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Articles 1 - 9 of 9
Full-Text Articles in Social and Behavioral Sciences
Institutions Matter: Why The Herder Problem Is Not A Prisoner's Dilemma, Peter Grossman, Daniel Cole
Institutions Matter: Why The Herder Problem Is Not A Prisoner's Dilemma, Peter Grossman, Daniel Cole
Peter Z. Grossman
In the game theory literature, Garrett Hardin’s famous allegory of the “tragedy of the commons” has been modeled as a variant of the Prisoner’s Dilemma, labeled the Herder Problem (or, sometimes, the Commons Dilemma). This brief paper argues that important differences in the institutional structures of the standard Prisoner’s Dilemma and Herder Problem render the two games different in kind. Specifically, institutional impediments to communication and cooperation that ensure a dominant strategy of defection in the classic Prisoner’s Dilemma are absent in the Herder Problem. Their absence does not ensure that players will achieve a welfare-enhancing, cooperative solution to the …
If Ethanol Is The Answer, What Is The Question, Peter Z. Grossman
If Ethanol Is The Answer, What Is The Question, Peter Z. Grossman
Peter Z. Grossman
Since 2005, in the face of rising oil and gasoline prices, many Americans have looked to plant-based fuels, particularly ethanol, as the "answer" to our energy dilemmas. Section III examines the issues connected specifically to ethanol, how market forces as well as government subsidies have worked to make corn-based ethanol economically viable at times, why that viability has been lost in recent months even with subsidies, and further, why ethanol from corn on the scale the legislation demands is impractical. Clearly it would be technically possible to produce the mandated 15 billion gallons of ethanol, and distilling capacity will nearly …
The Dynamics Of The Hungarian Hyperinflation, 1945-6: A New Perspective, Peter Z. Grossman, János Horváth
The Dynamics Of The Hungarian Hyperinflation, 1945-6: A New Perspective, Peter Z. Grossman, János Horváth
Peter Z. Grossman
From late 1945 through the middle of 1946, Hungary experienced the most gigantic inflation of modern history. But in August 1946, the astronomical price increases stopped, and lasting price stability followed. Indeed, the contrast is so dramatic that it is viewed by some as an economic miracle surpassing even the post-war German Wirschaftswunder. On the surface, the Hungarian hyperinflation, which witnessed a depreciation of the currency unit, the pengo of about 10-27, seems a kind of madness that raises two interlinked questions: First, how could such a fantastic destruction in the value of a currency take place, and second, what …
U.S. Energy Policy And The Presumption Of Market Failure, Peter Grossman
U.S. Energy Policy And The Presumption Of Market Failure, Peter Grossman
Peter Z. Grossman
The article presents an analysis of U.S. energy policy, focusing on the question of whether it is able to correct market failures in terms of alternative energy sources. The question of whether any such market failures exist is said to be a separate question, and an argument is presented that governments generally are not competent to fix such problems even when they do exist. A discussion of U.S. energy policy from the early 1970s to the 21st century is presented. Programs designed to encourage technological innovations such as biofeuls, nuclear fusion, and electric vehicles are analyzed.
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
Peter Z. Grossman
The article presents an analysis of U.S. energy policy, focusing on the question of whether it is able to correct market failures in terms of alternative energy sources. The question of whether any such market failures exist is said to be a separate question, and an argument is presented that governments generally are not competent to fix such problems even when they do exist. A discussion of U.S. energy policy from the early 1970s to the 21st century is presented. Programs designed to encourage technological innovations such as biofeuls, nuclear fusion, and electric vehicles are analyzed.
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
Peter Z. Grossman
The article presents an analysis of U.S. energy policy, focusing on the question of whether it is able to correct market failures in terms of alternative energy sources. The question of whether any such market failures exist is said to be a separate question, and an argument is presented that governments generally are not competent to fix such problems even when they do exist. A discussion of U.S. energy policy from the early 1970s to the 21st century is presented. Programs designed to encourage technological innovations such as biofeuls, nuclear fusion, and electric vehicles are analyzed.
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman
Peter Z. Grossman
The article presents an analysis of U.S. energy policy, focusing on the question of whether it is able to correct market failures in terms of alternative energy sources. The question of whether any such market failures exist is said to be a separate question, and an argument is presented that governments generally are not competent to fix such problems even when they do exist. A discussion of U.S. energy policy from the early 1970s to the 21st century is presented. Programs designed to encourage technological innovations such as biofeuls, nuclear fusion, and electric vehicles are analyzed.
Determinants Of Share Price Movements In Emerging Equity Markets: Some Evidence From America's Past, Peter Z. Grossman
Determinants Of Share Price Movements In Emerging Equity Markets: Some Evidence From America's Past, Peter Z. Grossman
Peter Z. Grossman
Emerging equity markets are plagued by poor information, which is a barrier to outside shareholder participation. This paper examines the determinants of share prices of two United States companies over a 14-year period during the late 19th century, when America had an emerging equity market. These two companies withheld all information on profits and assets until the end of the period, yet traded regularly. Overall, the evidence suggests that outside investors received sufficient compensation for their ignorance, and that these outsiders set the market price. An event study shows that when information about company assets was revealed, market returns were …
The Jec Revisited: Did Debt Undermine Stability?, Peter Z. Grossman, Kathy A. Paulson Gjerde
The Jec Revisited: Did Debt Undermine Stability?, Peter Z. Grossman, Kathy A. Paulson Gjerde
Peter Z. Grossman
The Joint Executive Committee (JEC), one of the most studied cartels in all of economics, was at best partially successful at maintaining collusion. The railroad cartel faced frequent breakdowns and re-contracting efforts. This paper considers the effects that large capital debt may have had on the members of the JEC. The JEC is compared to the express cartel of the period in which all firms were creditors. The latter had no breakdowns during the same period. It is shown through a small modification in an oligopolistic supergame that debt-burdened firms are Jess likely to maintain a stable cartel agreement than …