Economics Commons^™

The Social Cost Of Monopoly Power, Donald J. Brown, G. A. Wood

Cowles Foundation Discussion Papers

A general equilibrium analysis of monopoly power is proposed as an alternative to the partial equilibrium analyses of monopolization common to most antitrust texts. This analysis introduces the notion of a cost minimizing market equilibrium. The empirical implications of this equilibrium concept for antitrust policy is derived in terms of a family of equilibrium inequalities over market data from observations on a market economy with competitive factor markets. The social cost of monopoly power is measured using Debreu’s coefficient of resource utilization. That is, we propose Pareto optimality as the ultimate objective of antitrust policy.

Allocating Contractor Risks In The Hanford Waste Cleanup, Jeffrey M. Keisler, William A. Buehring, Peter D. Mclaughlin, Mark A. Robershotte, Ronald G. Whitfield

Management Science and Information Systems Faculty Publication Series

Organizations may view outsourcing as a way to manage risk. We developed a decision-analytic approach to determine which risks the buyer can share or shift to vendors and which ones it should bear. We found that allocating risks incorrectly could increase costs dramatically. Between 1995 and 1998, we used this approach to develop the request for proposals (RFP) for the US Department of Energy’s (DOE’s) privatization initiative for the Hanford tank waste remediation system (TWRS). In the model, we used an assessment protocol to predict how vendors would react to proposed risk allocations in terms of their actions and their …

The Fiscal Dimensions Of Conflict And Reconstruction, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

Determinants Of Residential Water Conservation: The Case Of Salt Lake City Utah, Eric A. Coleman

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This study evaluates the effectiveness of demand-side water conservation policies in Salt Lake City, Utah for the years 1999 to 2002. We add to the existing residential water demand literature by exploring panel estim ation techniques with disaggregated household level data. Alternative policies used to induce water conservation are di scussed based on estimates of demand schedule parameters. We find that public conservation .campaigns have had negli gible impacts on the city's water use. There have been, however, statistically significant reductions in consumption due to price changes despite minimal price increases. Our findings should enable local and state policymakers to …

Personal Reemployment Accounts: Simulations For Planning Implementation, Christopher J. O'Leary, Randall W. Eberts, U.S. Dept. Of Labor, Employment And Training Administration

External Papers and Reports

The proposed Back to Work Incentive Act of 2003 recommended personal reemployment accounts (PRA) that would provide each eligible UI (unemployment insurance) claimant with a special account of up to $3,000 to finance reemployment activities. Account funds could be used to purchase intensive, supportive, and job training services. Any funds remaining in the PRA could be paid as a cash bonus for reemployment within 13 weeks, or drawn as extended income maintenance for exhaustees of regular UI benefits. Personal reemployment account offers would be targeted to UI beneficiaries most likely to exhaust their UI entitlements using state Worker Profiling and …

Personal Reemployment Accounts: Simulations For Planning Implementation, Christopher J. O'Leary, Randall W. Eberts

Upjohn Institute Working Papers

The proposed Back to Work Incentive Act of 2003 recommended personal reemployment accounts (PRAs) that would provide each eligible unemployment insurance (UI) claimant with a special account of up to 3,000 [dollars] to finance reemployment activities. Account funds could be used to purchase intensive, supportive, and job training services. Any funds remaining in the PRA could be paid as a cash bonus for reemployment within 13 weeks, or drawn as extended income maintenance for exhaustees of regular UI benefits. Personal reemployment account offers would be targeted to UI beneficiaries most likely to exhaust their UI entitlements using state Worker Profiling …

From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang

Research Collection School Of Economics

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region. The call reflects an increased …

Indonesian Economic Development: Miracle Or Mirage?, John Malcolm Dowling, Chin Fang Yap

Research Collection School Of Economics

This paper focuses on a few major developments that took place during the three decades from the late 1960s to the Asian financial crisis. The study finds, in retrospect, that many of the Indonesian economy's weaknesses--now so glaringly apparent--were there all the time. The paper concludes that the Indonesian banking crisis was primarily domestic in nature, more so than the crises in Korea and Thailand. The extent of the failure was much more widespread and probably resulted from a chain of bank runs and bank closings, reinforced by uncertainty and lack of faith in the government's commitment to the IMF …

Labor Force Employment And The Future_May 2004, Lee A. Reynis, Tony Sylvester

BBER Publications

This report analyzes Raton’s shifting labor market following the end of coal mining, identifying emerging opportunities in tourism and coalbed methane extraction while documenting significant skill gaps, aging workforce trends, and over 170 current job vacancies. It emphasizes the need for expanded education, training, and coordinated community action to align labor supply with future employer demand.

New Mexico Labor Market Review 04-30-2004, 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 March 2004.

Assessing The Options For Designing A Mandatory U.S. Greenhouse Gas Reduction Program, Robert R. Nordhaus, Kyle W. Danish

ExpressO

The United States faces growing pressure – both from domestic and international sources – to adopt a mandatory greenhouse gas reduction program to address the risk of global climate change. If policy-makers decide to establish such a program, they could end up creating an environmental regulatory regime of potentially unprecedented scope and impacts. A domestic greenhouse gas program could break ground in other ways too. Many policy-makers are considering innovative market-based approaches to regulation, including a multi-billion dollar economy-wide “cap-and-trade” program. In this paper, we: (1) set forth criteria for evaluating program options; (2) analyze the leading design options and …

Securing Truth For Power: Informational Strategy And Regulatory Policy Making, Cary Coglianese

ExpressO

No abstract provided.

Effect Of Foreign Aid On Development: Does More Money Bring More Development?, Satish Lohani '04

Honors Projects

Developing countries face challenges of massive poverty, slow GDP growth, high mortality rates from illnesses, and low levels of education. The governments in these countries do not have sufficient financial resources to fight these challenges effectively. Foreign aid has played an instrumental role in the implementation of development programs to combat poverty. The purpose of this paper is to examine whether foreign aid has a positive impact on development. Development in this paper is measured using the human development index that incorporates a knowledge index, health index, and standard of living index. Social aid is used to capture foreign aid …

Secrets And Liens: Verification And Measurement In Commercial Finance Law, Jonathan C. Lipson

ExpressO

This article argues that commercial finance law increasingly uses contract rules to displace property rules, especially as these rules pertain to verifying and measuring property interests. In this context, verification simply means confirming the existence of a property interest, such as a lien or security interest. Measurement means determining the relationships of various property interests to one another (i.e., the priority of interests).

Historically, commercial finance law – in particular the Uniform Commercial Code, which governs loans secured by personal property – provided that something would be treated as “property” only if its property character was fairly easy to discover. …

Rethinking Politics, Scholarship, And Economics: Disclosure Interviews David F. Ruccio, Tina Mangieri, Matt Mccourt, Natalia Ruiz-Junco, Jeff West

disClosure: A Journal of Social Theory

No abstract provided.

Observations From Extension Marketing/Farm Management Educators, Heather Gessner, Stacy Hadrick, Mark B. Major, Donald Guthmiller

Economics Commentator (1972- 2016)

No abstract provided.

Why Lend To Small And Medium Enterprises?, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Why should commercial banks lend to Small and Medium Enterprises (SMEs)? They haven’t done this before. What has happened that they should do it now? Aren’t there higher risks of default and non-payment in case of these types of borrowers? These are legitimate questions and I would like, this morning, to focus on five different aspects of this issue: a) The overall context and direction of commercial bank lending. b) Win-win situation for the banks, entrepreneurs and national economy. c) Credit appraisal technology for SMEs. d) Regulatory and infrastructure support. e) Learning from international best practices.

Innovation, Regulation And The Selection Environment, Timothy F. Malloy, Peter Sinsheimer

ExpressO

This article focuses on the question of how regulation can be best designed to encourage technological innovation. Most scholarship in this area applies standard economic analysis to evaluate the impact of various forms of regulation on technological innovation. We reject that approach as too narrow, drawing instead upon principles of evolutionary economics. The basic premise of the article is that a firm’s technology choices—and its response to regulation intended to shape those choices—are influenced by other actors (such as suppliers and competitors), by external social and legal institutions (e.g., industry standards and norms) and by the firms' internal structure (such …

What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan

Rutgers Law School (Newark) Faculty Papers

This article assesses three basic approaches to assessing the future effects of the government’s fiscal policies: traditional measures of the deficit, measures associated with Generational Accounting, and measures derived from applying Capital Budgeting to the federal accounts. I conclude that Capital Budgeting is the best of the three approaches and that Generational Accounting is the least helpful. Acknowledging that there might be some value in learning what we can from a variety of approaches to analyzing fiscal policy, I nevertheless conclude that Generational Accounting is actually a misleading or--at best--empty measure of future fiscal developments. The best approach to providing …

Cover - Table Of Contents

Major Themes in Economics

No abstract provided.

Rhode Island Current Conditions Index -- April 2004, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Marriage And Consumption Insurance: What’S Love Got To Do With It?, Gregory Hess

CMC Faculty Publications and Research

When markets are incomplete, individuals may choose to marry to diversify their labor income risk. Love, however, can complicate the picture. If love is fleeting or the resolution of agents’ income uncertainty occurs predominantly later in life, then marriages with good economic matches last longer. In contrast, if love is persistent and the resolution of uncertainty to agents’ income occurs early, then marriages with good economic matches are more likely to be caught short with too little love to save a marriage. Consequently, once married, the partners will be more likely to divorce. Evidence is provided to distinguish between these …

Introduction, Ken Mccormick

Major Themes in Economics

No abstract provided.

The New Economy And Its Implications To Investors, Elizabeth Misco

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

The Changing Nature Of Employment-Related Sexual Harassment: Evidence From The U.S. Federal Government, 1978 – 1994, Heather Antecol, Deborah Cobb-Clark

CMC Faculty Publications and Research

This paper examines the changing nature of attitudes toward and reports of sexual harassment using data for 1978–94 drawn from the U.S. Merit Systems Protection Board (USMSPB) of the U.S. federal government. The authors find that although unwanted sexual behavior reported by federal government employees changed only slightly in overall incidence over the period, its pattern changed noticeably. Unwanted sexual attention by supervisors, for example, declined in incidence; crude and offensive behavior by co-workers increased; and the likelihood that harassment would occur only once (rather than repeatedly) increased. Employees’ attitudes toward sexual harassment changed markedly, with a dramatically increased willingness …

Is There Assessor Bias In The Real Estate Market?, Conor Howard '04

Honors Projects

The purpose of this paper is to determine if the valuation of property adheres to the 33 1/3 proportion of market value required by the state of Illinois or if assessors are overvaluing Bloomington real estate disproportionately across high and low income neighborhoods. Assessors have a motivation to over-value high-income properties disproportionately resulting in intentional and systematic bias which alters the property tax system. The results do not support this idea. They show a lower percent variation between assessed and market values in high-income households.

Can Fundamental Value Predict Stock Returns? An Empirical Assessment Of The Feltham -Ohlson Model, Colin Anthony Pillay

Doctoral Dissertations

In valuation research, two modeling approaches that have become prominent are those based on the Residual Income Model (RIM) and those based on the G. Feltham-James A. Ohlson framework. Ohlson (1995) develops a valuation model which links a firm's fundamental value to the book value of equity, earnings and other relevant information. Feltham and Ohlson (1995) extend the Ohlson (1995) model to incorporate growth and conservative accounting.

This study provides an evaluation of the Feltham-Ohlson (1995) model assuming market inefficiency. Analyst forecast data are obtained from the international I/B/E/S files. Financial information and share prices are obtained from the Compustat …

Gold, Fiat And Credit: An Elementary Discussion Of Commodity Money, Fiat Money And Credit. Part Ii, Thomas Quint, Martin Shubik

Cowles Foundation Discussion Papers

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In Part 1 of the paper, we covered models in which the money is a consumable storable; here in Part 2 we consider economies using durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We …

Neighborhood Complexes And Generating Functions, Herbert E. Scarf, Kevin M. Woods

Cowles Foundation Discussion Papers

Given a 1 , a 2 ,…, a n in Z d , we examine the set, G , of all nonnegative integer combinations of these a i . In particular, we examine the generating function f ( z ) = Sum {b in G} z b . We prove that one can write this generating function as a rational function using the neighborhood complex (sometimes called the complex of maximal lattice-free bodies or the Scarf complex) on a particular lattice in Z n . In the generic case, this follows from algebraic results of D . Bayer and B. …

Schumpeterian Profits In The American Economy: Theory And Measurement, William D. Nordhaus

Cowles Foundation Discussion Papers

The present study examines the importance of Schumpeterian profits in the United States economy. Schumpeterian profits are defined as those profits that arise when firms are able to appropriate the returns from innovative activity. We first show the underlying equations for Schumpeterian profits. We then estimate the value of these profits for the non-farm business economy. We conclude that only a miniscule fraction of the social returns from technological advances over the 1948-2001 period was captured by producers, indicating that most of the benefits of technological change are passed on to consumers rather than captured by producers.