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Articles 361 - 386 of 386
Full-Text Articles in Economics
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Economics
No abstract provided.
Asset Exchanges And The Transactions Demand For Money, 1919-1929, Alexander J. Field
Asset Exchanges And The Transactions Demand For Money, 1919-1929, Alexander J. Field
Economics
This paper addresses a general theoretical question—the appropriate specification of the transactions demand for money—as well as a particular historical question: what triggered the Great Depression? Theoretically, fluctuations in the volume and value of asset exchanges in secondary asset markets can influence the transactions demand for money independently of real output and interest rates, and ought to be integrated into the analysis of those forces perturbing the demand for money and shifting LM curves in the absence of monetary intervention. Empirically, I demonstrate that, over the years 1919-29, monthly fluctuations in the volume and value of trading on the New …
A Canonical Correlation Analysis Of Savings And Loan Association Performance., Michael L. Marlow
A Canonical Correlation Analysis Of Savings And Loan Association Performance., Michael L. Marlow
Economics
No abstract provided.
Entry And Performance In Financial Markets, Michael L. Marlow
Entry And Performance In Financial Markets, Michael L. Marlow
Economics
One determinant of market performance is the ability of new firms to enter markets. It is generally argued that the fewer the restrictions on entry, ceteris paribus, the more competitive a market will tend to be. Entry in the commercial banking market is restricted on at least two levels. One is that new entrants are required to obtain charters from either the Comptoller of the Currency or the state banking authority. The other is that the ability of a bank to branch is constrained by the branching laws of the state. Before one may recommend solutions to problems of …
The Economics Of Enforcement: The Case Of Osha, Michael L. Marlow
The Economics Of Enforcement: The Case Of Osha, Michael L. Marlow
Economics
A model of enforcement is developed that determines the impacts of OSHA actions on regulated parties. This model analyzes the effect of decision procedures developed by OSHA to enforce the law and their effect on resource allocation within the firm. It is concluded that the impacts from both the initial inspection and reinspection programs on the resource allocations of firms have likely been insignificantly different from zero. If OSHA is to increase the allocation of injury control resources of firms through its enforcement program, it must increase the costs of noncompliance that it imposes on firms.
Land Abundance, Factor Returns, And Nineteenth Century American And British Technology: A Ricardian/Linear Production Model Retrospective, Alexander J. Field
Land Abundance, Factor Returns, And Nineteenth Century American And British Technology: A Ricardian/Linear Production Model Retrospective, Alexander J. Field
Economics
There are three closely related themes in this essay. The first has to do with the characterization of technological differences in the two regions. Contrary to the Rothbarth/Habakkuk tradition , 2 which claims that the distinctive feature of American technology was its "labor saving" quality, this essay argues, in the spirit of Ricardo's remarks, that the most distinctive feature of American in comparison with British technology in the nineteenth century was its capital-saving quality . Some representative examples of this tendency included the American practices of using structures and equipment with shorter service lives, running and depreciating their equipment more …
Optimal Pricing In The Presence Of Experience Effects, Frank H. Clarke, M. N. Darrough, John Heineke
Optimal Pricing In The Presence Of Experience Effects, Frank H. Clarke, M. N. Darrough, John Heineke
Economics
In this paper we analyze the problem of optimal intertemporal pricing for a monopolist when current (and past) output affect future cost and/or demand conditions through "experience" in production and/or in consumption. Learning by doing, the experience curve, contagion, habit formation, bandwagon, and snob effects are all examples of terminologies used to describe such situations. We call these "experience effects" for convenience and explore profit-maximizing pricing behavior when such effects exist
The Impact Of Different Government Units In The Regulation Of The Workplace Environment, Michael L. Marlow
The Impact Of Different Government Units In The Regulation Of The Workplace Environment, Michael L. Marlow
Economics
This study examines the issue of whether or not state and federal job safety agencies provide the same levels of public output. Tests are conducted on the hypothesis that state takeover of regulation from the federal program serves to reduce the costs of firms. These costs are comprised of two components: the penalties for noncompliance and the uncertainty costs of regulation. The public policy implication that is drawn from these tests is that it matters to firms which government unit regulates them.
A Test For Threshold Effects In Bank Entry, Michael L. Marlow
A Test For Threshold Effects In Bank Entry, Michael L. Marlow
Economics
No abstract provided.
Bank Structure And Mortgage Rates: Implications For Interstate Banking, Michael L. Marlow
Bank Structure And Mortgage Rates: Implications For Interstate Banking, Michael L. Marlow
Economics
Competition in financial markets has been the subject of many studies in the area of market structure and performance. This paper analyzes the differences in mortgage rates between unit banking and branch banking states to consider the likely outcome of interstate banking on competition. A model of interest rate determination is developed which suggests that, at least in the mortgage market, interstate banking will, ceteris paribus, decrease competition if it lowers the number of competing firms and increases deposit concentration levels. Support is provided for the argument that only those states under statewide branching laws may receive more competitive …
Law Enforcement Agencies As Multiproduct Firms: Correcting Some Misconceptions, John Heineke, M. N. Darrough
Law Enforcement Agencies As Multiproduct Firms: Correcting Some Misconceptions, John Heineke, M. N. Darrough
Economics
The comment by Pyle and Deadman [PD] on our paper deals with several points which arise regularly in empirical applications of economic theory and especially in applications in which "firms" do not operate in traditional market places. Their first point concerns the appropriate definition of output in law enforcement agencies: Is the final output deterrence of future crimes, solving existing crimes, both, or something else? PD argue that deterrence {crime prevention) is the primary output of law enforcement agencies, and from society's perspective, this is undoubtedly true. But as we attempted to make clear in our paper, we were interested …
Law Enforcement Agencies As Multiproduct Firms: An Econometric Investigation Of Production Costs, John Heineke, M. N. Darrough
Law Enforcement Agencies As Multiproduct Firms: An Econometric Investigation Of Production Costs, John Heineke, M. N. Darrough
Economics
In this paper we study the relationship between costs, input prices and activity levels in a sample of approximately thirty medium sized city police departments for the years 1968, 69, 71, and 73. Our interest lies in determining the functional structure of law enforcement production technology.
Technical And Allocative Efficiency: Preliminary Ideas Toward Discrimination Between The Hypotheses, John Heineke, M. N. Darrough
Technical And Allocative Efficiency: Preliminary Ideas Toward Discrimination Between The Hypotheses, John Heineke, M. N. Darrough
Economics
Two levels of efficiency lie behind the supply and demand equations of neoclassical economic theory. First, firms are assumed to be technically efficient, in that maximum output is obtained from any given mix of inputs. Second, firms are assumed to be allocatively (or price) efficient, in that input and output mixes are chosen such that profits are maximum. Although it has often been argued that firms must be "efficient" in a competitive economy, only a very limited amount of work has been directed to measuring the extent of any inefficiencies. In this paper we provide a framework for such measurements …
The Multi-Output Translog Production Cost Function: The Case Of Law Enforcement Agencies, John Heineke, M. N. Darrough
The Multi-Output Translog Production Cost Function: The Case Of Law Enforcement Agencies, John Heineke, M. N. Darrough
Economics
In this paper we study the relationship between costs, input prices and activity levels in a sample of approximately thirty medium sized city police departments for the years 1968, 69, 71 and 73. Our interest lies in determining the functional structure of law enforcement production technology.
Modeling The Offense Decision: A Critical Survey, John Heineke
Modeling The Offense Decision: A Critical Survey, John Heineke
Economics
In what follows we contrast the alternative model specifications which have been adopted by economists to explain criminal behavior. Four classes of models are presented, which, to our knowledge, include all models in the economic literature as special cases
The Models Of Economic Choice Theory: A Paradigm For Non-Economists, John Heineke
The Models Of Economic Choice Theory: A Paradigm For Non-Economists, John Heineke
Economics
The ultimate goal of social science is to explain individual and group behavior within given institutional constraints. In practice this means developing models which effectively describe and predict human behavior. Recent experience has shown a particular approach to modeling individual behavior to be especially useful. The approach in question has been developed by economists and consists of using the analytical structure of utility theory to focus attention on the determinants of individual choice and then analyzing the responsiveness of individual choices to changes in these determinants. The success of model building in this format is evidenced by the fact that …
A Labor Theoretic Analysis Of The Criminal Choice, John Heineke, M. K. Block
A Labor Theoretic Analysis Of The Criminal Choice, John Heineke, M. K. Block
Economics
Although many criminal choice problems may be viewed within an expanded labor choice framework, care must be exercised if these problems are to be interpreted in terms of strictly monetary costs and benefits. We show below that by not fully specifying their choice problems, and therefore the transformation between what is inherently a multiattribute decision problem and the wealth-only problem, Becker, Ehrlich, and Sjoquist are led to conclusions which are valid only in very special cases. In general, we show that plausible preference restrictions are not sufficient to generate unambiguous supply results, a result that should come as no surprise …
The Allocation Of Effort Under Uncertainty: The Case Of Risk Averse Behavior, John Heineke, M. K. Block
The Allocation Of Effort Under Uncertainty: The Case Of Risk Averse Behavior, John Heineke, M. K. Block
Economics
This paper analyzes the labor supply decision of a single economic agent within the expected utility framework. Two formulations of the problem are considered: pure income uncertainty and wage rate uncertainty. In each case, the effects on the labor supply decision of changes in both expected returns and the dispersion of returns (about a constant mean) are investigated. Arguments concerning the "disincentive effects" of uncertainty are shown not to be unambiguously supported by theory.
Demand For Refined Lead, John Heineke
Demand For Refined Lead, John Heineke
Economics
This paper is part of a Ph.D. dissertation submitted by the author to the Graduate College, University of Iowa, and was partially supported by the National Science Foundation Grant GS-1491. The author acknowledges the guidance and encouragement received from Professor S. Y. Wu.
The Supply Of Legal And Illegal Activity: A Choice Theoretic Analysis, John Heineke, M. K. Block
The Supply Of Legal And Illegal Activity: A Choice Theoretic Analysis, John Heineke, M. K. Block
Economics
We will show below that failure to fully specify the choice problem and therefore the transformation between what is inherently a multi-attribute decision problem and the wealth only problem has led Becker, Ehrlich, and Sjoquist to conclusions which are valid only in very special cases. In general, we show that plausible preference restrictions are not sufficient to generate unambiguous supply results, a result that should come as no surprise since it is the same situation that confronts the investigator in most household allocation problems. Therefore, policy prescriptions in this area, as in the tax incentive area do not follow from …
A Theory Of Household Behavior Under Uncertainty, John Heineke, M. K. Block
A Theory Of Household Behavior Under Uncertainty, John Heineke, M. K. Block
Economics
In this paper we are concerned with the effects of uncertainty on household decisions. In particular we are interested in the response of a single economic agent's factor allocations to "changes in the amount of uncertainty" with which the agent's beliefs regarding his income are held. For problems of choice under uncertainty the recent work of Arrow [1], Sandmo [9, 10, 11], Leland [5, 6], Stiglitz [12], and others clearly testifies to the power of the expected utility hypothesis as an analytical framework. In what follows two models are examined in which the agent is assumed to be confronting a …
Rigid Pricing Policies And Profit Maximization, John Heineke
Rigid Pricing Policies And Profit Maximization, John Heineke
Economics
In this paper we present a model of a profit maximizing firm in which one price is set for the entire multiperiod planning horizon. One of the consequences of such a pricing policy, if one employs widely used assumptions about demand and cost functions, is a decision rule for choosing the optimal price which may be interpreted as the "full -cost" pricing equation of much recent controversy. The significance of this result lies in the fact that full-cost pricing and profit maximization have often been held to be inconsistent. In addition, this model integrates the pricing decision with the other …
A Note On A Compound Distribution: The Demand For Hospital Beds, John Heineke
A Note On A Compound Distribution: The Demand For Hospital Beds, John Heineke
Economics
There has been growing interest in the past few years in the economics of medical services. Due to the nature of the medical "industry" a number of problems heretofore considered to be of minor importance have assumed major proportions. It is the purpose of this paper to present a model for predicting the demand for hospital beds, which is free from a rather serious specification error. This error arises from a failure to recognize the nature of the underlying stochastic mechanism and is by no means unique to the demand for hospital beds. Indeed, the demand for hospital beds is …
A Stochastic Model Of Wildfire Ignitions And Damages, John Heineke, Stein Weissenberger
A Stochastic Model Of Wildfire Ignitions And Damages, John Heineke, Stein Weissenberger
Economics
A model of the production of wildfire ignitions and damages is developed and used to determine wildland activity-regulation decisions which minimize total expected cost-plus-loss due to wildfires. In this context, the implications of various policy decisions are considered. The resulting decision rules take a form which makes it possible for existing wildfire management agencies to readily adopt them upon collection of the required data.
Stochastic Reserve Losses, John Heineke, Eleanor M. Birch
Stochastic Reserve Losses, John Heineke, Eleanor M. Birch
Economics
In an article in the September, 1961, issue of the A.merican Economic Review, Daniel Orr and W. G. Mellon introduced the notion of uncertainty into the well-known comparative static analysis of bank credit expansion. (1) This paper discusses their findings, the nature of their assumptions, and some possible extensions of their results.
Stochastic Reserve Losses: A Rejoinder, John Heineke, Eleanor M. Birch
Stochastic Reserve Losses: A Rejoinder, John Heineke, Eleanor M. Birch
Economics
In an article in the September, 1961, issue of the A.merican Economic Review, Daniel Orr and W. G. Mellon introduced the notion of uncertainty into the well-known comparative static analysis of bank credit expansion. (1) This paper discusses their findings, the nature of their assumptions, and some possible extensions of their results.