Social and Behavioral Sciences Commons^™

Noise Trader Risk In Financial Markets, J. Bradford Delong

J. Bradford DeLong

No abstract provided.

A Fresh Look At The Rotten Kid Theorem, Ted Bergstrom

Ted C Bergstrom

Gary Becker's ``Rotten Kid Theorem'' asserts that if all family members receive gifts of money income from a benevolent household member, then even if the household head does not precommit to an incentive plan for family members, it will be in the interest of selfish family members to maximize total family income. We show by examples that the Rotten Kid theorem is not true without assuming transferable utility. We find a simple condition on utility functions that is necessary and sufficient for there to be the kind of transferable utility needed for a Rotten Kid Theorem. While restrictive, these conditions …

The Effects Of Cohort Size On Marriage Markets In Twentieth Century Sweden, Ted Bergstrom, David Lam

Ted C Bergstrom

Large, short-run fluctuations in the birth rate have been an important demographic feature of industrialized, low-fertility populations in the twentieth century. Since females normally marry men who are two or three years older than themselves, these fluctuations result in large imbalances between the size of male and female cohorts who would normally marry each other. These imbalances must somehow be resolved, either by a change in traditional patterns of age at marriage or by changes in the proportions of the population of one sex or the other who ever marry.

Following a suggestion of Becker (1974,1981), we have developed a …

The Problem Of Transaction Costs, Pierre Schlag

Pierre Schlag

No abstract provided.

Statutes Versus Enforcement: The Case Of The Optimal Speed Limit, Philip E. Graves, Dwight R. Lee, Robert L. Sexton

PHILIP E GRAVES

There was no abstract for this paper.

Statutes Versus Enforcement: The Case Of The Optimal Speed Limit, Philip E. Graves, Dwight R. Lee, Robert L. Sexton

Robert L Sexton

There was no abstract for this paper.

Statutes Versus Enforcement: The Case Of The Optimal Speed Limit, Philip E. Graves, Dwight R. Lee, Robert L. Sexton

Robert L Sexton

There was no abstract for this paper.

Cooperation In A Repeated Prisoner's Dilemma With Ostracism, Eric Bennett Rasmusen, David Hirshleifer

Eric Bennett Rasmusen

The unique Nash equilibrium of the finitely repeated n-person Prisoners' Dilemma calls for defection in all rounds. One way to enforce cooperation in groups is ostracism: players who defect are expelled. If the group's members prefer not to diminish its size, ostracism hurts the legitimate members of the group as well as the outcast, putting the credibility of the threat in doubt. Nonetheless, we show that ostracism can be effective in promoting cooperation with either finite or infinite rounds of play. The model can be applied to games other than the Prisoners' Dilemma, and ostracism can enforce inefficient as well …

The Marginal Excess Burden Of Different Capital Tax Instruments, Don Fullerton, Yolanda K. Henderson

Don Fullerton

No abstract provided.

Privatize Deposit Insurance, Jeffrey Rogers Hummel

Jeffrey Rogers Hummel

No abstract provided.

Product Quality With Information Dissemination And Switching Costs, Eric Bennett Rasmusen

Eric Bennett Rasmusen

Klein and Leffler (1981) construct a model in which expected future prices exceed marginal costs so that sellers are willing to maintain high quality for the sake of future profits. How profits are dissapated under free entry, and whether there is a continuum of equilibria, are questions not fully resolved. I contstruct a formal model simpler than any now existing in which free entry and exogenous fixed costs uniquely determine the price of output and the amount sold per firm.

Creating (& Destroying) Comparative Trade Advantage, Peter Navarro

PETER NAVARRO

No abstract provided.

The General Equilibrium Effects Of Inflation On Housing Consumption And Investment, James Berkovec, Don Fullerton

Don Fullerton

No abstract provided.

A Disaggregate Equilibrium Model Of The Tax Distortions Among Assets, Sectors, And Industries, Don Fullerton, Yolanda K. Henderson

Don Fullerton

No abstract provided.

The Unemployment Rates Of Men And Women: A Transition Probability Analysis, Michael C. Seeborg, Larry Deboer

Michael Seeborg

Women's unemployment rates were considerably higher than men's for many years, but during the 1980s this difference has virtually disappeared. This study is the first to examine that change through an analysis of trends in the probabilities of labor force transitions- movements between employment, unemployment, and nonparticipation in the labor force. Using BLS data, the authors find that about half of the narrowing of the unemployment rate differential during the 1968-85 period was due to the increasing labor force attachment of women and the decreasing attachment of men. The other half reflects changes in men's and women's tendencies to move …

Diverting The Coasean River: Incentive Schemes To Reduce Unemployment Spells, John Donohue

John Donohue

No abstract provided.

Direct Tests Of The Rational Expectations Hypothesis: A Study Of Italian Entrepreneurs’ Inflationary Expectations (1980-1988), Claudio Lupi

Claudio Lupi

The primary concern of this paper is to test the rational expectations hypothesis for Italian entrepreneurs' inflationary expectations between 1980 and 1988 using monthly observed expectations. Particular care is devoted to analyzing the problems arising when multiperiod expectations and a nonwhite noise measurement error in the expectations series are considered. The empirical analysis is carried out using cross correlations on ARIMA residuals and transfer function models. This technique seems to be particularly appealing for rationality testing.

On The Role Of Amenities In Models Of Migration And Regional Development, Philip E. Graves

PHILIP E GRAVES

See manuscript for full abstract.

Book Review Of Deindustrialization And Plant Closure, John Mullin

John R. Mullin

Any planner assigned the responsibility of preparing a recovery plan for a community following a plant closing knows that frustration, heartbreak, and demoralization are all part of the process. The planner also knows that there is little comprehensive literature at either the national or regional levels to help guide the effort. Finding answers to such simple questions as (1) what do I do when the largest plant in town closes or, (2) what are the community's rights and obligations when a plant closes, often proves impossible. The answers to these questions are a bit closer thanks to the work of …

The Problems Of Rural Reindustrialization: A Case Study Of Monroe, Massachusetts, John R. Mullin, Jeanne H. Armstrong

John R. Mullin

Owing to the departure of the mill industry from rural New England, many small towns have suffered erosion of their economic base. These towns and villages face a declining population, vacant mills, and an aging work force. Monroe, Massachusetts, is an example of the problems of rural reindustrialization. This article concludes that state intervention is required for the restoration of productivity.

A Multi-State Analysis Of The Tjtc, Thomas Berry, Julia Lane

Thomas D Berry

No abstract provided.

Small Business Start-Ups In The United States: Estimates Of The Effects Of Characteristics Of States, Timothy Bartik

Timothy J. Bartik

No abstract provided.

Southern California In The 21st Century, A. Studenmund

A. H. Studenmund

No abstract provided.

Job Security And Work Force Adjustment: How Different Are U.S. And Japanese Practices?, Katharine Abraham, Susan Houseman

Susan N. Houseman

No abstract provided.

Love And Spaghetti, The Opportunity Cost Of Virtue, Ted Bergstrom

Ted C Bergstrom

This paper was written in the form of two puzzles. One puzzle concerns Romeo and Juliet who love spaghetti and each other. They wear flimsy clothing and have abdominal hedonimeters. The other puzzle asks who benefits from tax deductions to the rich for charitable deductions.

Value Of Children In Compensation For Wrongful Death, William Rieber, Euston Quah

William Rieber

Marketing And Market Power: Elements Of A Critical Analysis On The Dicotomy Industrial Marketing/Consumer Marketing (In Italian), Angelo Di Gregorio

Angelo Di Gregorio

No abstract provided.

Islands Of Conscious Power: Louis D. Brandeis And The Modern Corporation, Richard Adelstein

Richard Adelstein

An intellectual portrait of Louis Brandeis and the contradictions in his philosophy and public life.

Notes On Displaced Ces Functional Forms, Don Fullerton

Don Fullerton

This document shows how to add another parameter to a Constant Elasticity of Substitution (CES) utility function, derive demand functions, and solve for indirect utility and expenditure functions for the evaluation of money metric utility welfare changes from a price or tax change. It also shows how to calibrate the model, by solving backwards for the parameters that must have existed to generate the observed data.

Nonrandom Mixing Models Of Hiv Transmission, Peter Cramton, Edward H. Kaplan, A. David Paltiel

Peter Cramton

Models of HIV transmission and the AIDS epidemic generally assume random mixing among those infected with HIV and those who are not. For sexually transmitted HIV, this implies that individuals select sex partners without regard to attributes such as familiarity, attractiveness, or risk of infection. This paper formulates a model for examining the impact of nonrandom mixing on HIV transmission. We present threshold conditions that determine when HIV epidemics can occur within the framework of this model. Nonrandom mixing is introduced by assuming that sexually active individuals select sex partners to minimize the risk of infection. In addition to variability …