Economics Commons^™

Product Liability, Entry Incentives And Market Structure, Stephen F. Hamilton, David L. Sunding

Economics

The article characterizes the entry incentives provided by increases in product liability under various forms of competition. It is demonstrated that the entry of small, high-cost firms is likely to occur in imperfectly competitive markets when the average damage increases with industry output. Special cases are considered, including Cournot–Nash oligopoly and dominant firm-competitive fringe.

Industrial Resources: Muhlenberg County, Kentucky Library Research Collections

Muhlenberg County

"Resources for Economic Development: Muhlenberg County, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation the Muhlenberg Economic Enterprise, Greenville, Kentucky, June 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

Industrial Resources: Madison County - Richmond, Kentucky Library Research Collection

Madison County

"Resources for Economic Development: Richmond, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Kentucky Industrial Development Corporation, Richmond, Kentucky, June 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources,markets, and climate.

Industrial Resources: Lincoln County - Stanford, Kentucky Library Research Collections

Lincoln County

"Resources for Economic Development: Stanford-Lincoln County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development Division of Research, Frankfort, Kentucky, June 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets and climate

Industrial Resources: Grayson County - Leitchfield, Kentucky Library Research Collections

Grayson County

"Resources for Economic Development: Grayson County, Kentucky” prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Leitchfield – Grayson County Industrial Development Foundation, 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

A Tax System For An E-Commerce Economy, Murray L. Weidenbaum

Murray Weidenbaum Publications

Many state governments and federal policymakers view a new, special tax on electronic commerce to be a fresh and attractive revenue source. But whether implemented at the state or national level, this new tax would be highly undesirable, because it simply expands the shortcomings of the current revenue structure. Because of the flexibility of e-commerce, the attempt to collect such a tax would result in enforcement policies that would further complicate an already complex tax system. The way out of this conundrum is to see the shortcoming in current efforts to tax internet transactions as part of a broader need …

Social Security Investment In Equities In An Economy With Short-Term Production And Land, Peter A. Diamond, John Geanakoplos

Cowles Foundation Discussion Papers

This paper explores the general equilibrium impact of social security portfolio diversification into private securities, either through the trust fund or via private accounts. The analysis depends critically on heterogeneity in saving, in production, in assets, and in taxes. Under fairly general assumptions we show that limited diversification increases a neutral social welfare function, increases interest rates, reduces the expected return on short-term equity (and thus the equity premium), decreases safe investment and increases risky investment. However, the effect on aggregate investment, long-term capital values, and the utility of young savers hinges on delicate assumptions about technology. Aggregate investment and …

Information And The Existence Of Stationary Markovian Equilibrium, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

We describe conditions for the existence of a stationary Markovian equilibrium when total production or total endowment is a random variable. Apart from regularity assumptions, there are two crucial conditions: (i) low information — agents are ignorant of both total endowment and their own endowments when they make decisions in a given period, and (ii) proportional endowments — the endowment of each agent is in proportion, possibly a random proportion, to the total endowment. When these conditions hold, there is a stationary equilibrium. When they do not hold, such equilibrium need not exist.

A Bias-Reduced Log-Periodogram Regression Estimator For The Long-Memory Parameter, Donald W.K. Andrews, Patrik Guggenberger

Cowles Foundation Discussion Papers

The widely used log-periodogram regression estimator of the long-memory parameter d proposed by Geweke and Porter-Hudak (1983) (GPH) has been criticized because of its finite-sample bias, see Agiakloglou, Newbold, and Wohar (1993). In this paper, we propose a simple bias-reduced log-periodogram regression estimator, ^d r , that eliminates the first- and higher-order biases of the GPH estimator. The bias-reduced estimator is the same as the GPH estimator except that one includes frequencies to the power 2 k for k = 1,…, r , for some positive integer r, as additional regressors in the pseudo-regression model that yields the GPH estimator. …

Rethinking Multiple Equilibria In Macroeconomic Modelling, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

Are beliefs as indeterminate as auggested by models with multiple equilibria? Multiplicity of equilibria arise largely as the unintended consequence of two modelling assumptions — the fundamentals are assumed to be common knowledge, and economic agents know others’ actions in equilibrium. Both are questionable. When others’ actions are not known with certainty, such as when actions rely on noisy signals, self-fulfilling beliefs lead to a unique outcome determined by the fundamentals and the knowledges that others are rational. This paper illustrates this approach in the context of a model of bank runs and other similar applications. Such an approach places …

A Stochastic Overlapping Generations Economy With Inheritance, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in some generality, and several explicitly solvable examples are treated in detail.

Effects Of Decision Interval On Optimal Intertemporal Portfolios With Serially Correlated Returns, Douglas W. Mitchell

Economics Faculty Working Papers Series

This paper considers portfolio choice when decisions are made for several future time periods all at once. The risky asset share sequence must be precommitted for the entire decision interval, either constrained (as in Samuelson (1991)) or not constrained (as in Balvers and Mitchell (2000)) to be constant across time periods within the interval. For a broad, plausible class of dynamic returns processes, contrary to Samuelson, under log utility the decisions for the more distant future are more conservative. This class is exemplified by autocorrelated ARMA(p,q) processes and finite-state Markov processes. The source of Samuelson's contrary result is elucidated.

Generational Conflict, Human Capital Accumulation, And Economic Growth, Douglas Holtz-Eakin, Mary Lovely, Mehmet S. Tosun

Economics - All Scholarship

Worldwide, dependency ratios are forecast to increase dramatically in the next 50 years. A great deal of attention has been devoted to understanding the changes in fiscal policies that "must" take place to accommodate these changes. In contrast, less effort has been concentrated on studying the fiscal shifts that will endogenously result from demographic pressures. An example of particular interest is the degree to which a more elderly population will support public spending for education. We use an overlapping-generations model to investigate the effect of this demographic transition on the endogenous determination of public spending for education. A demographic transition …

Association Between Body Size And Mortality In Later Life, Christine L. Himes

Center for Policy Research

The rising prevalence of obesity in the United States has focused attention on the health consequences of excess weight. Obesity is linked to many of the major causes of death in the United States, including heart disease, some types of cancer, strokes, diabetes, and atherosclerosis. However, the effects of body size on mortality and health among the elderly are much less clear. This paper extends our current understanding of the relationship between body size and mortality by using two nationally representative, longitudinal datasets of individuals at older ages. These analyses indicate that obesity may not contribute greatly to increased mortality …

Exploitation-The Invisible Hand Guided By A Blind Eye: Confronting A Flaw In Economic Theory, Phillip Dybicz

The Journal of Sociology & Social Welfare

Economics is alone among the social science disciplines in failing to have a sound theory to explain behaviors when people do not act according to their self-interest, that is, with compassion. This has resulted in a fundamental flaw in economic thought. As economies have grown in scale and complexity, there has been a corresponding distancing between consumers and producers. This flaw has revealed itself through a lack of economic structures which bridge this distance, restore a level of intimacy within the economic interaction, and hence facilitate the expression of compassion.

Vlast', Kul'tura I Stanovlenie Rynka, Jeffrey K. Hass, Maksim Storchevoi

Sociology and Anthropology Faculty Publications

Russian Language Summary:

В течение последего десятилетия отмечены изменения в направлении исследований хозяйственных сдвигов в переходный период. Если вначале предметом внимания ученых были исключительно рецепты перехода к рынку и «шоковой терапии» с акцентом на стимулах и препятствиях на пути свободной торговли, то зарем сложности переходного периода вынудили экономистов, политологов и социологов расширить предмет своего анализа и обратиться к проблемам институциональной экономики. При этом академический мир принял идею о том, что институты играют центральную роль в формировании экономической жизни и ее эволюции, и исследование теперь сосредоточивается на появлении институтов, недостаточности институциональных условий для развития, институциональной замкнутости (path dependency) и на изучении …

Monetary And Financial Sector Policies In The Year 2000 Budget Of The Fgn, M. O. Ojo

Bullion

The paper attempts to review the monetary and financial sector policies of CBN during the 2000 fiscal year. It also discussed the issues and problems of implementation of the policies. The paper observes that the Nigerian economy witnessed some anxious moments during the 1999 fiscal year. Severe Pressures built-up in the economy mainly because of the expansionary fiscal policy of the Federal Government during the first five months of the year. lf price of oil in the international market continue to rise above budget expectations and expenditure does not rise in tandem, finance is likely to constrain achievement of most …

Industrialization Meets Globalization: Uncertain Reflections On East Asian Experience, Larry E. Westphal

Economics Faculty Works

The efficacy of export-led industrialization in the hyper-successful East Asian economies depended in no small measure on the forces that drove globalization. These forces fueled transfers of technology in unprecedented volumes and by innovative means in a variety of industries, including those at the frontiers of global technological change. The successful exploitation of these transfers would not have been possible without purposeful, aggressive actions of the part of the recipient firms in order to realize the increased technological capabilities that they enabled. Firms were incited to undertake these activities by conducive, neoclassical policies which were crucially augmented with selective interventions …

Hedging And Nonlinear Risk Exposure, Kong Wing, Clement Chow, Udo Broll, Kit Pong Wong

Hong Kong Institute of Business Studies Working Paper Series

This paper documents some empirical evidence of nonlinear spot-futures exchange rates relationships and develops an expected utility model of an exporting firm to examines the associated economic implications. The model shows that the firm should export more (less) and adopt an over (under) hedge in an unbiased currency futures market if the spot-futures exchange rates relationship is convex (concave) rather than linear. When fairly priced currency options on futures are available, the firm should use them in conjunction with the currency futures so as to achieve better hedging against its nonlinear exchange rate risk exposure. This provides a rationale for …

The Economic Review Of The Travel Industry In Montana: 2000 Biennial Edition, Thale Dillon, Norma Nickerson

Institute for Tourism and Recreation Research Publications

This review provides current and historical data of nonresident travel and tourism in Montana, and offers the industry's economic contributions to the state.

The Dynamics Of Unskilled Wages: Analyses Of Earnings Instability And Trends In The Low-Skill Labor Market In The United States, Michael Mamo

Dissertations

This dissertation is an econometric analysis of the earnings trends and instability for less-skilled workers during the 1970s through the 1990s. The study is divided into two major sections, dealing, respectively, with a longitudinal study of earnings instability and a time-series analysis of the trends in less-skilled wages.

In the first section, the empirical autocovariance structure of earnings is parameterized and estimated using the generalized method o f moments (GMM). The analysis of longitudinal earnings data indicates that unskilled earnings had become unstable during most o f the sample period particularly during the 1980s, despite the long economic expansion that …

Albuquerque Employee Benefits Survey - 2000, New Mexico Department Of Labor, Elisa Walker-Moran

Historic Publications

This report summarizes the results of a 2000 survey of Albuquerque employers, examining employee benefits such as paid leave, health insurance, retirement plans, family benefits, education and training assistance, flexible work schedules, and compensation practices. The study provides detailed benchmarks on workplace benefits and benefit costs among private-sector employers in Albuquerque, offering insight into prevailing employment practices at the start of the twenty-first century.

A New Statistic For Regression Transformation, Zhenlin Yang

Research Collection School Of Economics

A new statistic for testing a regression transformation is proposed based on a result of Yang (1999). This statistic is shown to be stable, having a null distribution almost independent of model type and parameter values, accurate and easy to implement. The statistic is of the Wald-type and thus is compared with the Wald statistic given by Lawrence (1987) in terms of size, null distribution and power using simulation. The simulation results show that the new statistic generally outperforms that of Lawrence.

The Political Psychology Of Embargoes: An Example From The Eritrean-Ethiopian War, Ibpp Editor

International Bulletin of Political Psychology

This article describes psychological inferences embraced by supporters and opponents of embargoes as tools to prevent, end, or moderate political violence between nation-states.

Trends. The People's Republic Of China And Permanent Normal Trading Relations: A Run-Up And Aftermath Of More Smoke Than Fire?, Ibpp Editor

International Bulletin of Political Psychology

This article discusses the vote of the United States (US) House of Representatives to approve permanent normal trading relations (PTNR) with the People's Republic of China (PRC). Human rights violations are discussed.

Grid Pricing Versus Average Pricing For Fed Cattle; Milk Production Increasing Faster Than Previously Thought, Bashir A. Qasmi, Scott W. Fausti, Donald L. Peterson

Economics Commentator (1972- 2016)

No abstract provided.

Grid Pricing Versus Average Pricing For Fed Cattle; Milk Production Increasing Faster Than Previously Thought, Bashir A. Qasmi, Scott W. Fausti, Donald L. Peterson

Economics Commentator (1972- 2016)

No abstract provided.

Industrial Resources: Powell County, Kentucky Library Research Collections

Powell County

"Resources for Economic Development: Powell County, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Powell County Government, Stanton, Kentucky, May 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

Industrial Resources: Owsley County - Booneville, Kentucky Library Research Collections

Owsley County

"Resources for Economic Development: Booneville, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the City of Booneville, Booneville, Kentucky, May 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

Industrial Resources: Rockcastle County - Mount Vernon, Kentucky Library Research Collections

Rockcastle County

"Resources for Economic Development: Mount Vernon, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Rockcastle County Development Board, Mount Vernon, Kentucky, May 2000. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, duel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.