Economics Commons^™

Digital Wars -- Legal Battles And Economic Bottlenecks In The Digital Information Industries, Curt A. Hessler

ExpressO

The Digital Revolution has created the apparent anomaly that information, though very cheap to create and near costless to share, is managed by industries that are increasingly concentrated and roiled by endless legal warfare. This paper surveys the major legal battles by subjecting all of them to the familiar norm of "maximizing economic value added", as defined by neo-classical "welfare economics". The various legal wars are traced to defects and confusions in current legal approaches to intellectual property (the "property wars") and to antitrust doctrines (the "monopoly wars").

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

Rhode Island Current Conditions Index -- September 2005, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

How Unobservable Productivity Biases The Value Of A Statistical Life, Thomas J. Kniesner, W. Kip Viscusi, James P. Ziliak, Christopher Woock

Economics - All Scholarship

A prominent theoretical controversy in the compensating differentials literature concerns unobservable individual productivity. Competing models yield opposite predictions depending on whether the unobservable productivity is safety-related skill or productivity generally. Using five panel waves and several new measures of worker fatality risks, first-difference estimates imply that omitting individual heterogeneity leads to overestimates of the value of statistical life, consistent with the latent safety-related skill interpretation. Risk measures with less measurement error raise the value of statistical life, the net effect being that estimates from the static model range from $5.3 million to $6.7 million, with dynamic model estimates somewhat higher.

Looking Beyond The Shipyard: Economic Development Challenges Of Southern Maine And Seacoast New Hampshire, Charles S. Colgan

Regional Studies

The threatened closure of the Portsmouth Naval Shipyard has spurred an intense examination of the future economic prospects for York County, Maine and Rockingham County, New Hampshire. This report provides the first integrated analysis of the shipyard’s effects on both the Maine and New Hampshire economies. The shipyard accounts for more than 10,000 direct and indirect jobs across the two-state region. Over 80% of these jobs are in York County, with an additional 10% in Rockingham County and the balance spread through the rest of Maine and New Hampshire. The total jobs associated with the shipyard account for 3.5% of …

Poverty, Race And The Contexts Of Achievement: Examining Educational Experiences Of Children In The American South, Maryah Stella Fram, Julie Miller-Cribbs, Lee Van Horn

University of Kentucky Center for Poverty Research Discussion Paper Series

This paper reports findings of a study examining child-, classroom-, and school-level factors that effect academic achievement among public school children in the South. Using ECLS-K data, we compare and contrast the learning environments in high/low minority and high/low poverty schools. A sizeable minority of Southern children attend schools that are race and/or class segregated; on multiple dimensions these schools are less desirable than are schools attended by more privileged children, and children attending these schools have lower levels of academic achievement. Results from 3-level random intercepts models show that a range of child and family factors, as well as …

General Or Vocational: Evidence On School Choice And Returns From Egypt, Fatma El-Hamidi

Topics in Middle Eastern and North African Economies

No abstract provided.

Do Turkish Exports Have A Comparative Advantage With Respect To The European Union Market, 1999-2000, Guzin Erlat, Haluk Erlat

Topics in Middle Eastern and North African Economies

No abstract provided.

Bank Runs In Emerging Market Countries: Turkey's Special Finance Houses, Martha Starr, Rasim Yilmaz

Topics in Middle Eastern and North African Economies

No abstract provided.

A Cross Section Estimate Of Translog Production Function: Jordanian Manufacturing Industry, Ali M. Khalil

Topics in Middle Eastern and North African Economies

No abstract provided.

Survey Results On Hunger And Food Insecurity In Yemen, Nader Kabbani

Topics in Middle Eastern and North African Economies

No abstract provided.

Oil Consumption And Microeconomic Policies: Evidence Of Asymmetry In Developing Countries, Magda E. Kandil, Ida A. Mirazaie

Topics in Middle Eastern and North African Economies

No abstract provided.

Understanding Post-Independence Visions Of Economic Prosperity In Algeria Through The Mirror Of The Second Napoleonic Empire, Kay Adamson

Topics in Middle Eastern and North African Economies

No abstract provided.

Continuous Versus Discrete Market Games, Alexandre Marino, Bernard De Meyer

Cowles Foundation Discussion Papers

De Meyer and Moussa Saley [4] provide an endogenous justification for the appearance of Brownian Motion in Finance by modeling the strategic interaction between two asymmetrically informed market makers with a zero-sum repeated game with one-sided information. The crucial point of this justification is the appearance of the normal distribution in the asymptotic behavior of V n ( P )// n . In De Meyer and Moussa Saley’s model [4], agents can fix a price in a continuous space. In the real world however, the market compels the agents to post prices in a discrete set. The previous remark raises …

Testing For Non-Nested Conditional Moment Restrictions Via Conditional Empirical Likelihood, Taisuke Otsu, Yoon-Jae Whang

Cowles Foundation Discussion Papers

We propose non-nested tests for competing conditional moment restriction models using a method of empirical likelihood. Our tests are based on the method of conditional empirical likelihood developed by Kitamura, Tripathi and Ahn (2004) and Zhang and Gijbels (2003). By using the conditional implied probabilities, we develop three non-nested tests: the moment encompassing, Cox-type, and efficient score encompassing tests. Compared to the existing non-nested tests which mainly focus on testing unconditional moment restrictions, our approach directly tests conditional moment restrictions which imply the infinite number of unconditional moment restrictions. We derive the null distributions and power properties of the proposed …

Perfect Competition In A Bilateral Monopoly (In Honor Of Martin Shubik), Pradeep Dubey, Dieter Sondermann

Cowles Foundation Discussion Papers

We show that if limit orders are required to vary smoothly, then strategic (Nash) equilibria of the double auction mechanism yield competitive (Walras) allocations. It is not necessary to have competitors on any side of any market: smooth trading is a substitute for price wars. In particular, Nash equilibria are Walrasian even in a bilateral monopoly.

School Finance Reform And Property Values, Part 2: Public Service Capitalization, John Yinger

Center for Policy Research

It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.

After Argentina, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Argentina recently completed the largest sovereign bond restructuring in history. As soon as the government announced the results of its $100 billion tender in March 2005, editorial pages worldwide heralded a new era for sovereign debt, for the emerging markets and, occasionally, for international finance. Their views on Argentina's lessons were as disparate as they were definite. Some said the exchange would close the markets to middle-income countries. To others, it reaffirmed the markets' resilience. Some claimed it proved the need for statutory sovereign bankruptcy. Others said it clearly discredited the idea. Most spoke too soon. The deal took months …

The State Of The Region: Hampton Roads 2005, James V. Koch, Vinod Agarwal, John R. Broderick, Edward Card, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Kristine Karlsen, Feng Lian, Sharon Lomax, Linda Mcgreevy, Janet Molinaro, Kenneth Plum, Qian Sun, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's Sixth Annual State of the Region Report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a sound …

Occupation Analysis For The Greater Cleveland Area, Jun Koo

All Maxine Goodman Levin School of Urban Affairs Publications

Occupation is an important aspect of regional economy; it has been forgotten, however, in most studies of regional economies. We developed a set of benchmark occupation clusters that share similar knowledge and skills and examined the Cleveland metropolitan area based on the derived occupation clusters.

God And The Global Economy: Religion And Attitudes Towards Trade And Immigration In The United States, Joseph P. Daniels, Marc Von Der Ruhr

Economics Faculty Research and Publications

Using the results of a national identity survey, we test the impact of religious affiliation on trade and immigration-policy preferences of US residents while controlling for individual level of skill, political ideology and other important demographic characteristics. Our results show that religion is an important determinant of international-policy preferences as individuals who are pre-Vatican II Catholic or members of a fundamentalist Protestant denomination are more likely to prefer policies that restrict imports and immigration. Religiosity, in contrast, has a separate effect of moderating attitudes towards immigration. In addition, we find evidence of denominational effects among African Americans in that members …

How To Boost Private Investment In The Mena Countries: The Role Of Economic Reforms, Ahmet Aysan, Gaobo Pang, Marie-Ange Véganzonès-Varoudakis

Topics in Middle Eastern and North African Economies

No abstract provided.

The Information Revolution And The Industrial Revolution: Today's Egypt In The Shadow Of The Past - A Note, Nagla Rizkm

Topics in Middle Eastern and North African Economies

No abstract provided.

On Valuing Negative Cash Flows Related To Contamination, Asset Removal, Or Functional Obsolescence, Hal B. Heaton

Faculty Publications

Appraisers are frequently faced with having to value future expected negative cash flows. This article will demonstrate that valuing negative cash flows requires a different approach from valuing positive cash flows. The concepts of valuing remediation costs, asset removal costs, and other types of functional obsolescence will be used to illustrate this concept.

Data Users Conference_2003-2010, University Of New Mexico Bureau Of Business And Economic Research, New Mexico Economic Development Department

Historic Publications

DATA USERS CONFERENCE.

The Incidence And Cost Of Job Loss In The Ukrainian Labor Market, Hartmut Lehmann, Norberto Pignatti, Jonathan Wadsworth

Upjohn Institute Working Papers

We examine the effects of economic transition on the pattern and costs of worker displacement in Ukraine, using the Ukrainian Longitudinal Monitoring Survey (ULMS) for the years 1992 to 2002. Displacement rates in the Ukrainian labor market average between 3.4 and 4.8 percent of employment, roughly in line with levels typically observed in several Western economies, but considerably larger than in Russia. The characteristics of displaced workers are similar to those displaced in the West, in so far as displacement is concentrated on the less skilled. Around one third of displaced workers find re-employment immediately while the majority continues into …

Comment On "Realized Variance And Market Microstructure Noise" By Peter R. Hansen And Asger Lunde, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

With the availability of ultra high frequency financial data, the task of finding an appropriate econometric model to describe the movement of financial variables at the tick-by-tick level has become an important goal in financial econometric research. The task has both theoretical and empirical dimensions. From an empirical perspective, the near continuous recording of financial asset prices has opened up the intriguing possibility of fitting the quadratic variation process empirically, leading to what is possibly the most direct nonparametric measure of asset price volatility. The resulting quantity has become known in the financial econometrics literature as realized variance (RV) and …

The Case Of The Errant Executive: Management, Control And Firm Size In Corporate Cheating, Brishti Guha

Research Collection School Of Economics

Firm insiders – a manager and a board – face moral hazard in relation to their outside shareholders in a repeated game with asymmetric information and stochastic market outcomes. The manager determines whether or not outsiders are cheated; the board, whose objectives differ from those of outside shareholders, attempts to control the manager through compensation contracts and dismissal threats Since compensation determines the manager’s incentive to cheat, firms competing for outside capital publicly announce their managerial contracts. However, secret renegotiation between firm and manager is still possible: so outsiders guard against being cheated by limiting their total stake in any …

Games Suppliers And Producers Play: Upstream And Downstream Moral Hazard With Unverifiable Input Quality, Brishti Guha

Research Collection School Of Economics

We pin down the optimal relational contract between an input supplier and a final goods producer given a framework of bilateral moral hazard with variable but non-verifiable input quality. Given the inability of third parties to verify input quality, each party has an incentive to cheat the other by making a false claim about input quality. We derive the contract which (a) induces honest behavior and brings about the Pareto superior first-best outcome for the widest possible range of exogenous parameters, and (b) maximizes the Nash product of both parties’ payoffs subject to incentive compatibility. An interesting feature of the …

Trade, Growth And Increasing Returns To Infrastructure: The Role Of The Sophisticated Monopolist, Ashok S. Guha, Brishti Guha

Research Collection School Of Economics

We consider a model of international trade with increasing returns in a non-traded input into industry, infrastructure, and show that the nature of equilibrium depends crucially on whether the infrastructure provider acts in a naïve manner – akin to a Level 1 agent in a cognitive hierarchy (C-H) model – or in a more sophisticated manner. Infrastructure requires a fixed investment and is produced under decreasing marginal costs, and we model two possible market forms, monopoly and Cournot oligopoly with free entry – both capable of generating pecuniary externalities in the manufacturing sector . Unlike most other work exploring the …