Ein Beitrag zur nicht-statischen Werttheorie

Ohne Zusammenfassung     

Ein empirischer Test der Annahme der permanenten Einkommenshypothese von Milton Friedman

Summary We apply the Variate-Difference-Method to yearly Austrian data from 1956 to 1975 to test the permanent-income-hypothesis byM. Fiedman.First we determe the degree of the polynomial, which is sufficient to eliminate the trend (i.e. the permanent part) from time series of disposable income. Then the permanent income variable is constructed in two alternative ways: first, as a polynomial in time and second bySheppard's smoothing formulae. Transitory consumption is identified with the residuals of the consumption function. A correlation analysis shows that, transitory income and consumption are correlated, if permanent income is determined by a trend polynomial, while this is not the case ifSheppard's smoothing formulae is used to estimate permanent income.Consumption functions are specified for total consumption, durables and non-durables and eleven sub-groups of total private consumption. The results indicate that autocorrelation can considerably be reduced by usingSheppard's smoothing formulae.     

Diffusion and scale dynamics: A case study

This paper examines the relationship between the diffusion of a major process innovation, oxygen steel-making, and the growth of plant sizes. As in some previous studies, a step-wise pattern of scale increases is observed; however, there is no stable correlation of these increases to cumulative capacity expansion, maximum plant sizes appear to have stabilized, and plants of widely dispersed capacities continued to be built as oxygen steel-making became the dominant technique, world-wide. Factors responsible for scale increase are analyzed; steadily growing equipment size, the addition of equipment to existing plants, and a wide range of minor innovations and adaptations have contributed to growth in plant capacities; in most instances, scale-up continued after the beginning of operations. It is concluded that the frequently-used concept of an optimal, or maximum feasible, plant scale remains ambiguous without reference to the specific technical and economic conditions of production systems, and that plant-size increases are fully dependent on continuing technological effort.     

Nimmt die Kapitalintensität monoton mit dem Lohn-Zinsverhältnis zu?

Ohne ZusammenfassungMit 3 Textabbildungen     

Decomposing desert and tangibility effects in a charitable giving experiment

Several papers have documented that when subjects play with standard laboratory “endowments” they make less self-interested choices than when they use money they have either earned through a laboratory task or brought from outside the lab. In the context of a charitable giving experiment we decompose this into two common artifacts of the laboratory: the intangibility of money (or experimental currency units) promised on a computer screen relative to cash in hand, and the distinct treatment of random “windfall” gains relative to earned money. While both effects are found to be significant in non-parametric tests, the former effect, which has been neglected in previous studies, has a stronger impact on total donations, while the latter effect has a greater impact on the probability of donating. These results have clear implications for experimental design, and also suggest that the availability of more abstract payment methods may increase other-regarding behavior in the field.     

A theory of operational cash holding,endogenous financial constraints,and credit rationing

This paper develops a theory of operational cash holding. Liquidity shocks due to delayed payments must be financed using cash or short-term debt. Debt holders provide an irrevocable credit line given a firm's expected insolvency risk, and equity holders select optimum cash holding. The model demonstrates the trade-off between cash holding and investing in fixed assets. Introducing uncertain cash flows leads to precautionary cash holding if debt holders impose financial constraints. Precautionary cash holding, in turn, reduces insolvency risk enhancing access to short-term finance. The theory shows that credit rationing can occur in the absence of market frictions. Using U.S. data from 1998 to 2012, empirical findings suggest that the decline in credit lines has contributed to the increase in cash holding in line with theoretical predictions.