a lower wage rate, or other factors of production through lower rates of return to those factors. The methods might involve simple partial equilibrium models, analytical general equilibrium models, or computable general equilibrium models. We review partial equilibrium models, where the burden of a tax is shown to depend on the elasticity of supply relative to the elasticity of …

A Principal-Agent Analysis Of Fisheries, Frank Jensen, Niels Vestergaard

Niels Vestergaard

Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the low-cost agent must be allowed a larger effort than under complete information.

“The Determinants Of Fdi Inflows In Europe: The Role Of The Institutional Context And Italy's Relative Position”, Roberta De Santis, Claudio Vicarelli

Roberta De Santis

Worldwide Foreign Direct Investment (FDI) flows have showed an impressive upward trend over the past two decades, which prompted the expansion of international production and the economies' globalisation process. Developed countries were both the main sources and destinations of those flows: in 1999 they accounted for 92 % of global outflows and 74 % of global inflows.

In 1999, the EU area was the world's main outward investor and inward host area for FDI. Among European countries, Italy has lagged behind in the internationalisation process. Insofar as FDI inflows contribute to the country’s accumulation process, the situation is worrying.

The …

Stopping Above-Cost Predatory Pricing, Aaron S. Edlin

Aaron Edlin

Entrepreneurship And The Defense Of Capitalism: An Examination Of The Work Of Israel Kirzner, Peter Lewin

Peter Lewin

Israel Kirzner has spent a career in articulating and refining concept of entrepreneurship; His work is indispensable for anyone seeking an understanding of the role of the entrepreneur in the economy. This paper provides a critical appreciation of this work, and considers how Kirzner’s insights might feature in a defense of Capitalism in the post- Socialist world.