Economics Commons^™

Market Diffusion With Two-Sided Learning, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

The diffusion of a new product of uncertain value is analyzed in a duopolistic market in continuous time. The two sides of the market, buyers and sellers, learn the true value of the new product over time as a result of experimentation. Buyers have heterogeneous preferences over the products and sellers compete in prices. The pricing policies and market shares of the sellers in the unique Markov perfect equilibrium are obtained explicitly. The dynamics of the equilibrium market shares display excessive sales of the new product relative to the social optimum in early stages and too low sales later on. …

Hyperfinite Asset Pricing Theory, M. Ali Khan, Yeneng Sun

Cowles Foundation Discussion Papers

We present a model of a financial market which unifies the capital-asset-pricing model (CAPM) of Sharpe-Lintner, and the arbitrage pricing theory (APT) of Ross. The model is based on a recent theory of hyperfinite processes, and it uncovers asset pricing phenomena which cannot be treated by classical methods, and whose asymptotic counterparts are not already, or even readily, apparent in the setting of a large but finite number of assets. In the model, an asset’s unexpected return can be decomposed into a systematic and an unsystematic part, as in the APT, and the systematic part further decomposed leads to a …

Conditional Independence Restrictions: Testing And Estimation, Oliver B. Linton, Pedro Gozalo

Cowles Foundation Discussion Papers

We propose a nonparametric empirical distribution function based test of an hypothesis of conditional independence between variables of interest. This hypothesis is of interest both for model specification purposes, parametric and semiparametric, and for non-model based testing of economic hypotheses. We allow for both discrete variables and estimated parameters. The asymptotic null distribution of the test statistic is a functional of a Gaussian process. A bootstrap procedure is proposed for calculating the critical values. Our test has power against alternatives at distance n -1/2 from the null; this result holding independently of dimension. Monte Carlo simulations provide evidence on size …

On The Number Of Bootstrap Repetitions For Bootstrap Standard Errors, Confidence Internals, And Tests, Donald W.K. Andrews, Moshe Buchinsky

Cowles Foundation Discussion Papers

This paper considers the problem of choosing the number of bootstrap repetitions B for bootstrap standard errors, confidence intervals, and tests. For each of these problems, the paper provides a three-step method for choosing B to achieve a desired level of accuracy. Accuracy is measured by the percentage deviation of the bootstrap standard error estimate, confidence interval endpoint(s), test’s critical value, or test’s p -value based on B bootstrap simulations from the corresponding ideal bootstrap quantities for which B = ∞. Monte Carlo simulations show that the proposed methods work quite well. The results apply quite generally to parametric, semiparametric, …

Where Do The Rents Go? Land Ownership In An Urban Model, Stephen Ross, John Yinger

Center for Policy Research

Despite the predominance of homeownership, general equilibrium urban models assume that rents flow to absentee landlords or are redistributed to residents. This paper explores open urban models with more realistic forms of land ownership, namely ownership of shares in a land corporation and individual home ownership. These models, which produce capital gains and losses for residents, can yield different comparative static results than previous open models, with post-shock bid functions that are flatter at the periphery or steeper at the center. Moreover, shocks to these models cannot in general be analyzed without knowing the characteristics of all the urban areas …

Statistical Techniques For Labor Market Modelling: Seasonal Adjustment And Local Area Unemployment, Christopher J. O'Leary

Reports

No abstract provided.

Learning About Employment Policy In North America: Study Tours By Hungarian Experts, Christopher J. O'Leary

Reports

No abstract provided.

Methods For Performance Based Management Of Active Labor Programs In Hungary: An Adjustment Methodology For Performance Indicators And A Proposal For Budget Allocation, Christopher J. O'Leary

Reports

No abstract provided.

New Mexico Labor Market Review 10-31-1996, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers September 1996.

Livestock: U.S. Production & Prices, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Employment Policy For Transition In Hungary And Poland, Christopher J. O'Leary

Conference Papers

No abstract provided.

Intergenerational Equity And Sustainability From The Implementation And Management Of A Resource Indemnity Permanent Trust Fund, Edward Albert Blomdahl

Economics ETDs

The use and management of nonrenewable resources are problematic in that by definition they are finite. If extracted and consumed these resources will not be available to some future generations. It is also possible that such exhaustion could curtail the ability of an economy to endure. However, both of these issues can be addressed by a nonrenewable resource indemnity permanent trust fund.

This dissertation consists of four interrelated papers on the subject of attaining intergenerational equity and sustainability from the implementation and management of such a fund. Chapter one provides a philosophical motivation for implementation of a resource trust fund. …

Promoting The Flow Of Investment Resources Into Nigeria's Petroleum Industry, M O. Ojo, C. M. Anyanwu

CBN Occasional Papers

The objective of the paper is to review the investment climate and policy incentives designed for the Nigerian oil industry with a view to evaluating how supportive they have been in terms of attracting investment funds into the sector. The industry has grown over the years to become the backbone of the economy. Given its strategic role, recent revelations of possible distress in the sector attributable to fast declining investment expenditure, deserves analysis and remedial actions. The investment needs of the industry are massive. A survey of the. sector shows that there is a large resource gap between its needs …

Public Sector Unions And Public Spending, Michael L. Marlow, William Orzechowski

Economics

This study examines the influence of public sector unions on the expansion of the public sector. Based on public goods theory, our paper models how unions influence the supply of and demand for public sector activities. On the demand side, public sector unions are special interests which advocate public sector expansion to policy makers; on the supply side, they exert pressure to maintain and expand monopoly powers. Empirical evidence supports the hypothesis that a positive relationship exists between public sector unionism and public spending.

Is The “Dominant Firm” Dominant? An Empirical Analysis Of At&T’S Market Power, Simran K. Kahai, David L. Kaserman, John W. Mayo

Economics & Finance

In this article, we estimate the degree of market power held by AT&T in the interstate long-distance market in the postdivestiture period. Our approach makes use of the dominant firm/competitive fringe model to impose the structure needed both to obtain estimates of the relevant structural parameters and to translate these parameters into an estimate of AT&T's residual demand elasticity and associated Lerner index. Because of the continued presence of regulation and other considerations, however, a direct estimation of the residual demand elasticity is not feasible. Consequently, we take a more indirect approach that combines estimation of the elasticity of fringe …

Downsizing America In The Twentieth Century: A Sociological And Theoretical Analysis Of The Shrinking Middle Class, Terreea Lynne Adams

Institute for the Humanities Theses

Downsizing is the process by which a firm decreases its number of employees, even during times of a strong economy, with the stated purpose of generating greater efficiency, productivity and of course, profit. The downsizing trend in the United States during the past three decades has resulted in an enormous shift in the structure of our society. Various theorists, sociologists and economists employ differing ways of looking at this downsizing trend and its effects on the largest segment of the population; that is, the middle class.

lndications of a healthy economy are low levels of unemployment and poverty-. Downsizing involves …

Spurious Regression Unmasked, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper argues that trending time series can admit valid regression representations even when the dependent variable and the regressors are statistically independent, i.e., in situations that are presently characterized in the literature as “spurious regressions.” Our theory is directed mainly at the two classic examples of regressions of stochastic trends on time polynomials and regressions among independent random walks. But it has more general applicability and, we think, wider implications. Contrary to established wisdom, our theory justifies regressions of this type as valid models for the data. The radical conclusion that emerges from this study is that there are …

Econ 204 Advanced Political Economy, Anwar Shaikh Phd

Archives of Anwar Shaikh

Course Materials, and Scholarly Notes (1980–2003)

This collection includes:

• A letter to Willi Semmler from Robert J. Morse regarding a U.S. News & World Report survey.

• A course guide for Econ 204: Lectures in Advanced Political Economy by Shaikh (Fall 1996).

• A course plan for Econ 204: Advanced Political Economy I (9/16/1980).

• Handwritten notes titled “Crisis Book: Ch. 2–3 Outline” (7/30/1985).

• Annotated pages from the book chapter “Late Marx: Gods and Craftsmen” by Teodor Shanin (1983).

• Pages from the chapter “Marx after Capital” by Derek Sayer.

• Pages from The Russian Scene by Jonathan Sanders.

• Handwritten notes titled “Marx After Capital, …

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Small Business Lending: Barriers And Trends, Zhongcai Zhang, Ziona Austrian

All Maxine Goodman Levin School of Urban Affairs Publications

In recent years, small-business lending has been discussed widely among the commercial banking community, a reflection of both the growing relative importance of small businesses to the U.S. economy and the fact that large companies have developed the ability to access capital markets directly for debt and equity financing. Although their market share in small-business lending has been eroded in recent years by competition from depository and non-depository financial institutions, commercial banks remain the most frequently used source of financing for small businesses. Accordingly, this paper will focus on commercial banks. At some point during their operating history, most small …

Profiling Unemployment Insurance Beneficiaries, Randall W. Eberts, Christopher J. O'Leary

Employment Research Newsletter

No abstract provided.

Developing Community Economic Outcome Measures, George A. Erickcek

Employment Research Newsletter

No abstract provided.

Department Of Labor_October 1996, New Mexico Department Of Labor

Historic Publications

New Mexico Department of Labor Wage Survey.

A Reexamination Of Balassa's Productivity Bias Hypothesis, Mohsen Bahmani Oskooee, Farhang Niroomand

Faculty Publications

No abstract provided.

Economic Development And The Distribution Of Land Rents In Singapore: A Georgist Implementation, Sock-Yong Phang

Research Collection School Of Economics

Independent Singapore, which has a tradition of free trade, has implemented large doses of Henry George's prescriptions. It has successfully captured land rents for redistribution through its land acquisition, public housing and other programs. These policies have been instrumental in the successful economic development of the island city state. Industrial estates on state-owned land were leased to foreign multinationals for export-oriented manufacturing which created the bulk of jobs in the sector. Commercial developments are built by the program. Affordable 99-year leasehold housing, built by the state, provided added economic incentives for employment, and helped keep inflation and wages down. Private …

Assessment Of The Importance Of Small Business To Kalamazoo County's Economy And The Adequacy Of Services To Nurture Small Business Formation, George A. Erickcek, W.E. Upjohn Institute For Employment Research

Reports

No abstract provided.

Planning Guidelines For Active Labor Programs In Hungary, Christopher J. O'Leary

Reports

No abstract provided.

Singapore's Experience With Car Quotas: Issues And Policy Processes, Sock-Yong Phang, Wing-Keung Wong, Ngee-Choon Chia

Research Collection School Of Economics

This paper examines the policy processes behind Singapore's car quotas. The policy, when filtered through the market mechanism, had a number of unintended consequences. The public's unhappiness with certain features and [`]loopholes' of the system resulted in many changes to the rules. The effects of recent measures to curb speculation on quota premiums are evaluated. Problems with Singapore's Weekend Car Scheme are also discussed. The lesson for transport policy makers elsewhere is that in attempting to deal with the road congestion problem through car ownership policies, an asset market for vehicles should be taken into account.

Update Of The New Mexico Tax Study: Comparisons Of Tax Burden In Surrounding States, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

An analysis of the tax burden on households and businesses in New Mexico and how they compare to nearby states (Arizona, California, Colorado, Oklahoma, Texas, and Utah).

New Mexico Labor Market Review 09-30-1996, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers August 1996.

Return On Investment For Workplace Education, Kevin Hollenbeck

Presentations

No abstract provided.