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31.
This paper examines the effects of introducing competition into monopolized network industries on prices and infrastructure
quality. Analyzing a model with reduced-form demand, we first show that deregulating an integrated monopoly cannot simultaneously
decrease the retail price and increase infrastructure quality. Second, we derive conditions under which reducing both retail
price and infrastructure quality relative to the integrated monopoly outcome increases welfare. Third, we argue that restructuring
and setting very low access charges may yield welfare losses, as infrastructure investment is undermined. We provide an extensive
analysis of the linear demand model and discuss policy implications. 相似文献
32.
This paper studies the dynamic interaction between human capital accumulation and economic growth. Capital market imperfections
and an indivisibility in human capital investment prevent poor agents from accumulating skills, the acquisition of which positively
affects technological progress. More productive technologies in turn require more sophisticated qualification and involve
higher training costs. The equilibrium dynamics can be characterized by the joint evolution of productivity growth, the schooling
costs, and the income distribution. Under our assumptions, individual incomes follow a non-linear Markov chain. This non-linearity
generates endogenous fluctuations of schooling activities and the rate at which productivity improvements occur.
We thank an anonymous referee for many helpful suggestions. Support from the German Research Foundation (DFG) under grant
KA1519/2-2 is gratefully acknowledged. 相似文献
33.
Economic theory suggests that it is optimal to reward teachers depending on the relative performance of their students. We develop an econometric approach, based on stochastic frontier analysis, to construct a fair ranking that accounts for the socio-economic background of students and schools and the imprecision inherent in achievement data. Using German PIRLS (IGLU) data, we exploit the hierarchical structure of the data to estimate the efficiency of each teacher. A parsimonious set of control variables suffices to get a “fair” estimate of unobserved teacher quality. A Hausman–Taylor type estimator is the preferred estimator because teacher efficiency and some exogenous variables may be correlated. 相似文献
34.
We propose an empirical commodity market model with heterogeneous speculators. While the power of trend-extrapolating chartists
is constant over time, the symmetric impact of stabilizing fundamentalists adjusts endogenously according to market circumstances:
Using monthly data for various commodities such as cotton, sugar or zinc, our STAR–GARCH model indicates that their influence
positively depends on the distance between the commodity price and its long-run equilibrium value. Fundamentalists seem to
become more and more convinced that mean reversion will set in as the mispricing enlarges. Commodity price cycles may thus
emerge due to the nonlinear interplay between different trader types.
The paper represents the authors’ personal opinion and does not necessarily reflect the views of the Deutsche Bundesbank. 相似文献
35.
In this paper, we present a model in which the performing arts are modelled as congestible public goods. In accordance with empirical evidence, the production of seat capacity is assumed to be subject to fixed costs. We estimate the parameters of the model's demand and cost functions using German data. Using these estimates in a subsequent social choice analysis, we show that the current situation in the German performing arts sector is best described by a directorship that under the influence of a selfish theater lobby maximizes only the welfare of the spectators. Such an equilibrium, characterized by too low ticket prices and too large capacity, is most likely to establish if citizens have a very positive ex ante notion of the performing arts. 相似文献
36.
37.
Elected politicians can choose to decide themselves or to delegate competence. Delegation can occur in the constitutional stage, but is most common in the post-constitutional stage. Furthermore, domestic delegation can be distinguished from international delegation. The authors propose to analyze both delegation decisions within a unified framework and apply it to eight countries of Central and Eastern Europe that have experienced substantial constitutional change recently. The main differences among these countries with regard to delegation are portrayed, their origins are traced and their effects analyzed. 相似文献
38.
39.
We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid rangelands. The ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty such as to maximize expected utility from farming income. Grazing management strategies are rules about which share of the rangeland is given rest depending on the actual rainfall in that year. In a first step we determine a myopic farmer's optimal grazing management strategy and show that a risk averse farmer chooses a strategy such as to obtain insurance from the ecosystem: the optimal strategy reduces income variability, but yields less mean income than possible. In a second step we analyze the long-run ecological and economic impact of different strategies. We conclude that a myopic farmer, if he is sufficiently risk averse, will choose a sustainable grazing management strategy, even if he does not take into account long-term ecological and economic benefits of conservative strategies. 相似文献
40.