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1.
Dr. Peter M. Kort Dr. Paul J. J. M. van Loon Dr. Mikulás Luptácik 《Journal of Economics》1991,54(3):195-225
In this paper we study the optimal environmental policy of the firm for different scenarios dependent on (costs of) production technologies, financing costs, and governmental policy. The governmental instruments to be considered are:
The problem is defined as an optimal control model. In this model, the firm influences its pollution output through the choice of its production technology. Available are a more capital-extensive and dirty activity, a more capital-intensive and clean activity, and an abatement activity that eliminates pollution completely or partially. 相似文献
| -investment grants on cleaner production technologies and on abatement activities; |
| -taxes imposed on environmental pollution. |
2.
In this paper we examine empirically the impact of privatisation on output in the UK, through macroeconomic transmission channels.
While most privatisation studies focus on microeconomic shocks, namely at the firm level, we are interested to see whether
a large scale privatisation policy, as the one pursued in the UK in the 1980 and 1990s, had a measurable impact on output.
This may contribute to the ex post evaluation of this policy and complement the microeconomic evidence. We use quarterly data
from 1979 to 1998 of privatisation proceeds, as our impulse policy variable, and of private consumption, gross fixed capital
formation, net government expenditures, as transmission channels, and aggregate output as our final response variable. The
econometric methodology is based on Structural Vector Auto-regressive models and Impulse Response Functions. Non-stationarity
and cointegration properties of the time series have also been considered. We find that privatisation shocks do not have an
impact in the consumption-output model, but have a moderate and transitory impact in the investment and the public expenditures
models. Such positive demand effects, however, have not been completely matched by supply side effects, and, consequently,
privatisation in the UK did not contribute to a sustained economic growth.
相似文献
Massimo FlorioEmail: |
3.
William C. Charron 《Forum for Social Economics》2000,29(2):1-32
Modern game theory is connected with its ancient Greek originals in three respects.
Even when men have no need of assistance from each other, they desire to live together ... [But] to live together and share
all our human affairs is difficult; especially to share ... work and its products ... [T]hey quarrel.Aristotle, Politics 3.4; 2.2. 相似文献
1. | The notion of rationality operative in game theory is the formal notion of consistency, whether of beliefs, desires, or choices. Just as Aristotle’s formal logic is the first system for determining the consistency of beliefs, so his practical syllogism is the first device to affirm a deductive connection of rational choice with desire and belief. Modern rational choice theory is the fulfillment of the idea of the deductive practical syllogism. |
2. | Interest in generating measurements of attitudinal states is found in Plato and Epicurus. Kant revived the project in arguing that such measurements could be generated from an agent’s willingness to assume risk. This is the core of the expected utility theory of von Neumann and Morgenstern. |
3. | Thucydides had a deep understanding of the logic of individual rational choice in strategic situations, where each agent must make the effort to influence, to anticipate, or to adapt to the decisions of other(s) to serve its own interests. Modern game theory formalizes the sorts of strategic problem Thucydides depicts and analyses in his history. |
4.
Ramya M. Vijaya 《Forum for Social Economics》2007,36(2):73-85
This paper presents a gender perspective of the Trade Adjustment Assistance (TAA) program. The TAA is the primary US policy
to assist the transition of workers displaced due to trade related economic restructuring. In comparison to the relatively
substantial research on gendering trade policies in developing economies there is very limited focus on gendering policy responses
to trade in the US. We argue that there is a specific gender trend in the trade-displacement patterns in the US which calls
for a gender sensitive policy response. We examine the TAA in light of this trend and offer some suggestions for a gendered
approach to providing assistance to workers negotiating an increasingly flexible global labor market.
相似文献
Ramya M. VijayaEmail: |
5.
Robert D. Tollison 《The Review of Austrian Economics》2009,22(2):127-130
Besley’s treatment of principled agents is a major contribution to public choice and political economy. By focusing on politics
as an agency problem, he has shown the way to a new generation of research on the interface of politics and economics.
相似文献
Robert D. TollisonEmail: |
6.
Gustavo Rinaldi 《Empirica》2008,35(1):105-128
Several studies have analyzed entry in developed capitalist economies coming to the conclusion that entrants are usually smaller,
less productive and at higher hazard than incumbents. This study considers if this was the case also in the rather peculiar
situation of those firms which entered during the period of transition from planned to market economy, in one of the ex-soviet
countries. Additionally this work considers whether or not the uncertain environment generated by transition did activate
a process of entry, as situations of uncertainty are generally supposed to do. The main result of this paper is that despite
the fact that incumbents were firms created and organized to meet the objectives of the soviet regime, they were not outperformed
by subsequently-created firms which were formed to match the needs of a transitional/quasi market economy. These results do
not support “vintage” and “liability of obsolescence” models which suggest that new comers are better fitted to match new
conditions.
相似文献
Gustavo RinaldiEmail: |
7.
This paper studies the disequilibrium transition process engaged by increased openness to trade, and the effect of institutions,
market behaviors and economic policies on that transition. The issue is analyzed with a simple two country (north and south),
two goods model, amended in order to take into account the time dimension of both the production and the decision processes.
Investigating the consequences of a tariff decrease by means of numerical simulations, we show to what extent wage and price
setting, and the degree of tightness of monetary policy affect the outcome of the disequilibrium process. The main result
is that capturing the gains associated with international trade requires market behaviors and economic policies, which are
rather different from what is usually prescribed.
相似文献
Francesco SaracenoEmail: |
8.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
9.
Johan Willner 《Empirica》2008,35(5):449-464
This contribution analyses a market with an upstream bottleneck monopoly and a downstream activity that may either be vertically
integrated or separated. Separation always reduces the consumer surplus, and the total surplus unless there are large cost
reductions. Downstream competition from a public or private network monopoly would crowd out other firms, also when public
ownership is associated with more modest objectives than welfare-maximisation. A market is therefore less likely to remain
a mixed oligopoly than without vertical relations. However, private firms would survive in a moderately welfare-improving
mixed oligopoly with cross-subsidisation and access charges equal to marginal costs.
相似文献
Johan WillnerEmail: |
10.
Mark Jackson 《Constitutional Political Economy》2008,19(2):148-157
Thomas P. M. Barnett argues that globalization’s spread presents the United States and other liberal democracies with two
unprecedented national-security problems, and proposes an ambitious military strategy for their solution. This work argues
that a successful strategy to solve one of these problems must also include rational policy, public policy that makes Adam
Smith’s simple system of natural liberty a reality. Thus, Barnett’s military strategy and rational policy become complementary
elements of a more comprehensive strategy to solve this national-security problem. Knowledge that Smith’s simple system of
natural liberty moves the world toward peace can create a need for rational policy among voters.
相似文献
Mark JacksonEmail: |
11.
Using data from the Austrian retail gasoline market we find that a higher station density reduces average prices. Market (i.e. ownership) concentration does not significantly affect average price, however is negatively related to the density of stations. Estimation of the pricing and entry equations as simultaneous equations does not alter our conclusions, and suggests causality running from station density to price. We argue that the spatial dimension of markets allows the identification of market conduct, which is particularly relevant for competition policy.
相似文献
Klaus GuglerEmail: |
12.
Estate taxation with warm-glow altruism 总被引:1,自引:0,他引:1
This article examines the properties of the optimal fiscal policy in an economy with warm-glow altruism (utility interdependence)
and heterogeneous individuals. We propose a new efficiency concept, D-efficiency, that considers an implicit constraint in the act of giving: Donors cannot bequeath to donees more than their
existing resources. Considering this constraint, we show that the market equilibrium is not socially efficient. The efficient
level of bequest transfers can be implemented by the market with estate and labor-income subsidies and a capital-income tax.
In the absence of lump-sum taxation, the government faces a trade-off between minimizing distortions and eliminating external
effects. The implied tax policy differs from Pigovian taxation since the government’s ability to correct the external effects
is limited. Finally, we show that the efficiency-equity trade-off does not affect the qualitative features of the optimal
distortionary fiscal policy.
相似文献
Fernando Sánchez-LosadaEmail: |
13.
Recent data on the accumulation patterns of public debt across OECD countries suggests a synthesis is possible between the theoretical and empirical approaches to public debt and also between the traditional and more recent political economy explanations of public debt accumulation. The inductive approach of recent political economy explanations is combined with the intertemporal constraints highlighted in the Ricardian–Barro theory to present a reinterpretation of cross-country debt accumulations patterns. Like the elephant in the blind men and the elephant fable, the conclusion is glaringly obvious. Formal and informal budgetary constraints matter.
相似文献
John ConsidineEmail: Phone: +353-21-490-2850Fax: +353-21-427-3920 |
14.
Anthony J. Evans 《Constitutional Political Economy》2009,20(2):118-138
This article provides epistemic foundations for traditional rational-choice political science, to explain when and how ideas
matter. Operational codes, epistemic communities and the structural patterns of ideas demonstrates the constitutional moments
that occur during crises, and how ideas can underpin and direct the formation of interest groups. The implications for policy
reform are discussed, along with an application to the Constitutional Moments during the transition of Central and Eastern
Europe.
相似文献
Anthony J. EvansEmail: |
15.
We test the hypothesis that the sector bias of skill biased technical change is important in explaining the rising relative
wage of skilled workers in the manufacturing sector in three Central and Eastern European transition countries. The econometric
results broadly confirm that the concentration of skill biased technical change in the skill intensive sectors had a significant
effect on the skill premium in these transition countries.
相似文献
Robert Stehrer (Corresponding author)Email: |
16.
Luís F. Costa 《Portuguese Economic Journal》2006,5(1):45-65
In this article I develop an imperfectly competitive dynamic general equilibrium model for a small open economy integrated
in a monetary union. Here, the type of entry in the non-traded goods’ sector affects fiscal policy effectiveness. Fiscal policy
effectiveness is enlarged when aggregate demand stimuli increase intra-industrial competition (case I). This is due to the
counter-cyclical mark-up mechanism generated by entry. Such a mechanism is absent in the usual monopolistic competition where
entry only has a sharing effect (case II).
相似文献
Luís F. CostaEmail: URL: http://www.iseg.utl.pt/~lukosta/ |
17.
Phillip W. Magness 《Constitutional Political Economy》2009,20(2):177-192
This article explores an early attempt to establish a constitutional constraint on tariffs utilizing the Laffer Curve relationship.
In 1842 John Calhoun suggested that the curve’s revenue maximization apex could be used to differentiate between “Revenue”
and “Protective” tariffs independently from the non-judiciable question of legislative motive. When admitted that a tax must
actually be collected to remain constitutionally valid, the apex functions as a de facto upper tariff rate constraint. Despite
subsequently falling in disfavor, Calhoun’s argument illustrates the importance of political economy on the constitutional
level by recognizing conditions that induce policymakers to rationally raise tax rates at the expense.
相似文献
Phillip W. MagnessEmail: |
18.
The recent period of intensive and extensive development of global economic integration, or globalization, has reached a crossroads.
The regime of the neoliberal Great Capitalist Restoration is not sustainable and fundamental governance changes must be made.
This paper adds perspective to the choices that must be made at this critical juncture of the global social economy by applying
the master concepts of Schumpeter’s Creative Destruction and Polanyi’s Protective Response.
相似文献
James Ronald StanfieldEmail: |
19.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
20.
Luigi Prosperetti 《International Review of Economics》2009,56(3):265-273
The article briefly outlines how the two major structural causes of the financial crisis have been a massive underestimation
of the negative externalities potentially arising from malfunctioning of financial markets, and the policy decision to assign
the production of an eminently public good, financial stability, to private parties. Both ideas have been a tenet of the so-called
Greenspan doctrine. The crisis also shows that all regulators tend to be captured in the end, and thus any new legislation
should contain bright-line rules, that might look inefficient when assessed with reference to the market they regulate, but
are socially efficient, because it would be politically costly to alter them. Criminal sanctions, which after all are a social
form of regulation, should also be strengthened.
相似文献
Luigi ProsperettiEmail: |