Multimarket contact of US newspaper chains: circulation competition and market coordination

Post-war ownership consolidation and acquisition in the US newspaper industry has given rise to extensive market contact amid the remaining chains. This paper studies the impact of this industrial structure on local daily newspaper competition. It seeks to examine whether multimarket contact (MMC) between two newspaper chains can facilitate coordinating exclusive circulation areas for their respective newspapers in proximate circulation markets. Econometric results indicate a strong linkage between the MMC variable and reduced circulation competition for 218 papers in the midwest US. Advertising prices are found to be significantly higher with MMC newspapers.     

Monetising the Classical Equations: a theory of circulation

The Classical Equations describe output and income in real terms.To use them to analyse aggregate demand, the transactions theydescribe must be ‘monetised’. A sum of money equalto the wage bill of the capital goods sector can be shown tobe necessary and sufficient to carry out all transactions, ina process of circulation which also defines an expression forvelocity. When money has intrinsic value, the quantity approachmay hold in the short run but, in the long run, money will beendogenous. In these conditions, the rate of interest will bedetermined by the supply and demand for reserves, but when moneyis purely nominal, only a minimum rate will be fixed, and therate of interest will have to be pegged. The Appendix developsthe Classical Equations and shows that they define an invariableunit of account.     

连锁经营超市物流配送的对策及措施研究

本文主要从连锁经营的角度来阐述超市物流配送的原则，优势以及连锁经营的核心等问题，进而得出连锁经营超市物流配送的对策及措施，具有可操作的实际意义,     

Endorse or Not to Endorse: Understanding the Determinants of Newspapers’ Likelihood of Making Political Recommendations

This article investigates the determinants of newspapers’ provision for political opinion. I empirically examine the role of newspapers’ political preferences and market competition on newspapers’ decision to make endorsements. Regression results suggest that market competition turns newspapers more likely to make endorsements. Results from a simple model show that newspapers’ ideology determine their endorsements, making partisan papers more likely to make political recommendations and endorse challengers than non‐partisan newspapers.     

Candidates’ Education and Turnout: Evidence from Italian Municipal Elections

We analyze the impact that the educational level of candidates running for the position of mayor has on electoral turnout by using a large dataset for Italian municipal elections held between 1993 and 2011. We firstly estimate a municipality fixed effects model and show that the median education of candidates standing in an election is positively correlated with turnout. To handle endogeneity issues arising from the unobservable time variant features of electoral races, we build on the literature which shows that politicians’ educational level is positively affected by their wage and apply a Fuzzy Regression Discontinuity Design on the basis of the fact that the wages of mayors in Italy increase non‐monotonically at different thresholds. Results show that an exogenous increase in the median educational level of candidates, induced by a higher wage, leads to an increase in turnout of about 1 percentage point.     

Analysing the breakthrough of rock ‘n’ roll (1930–1970) Multi-regime interaction and reconfiguration in the multi-level perspective

The breakthrough of rock ‘n’ roll was part of broader transformations in the American music industry, involving changes in music instruments, music recording technology, audiences, radio programming and music styles. These transformations will be analysed as sociotechnical transition, using the multi-level perspective. One characteristic of the case is interactions between multiple regimes: radio and recording. Another characteristic is the presence of strong cultural components, with rock ‘n’ roll as proxy. These characteristics lead to theoretical adjustments in the multi-level perspective. Further analysis also suggests a particular transition path of reconfiguration, in which multiple niche-innovations cumulatively transform the regime.     

市场结构、流通能力与我国农产品流通企业扩张绩效

通过对企业扩张影响因素全面的理论梳理,构建一个新的企业扩张行为分析模型,可以认为企业扩张行为并非是外部因素决定的,企业扩张行为绩效的决定是内部性的.在这一企业扩张新假设条件下,企业在竞争中的能力的积累是流通企业扩张行为取得绩效的根本来源.运用这个模型对中国农产品企业扩张问题进行实证研究,从而对我国农产品流通企业扩张的合理化提出相关建议.     

Banks’ Interest Rate Risk and Search for Yield: A Theoretical Rationale and Some Empirical Evidence

We investigate German banks’ exposure to interest rate risk. In finance, higher demand for a risky asset is typically associated with higher expected return. However, employing a utility function which implies both risk‐averse and risk‐seeking behavior depending on the level of profits, we show that this relationship may get weaker and even change its sign at low profit levels. For the period 2005–14, we find not only the common positive relationship of higher expected returns and rising interest rate exposure but also that this relationship does become weaker with falling operative income, its sign eventually changing.     

Wagner’s Law and Fiscal Illusion: An analysis of state government finances in Brazil

The aim of this article is to analyze state‐level public finances in Brazil. We examine the dynamics of governmental spending in a panel of 26 Brazilian states in search of evidence of Wagner’s Law and Fiscal Illusion Hypothesis. For the period ranging from 2002 to 2015, three methodologies are applied: dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), and pooled mean group (PMG). The main empirical results found indicate that (1) there is strong evidence of Fiscal Illusion caused by public deficit and by central government transfer grants; (2) there are possible Flypaper Effects; (3) there is no evidence in support of Wagner’s Law; (4) there is low publicness degree of local expenditures; (5) due to Fiscal Illusion, less‐developed Brazilian states tend to be stuck in a public expenditure growth mechanism, especially in expenses related to non‐public goods, which tend to benefit private interests and lobby groups.     

Confidence or competence: Do presidencies matter for households’ subjective preferences?

This paper investigates how households form subjective preferences. We examine the relationship between subjective economic confidence or sentiments and the perception of the incumbent government's competence, and consider how preferences affect each other. We further consider consequences of different presidencies. A theoretical model shows how households ‘anchor’ subjective views of the incumbent's competence on the household's confidence. Empirical analysis confirms the posited behavior and confirms that different presidencies have a bearing on the relationship.     

Sign here,please! On developing countries’ market access conditions in regional trade agreements

Have regional trade agreements (RTAs) improved market access conditions for developing countries? Employing a measure expressing effective tariff margins and using disaggregated panel data for a sample of 45 developing country exporters, 60 export destinations, and the period between 1991 and 2015, it is shown that this question can generally be answered in the affirmative. Although the effect is estimated to be moderate, RTAs might thus be an important long‐run building block in the United Nations 2030 Agenda for Sustainable Development in order to increase developing countries’ participation in world trade. On closer inspection, however, for the countries included in the sample, there is considerable variation depending on the choice of integration partners and economic sectors. More specifically, market access improvements cannot be found for African economies in South–South agreements and developing countries engaging formally with the European Free Trade Association (EFTA) or the Republic of Korea, while leading industrialized nations are reluctant to grant improved market access to developing countries in RTAs especially in capital‐intensive (high‐productivity) manufacturing sectors.     

Evolution of market shares with repeated purchases and heterogeneous network externalities

We investigate how market shares change when a new, superior technology exhibiting network externalities is introduced in a market initially dominated by an old technology. This is done under the assumption that consumers are heterogeneous in their valuation of technology quality and network externalities and that goods are not (perfectly) durable and thus have to be bought repeatedly. When both technologies are unsponsored, the old technology dominates when the quality difference is small, and it disappears when the quality difference is large. When the new technology is sponsored, the relationship between the quality difference and the long-run market share of the new technology is non-monotonic and the old technology always continues to exist.

Anatomy of Russia’s market segmentation1

Based on a relationship between price difference and demand difference among locations, the role of various market frictions in causing segmentation of the Russian goods market is analysed. The spatial sample covers most of Russian regions (70 of the 89); the data are annual, spanning 1992 to 2000. Spatial disconnectedness of regions is found to be responsible for about 70 percent of the average price differential, while the rest is caused by ‘artificial’ impediments to market integration such as regional protectionism, organized crime and intra‐region shipping conditions.     

Sexual economic theory & the human mating market

In this study, we apply economic principles to the heterosexual human mating market using data on the socio-demographics, biology, attractiveness, sexual behaviour, and reproductive history of 3,261 Australian online dating participants. More specifically, by using survey participants attractiveness ratings as a proxy for market value, we are able to quantitatively explore theories of sexual economics (SET), which conceptualizes sexual access as an economic resource supplied by women in the human mating market. Our study tests this theory further by incorporating heterosexual market substitutes (namely, 953 bisexual and pansexual individuals) to more accurately integrate the relevant supply and demand forces impacting market value and the commodity of sexual access. We find not only that bisexual and pansexual women (but not men) enjoy a market premium (7.3% higher; p < 0.001) relative to their heterosexual counterparts, but that, contrary to SET, women’s market value in our sample does not diminish with age. We further find that in line with theory and evidence from evolutionary studies, men with (proxied) resources realize a higher market value (6.1% higher for every increased level of educational attainment; p < 0.001) than those without. In conclusion, SET is just one possible model that seeks to understand the complex multi-dimensionality of modern human sexuality and reproduction through an economics lens. As the internet and online dating now provide a low-cost conduit for human mating market participants, so to can it facilitate further large sample scientific studies of mating market dynamics such as this.     

Estimating the market value of collegiate football players from professional factor shares

Although the level and growth of revenue in college football has drawn increasing public attention, reliable estimates of the value of college and associated rents remain elusive. Many players do not have easily observable performance statistics and there are significant complementarities. Using a simple estimation strategy based on professional factor shares and rooted in economic theory, we generate estimates of market value for college players across seven National Collegiate Athletic Association conferences using professional football and basketball salaries from 2011 to 2013 as shadow prices. With this method, market value of an average starting football player in a Bowl Championship Series (BCS) conference ranges from $120,000 to $1.7 million per year. The value of superstar players may exceed $4 million per year. We find that rents can flow from the institutions to players in some cases at relatively low-revenue institutions outside the BCS.     

The brain drain, ‘educated unemployment’, human capital formation,and economic betterment1

Extending both the ‘harmful brain drain’ literature and the ‘beneficial brain gain’ literature, this paper analyzes both the negative and the positive impact of migration by skilled individuals in a unified framework. The paper extends the received literature on the ‘harmful brain drain’ by showing that in the short run, international migration can result in ‘educated unemployment’ and overeducation in developing countries, as well as a brain drain from these countries. A simulation suggests that the costs of ‘educated unemployment’ and overeducation can amount to significant losses for the individuals concerned, who may constitute a substantial proportion of the educated individuals. Adopting a dynamic framework, it is then shown that due to the positive externality effect of the prevailing, economy‐wide endowment of human capital on the formation of human capital, a relaxation in migration policy in both the current period and the preceding period can facilitate ‘take‐off’ of a developing country in the current period. Thus, it is suggested that while the migration of some educated individuals may reduce the social welfare of those who stay behind in the short run, it improves it in the long run.     

An ‘oil’igopoly theory of exploration

This paper develops a theory of ‘oil’igopoly exploration of an exhaustible resource. Strategic exploration and production are jointly derived in a three period subgame perfect equilibrium. While the ‘oil’igopoly theory of exploration shares many features with non-strategic models of exploration and production, there is one important difference. The ‘oil’igopoly theory of exploration predicts that firms who exhaust their proved reserves before they can convert their unproved reserves into proved reserves have an incentive to over-explore, relative to the Nash equilibrium level of exploration. A simple empirical prediction is that firms holding smaller proved reserves should be observed doing more exploration. This prediction is consistent with country-level production and reserve data in the post-World War II era.     

Product market deregulation and the US employment miracle

We consider the dynamic relationship between product market entry regulation and equilibrium unemployment. The main theoretical contribution is combining a job matching model with monopolistic competition in the goods market and individual bargaining. We calibrate the model to US data and perform a policy experiment to assess whether the decrease in trend unemployment during the 1980s and 1990s could be directly attributed to product market deregulation. Under our baseline calibration, our results suggest that a decrease of less than two-tenths of a percentage point of unemployment rates can be attributed to product market deregulation, a surprisingly small amount.     

流通产业组织结构优化中的自然垄断趋势

流通产业的组织结构是产业经济学关注的重要理论问题之一,人们或是根据产业组织学理论从商品流通企业的市场关系对其进行分析,或是从流通产业内部的资源配置结构及关联对其展开考察,或是在"结构、行为、绩效"框架下对其进行研究.其实,产业的组织结构涉及的层面很复杂,它与自然垄断之间有可能存在的关联尚未引起学者们应有的关注.本文认为,依据产业经济学对自然垄断的理解或定义,流通产业组织结构的优化与自然垄断之间存在着关联,这种关联可以通过流通产业运行的内部性和外部性予以揭示,对这种关联的分析,可以发现在流通产业组织结构的优化中蕴含着自然垄断的趋势.