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1.
The most fundamental proposition about growth and competition is that there is a tradeoff between static welfare and long-term
growth. This paper reconsiders this basic proposition in an expanding variety endogenous growth model with competitive markets
for “old” innovative products and for a traditional good. We shed light on some implications of monopolistic distortions which
tend to be ignored by standard models. First, no growth may be better than some growth, since modest positive growth potentially
requires sizeable static welfare losses. Second, the economy may converge to a steady state with zero growth, even though
a locally saddle-point stable steady state with positive growth exists if the initial share of “cheap” competitive markets
is sufficiently high, as this implies a relatively low demand for “expensive” innovative goods. Third, such a “no-growth trap”
may happen in a world economy made up of several countries engaged in free trade with each other. The policy implications
are that growth-enhancing policies may be misguided and that quick deregulation as well as quick trade liberalization can
lead to stagnation in the long term.
相似文献
2.
The literature on the tragedy of the anticommons typically suggests that producers of complementary goods should integrate
themselves. Recent decisions by the antitrust authorities seem however to indicate that there exists a tradeoff between the
“tragedy” and the lack of competition characterizing an integrated market structure. In this paper we analyze such tradeoff
in oligopolistic complementary markets when products are vertically differentiated. We show that quality leadership plays
a crucial role. When there is a quality leader, forcing divestitures or prohibiting mergers, thus increasing competition,
lowers prices and enhances consumer surplus. However, when quality leadership is shared, “disintegrating” firms may lead to
higher prices. In this case, concerns about the tragedy of the anticommons are well posed in antitrust decisions. 相似文献
3.
We examine the association between various components of consumption expenditure and happiness in the Health and Retirement
Study (HRS), a nationally representative sample of older Americans. We find that only one component of consumption is positively
related to happiness—leisure consumption. In contrast, consumption of durables, charity, personal care, food, health care,
vehicles, and housing are not significantly associated with happiness. Second, we find that leisure consumption is associated
with higher levels of happiness partially through its effect on social connectedness, as indexed by measures of loneliness
and embeddedness in social networks. On one hand, these results counter the conventional wisdom that “material goods can’t
buy happiness.” One the other hand, they underscore the importance of social goods and social connectedness in the production
of happiness. 相似文献
4.
Yeneng Sun 《Economic Theory》1999,14(3):507-544
Summary. The aim of this paper is to develop some measure-theoretic methods for the study of large economic systems with individual-specific
randomness and multiple optimal actions. In particular, for a suitably formulated continuum of correspondences, an exact version of the law of large numbers in distribution is characterized in terms of almost independence, which leads to several
other versions of the law of large numbers in terms of integration of correspondences. Widespread correlation due to multiple
optimal actions is also shown to be removable via a redistribution. These results allow the complete removal of individual
risks or uncertainty in economic models where non-unique best choices are inevitable. Applications are illustrated through
establishing stochastic consistency in general equilibrium models with idiosyncratic shocks in endowments and preferences.
In particular, the existence of “global” solutions preserving microscopic independence structure is shown in terms of competitive
equilibria for the cases of divisible and indivisible goods as well as in terms of core for a case with indivisible goods
where a competitive equilibrium may not exist. An important feature of the idealized equilibrium models considered here is
that standard results on measure-theoretic economies are now directly applicable to the case of random economies. Some asymptotic
interpretation of the results are also discussed. It is also pointed out that the usual unit interval [0,1] can be used as
an index set in our setting, provided that it is endowed together with some sample space a suitable larger measure structure.
Received: September 14, 1998; revised version: January 6, 1999 相似文献
5.
This paper introduces the idea of “robust political economy.” In the context of political economic systems, “robustness” refers
to a political economic arrangement's ability to produce social welfare-enhancing outcomes in the face of deviations from
ideal assumptions about individuals' motivations and information. Since standard assumptions about complete and perfect information,
instantaneous market adjustment, perfect agent rationality, political actor benevolence, etc., rarely, if ever actually hold,
a realistic picture and accurate assessment of the desirability of alternative political economic systems requires an analysis
of alternative systems' robustness. The Mises-Hayek critique of socialism forms the foundation for investigations of robustness
that relax ideal informational assumptions. The Buchanan-Tullock public choice approach complements this foundation in forming
the basis for investigations of robustness that relax ideal motivational assumptions.
JEL Code B53, P16, P26 相似文献
6.
What you export matters 总被引:19,自引:0,他引:19
When local cost discovery generates knowledge spillovers, specialization patterns become partly indeterminate and the mix
of goods that a country produces may have important implications for economic growth. We demonstrate this proposition formally
and adduce some empirical support for it. We construct an index of the “income level of a country’s exports,” document its
properties, and show that it predicts subsequent economic growth. 相似文献
7.
Xi Wang 《Frontiers of Economics in China》2006,1(2):234-255
In view of the peculiar patterns of investment ownership structure and special investment phenomena in China, the paper sets
up formal dynamic investment behavioral models for state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs)
under the background of full-dimensional and gradual economic transition. The models are based on two key points: entrepreneurs
of SOEs have dual and changing operational objectives as the result of property-rights reformation; and dual-track approach
of price liberalization process and reformation of financing system alters the actual user costs of capital goods. Analytical
solutions are provided and it is shown that there exists a normative and unified explanation of the peculiar phenomena such
as “investment deficiency” of NSOEs, “investment thirst”, “investment inefficiency,” and dual shrinkage of SOEs in both investment
and output. Our research also sheds lights on evaluation of preceding reforms, understanding of SOEs’ losses and bad bank
loans. The paper partially justifies the property-rights-oriented reformation of SOEs.
__________
Translated from the China Economic Quarterly (经恎学季刊),2005, (7) (in Chinese) 相似文献
8.
This article examines multinational public goods provision under multilateral income transfers and productivity differences across countries. Under a planner who uses linear approximation for utility maximization, we show that (1) a country is an income receiver if it has a higher productivity than the average in producing public goods, enabling it to provide more public goods; (2) the amount of transfers can be pinned down for all countries with an adjustment cost; (3) each country obtains an identical utility increment; and (4) the country with the lowest adjustment cost is the best candidate for the planner country. All results are derived based on well-known information regarding the cost of producing the public goods and income levels. 相似文献
9.
House money effects in public good experiments: Comment 总被引:1,自引:0,他引:1
Glenn W. Harrison 《Experimental Economics》2007,10(4):429-437
We reconsider evidence from experiments that claim to show that using “house money” in standard public goods experiments has
no effect on behavior. We show that it does have an effect when one examines the data using appropriate statistical methods
that consider individual-level responses and account for the error structure of the panel data.
JEL Classification D7 · C92
I am grateful for comments from two referees and an editor. All data and statistical code are available for public access
at the ExLab Digital Library located at http://exlab.bus.ucf.edu. 相似文献
10.
Multilateral subsidy games 总被引:3,自引:1,他引:2
This paper examines the rationale for multilateral agreements to limit investment subsidies. The welfare ranking of symmetric
multilateral subsidy games is shown to depend on whether or not investment levels are “friendly”, raising rival profits in
total, and/or strategic complements, raising rival profits at the margin. In both Cournot and Bertrand competition, when spillovers
are low and competition is intense (because goods are close substitutes), national-welfare-maximizing governments over-subsidize
investment, and banning subsidies would improve welfare. When spillovers are high, national governments under-subsidize from
a global welfare perspective, but the subsidy game is welfare superior to non-intervention.
For helpful comments we are grateful to two referees, to Arijit Mukherjee, and to participants in seminars at Prague and UCD,
at the EEA Conference in Lausanne and at the GEP Conference on “New Directions in International Trade Theory” at the University
of Nottingham, June 2007. Dermot Leahy acknowledges the support of the Science Foundation Ireland Research Frontiers Programme
(Grant MAT 017). 相似文献
11.
Eric W. Bond 《Economic Theory》2009,41(1):85-104
This paper characterizes the efficient payoff frontier in a three country model where countries face one time adjustment costs
of forming trade agreements, and compares it with the constrained efficient frontier when agreements must be self-enforcing.
The presence of self-enforcement constraints puts a limit on the magnitude of transfers that can be made between countries,
and makes it more likely that bilateral agreements are observed on the constrained efficient frontier. The existence of adjustment
costs leads to the possibility that payoffs under a two step agreement, in which an initial bilateral agreement is expanded
to include the third country, may Pareto dominate the payoffs from immediate formation of an agreement among all three countries.
However, the condition that a two step agreement be efficient in the absence of self-enforcing constraints is neither necessary
nor sufficient for the gradual approach to have a lower minimum discount factor.
This paper was prepared for the conference “New Directions in International Trade Theory” held at the University of Nottingham.
I thank Andres Rodriguez-Clare, Rod Falvey, conference participants, and anonymous referees for helpful comments on an earlier
draft. 相似文献
12.
Without public goods and under fairly standard assumptions, in Hammond and Sempere (J Pub Econ Theory, 8: 145–170, 2006) we
show that freeing migration enhances the potential Pareto gains from free trade. Here, we present a generalization allowing
local public goods subject to congestion. Unlike the standard literature on fiscal externalities, our result relies on fixing
both local public goods and congestion levels at their status quo values. This allows constrained efficient and potentially
Pareto improving population exchanges regulated only through appropriate residence charges, which can be regarded as Pigouvian
congestion taxes. 相似文献
13.
Daniel Flores 《Journal of Regulatory Economics》2009,35(1):1-18
“All you can drink” specials are forbidden by law in several places. Authorities claim that establishments tend to offer low
quality drinks when they use this type of promotion. In this paper, I elaborate a model to determine whether a monopolist
produces higher or lower quality goods when using buffet pricing (all you can drink) instead of a two-part tariff. I find
that the more profitable strategy is usually associated with a higher quality good than the less profitable strategy. However,
under certain conditions buffet pricing is more profitable and leads to lower quality goods than the alternative.
相似文献
14.
Maria Elena Bontempi 《Empirical Economics》2002,27(1):1-22
This paper proposes an empirical model for the modified pecking order theory (MPO) in which both trade-off (TO) and pecking
order (PO) models are nested. The MPO model is specified as an error-correction mechanism and applied to a vast panel data-set.
Unlike previously estimated financial models, it avoids a number of problems: the mis-specification of dynamics, the approximation
of the target leverage using the historical mean, the constrained estimation of the free cash flow components in a unique
parameter. The MPO model is particularly good at explaining “hybrid” systems (neither market-based nor bank-based) such as
the Italian one, in which companies are a mixture of two types: TO-type firms with a long-term optimal debt ratio towards
which they converge; PO-type firms for whom the short-term availability of internal funds for investment may interfere with
the process of adjustment towards the target leverage. Finally, the MPO model enables us to separately test the individual
relevance of each of the restricted (“pure”) TO and PO models: results confirm their mis-specification and clearly point towards
the excellent empirical performance of the MPO model.
First version received: May 2000/Final version received: September 2000 相似文献
15.
André Varella Mollick 《Empirical Economics》2003,28(3):615-638
Effects of external and income shocks on consumption and on the current account in Mexico from 1980 to 2000 are investigated.
An intertemporal model captures the extent into which non-traded goods consumption affects traded-goods consumption, clarifying
the roles of intratemporal or intertemporal substitution. Vector autoregressions (VARs) show that the 1% shock to non-traded
goods consumption affects traded-goods consumption by −2% immediately, reverting to zero only after one year, supporting the
intratemporal channel. Real exchange rate (RER) shocks exert considerable macroeconomic fluctuations. The 1% shock to RER
affects traded goods consumption by −2% immediately, reaching −5% one year later. At the expense of income shocks, RER shocks
grow in explanatory power over time: from 20%–25% at 1 quarter to 65%–69% of the variance of traded goods consumption 3 years
later. Figures for the current account range from 14% to 68%, while income shocks appear less important. In contrast, for
non-traded goods, RER shocks roughly match the quantitative importance of income shocks, reinforcing the theoretical analysis.
First version received: June 2001/Final version received: July 2002
RID="*"
ID="*" Previous versions of this paper were presented at the conferences: “Economic and Financial Cycles and NAFTA: Micro
and Macro Issues and Analysis” in Mexico City and at the “35th Annual Meeting of the Canadian Economics Association” in Montréal. I wish to thank two anonymous referees of this journal
for very helpful comments, Steven Ambler, Vincent Dropsy, Jo?o Faria, Michel Normandin, Yoshi Otani, Tsunemasa Shiba and Gerardo
Villoslado for comments and encouragement. I remain solely responsible for the shortcomings of this paper. Financial support
from the Japanese Ministry of Education and Culture in early parts of this project is gratefully acknowledged. 相似文献
16.
J. R. DeShazo Trudy Ann Cameron Manrique Saenz 《Environmental and Resource Economics》2009,42(3):319-343
For stated preference (SP) studies, we develop a model that assesses the influence of choice set misspecification arising
from the omission of perceived substitutes among real-world alternatives in the same class of goods. This problem is most
likely to be present when individuals are allowed to select a “no purchase” option instead of being forced to choose from
an explicit set of SP alternatives with hypothetical attribute levels. A convenient feature of our model is that researchers
do not need to know exactly which omitted real substitute the individual most prefers, only the set of real substitutes that
exists. In our empirical illustration, a comparison of rival models suggests researchers who overlook the presence of perceived
real alternatives related to an SP experiment can end up with noticeably biased welfare estimates. Our more-general model
suggests that it may be prudent for future SP researchers to anticipate, then test and possibly correct for, distortions in
utility parameter estimates that result from this problem.
相似文献
17.
《Review of Economic Dynamics》2014,17(1):86-106
This paper characterizes the solution to a consumption/savings decision problem in which one of the consumption goods involves transaction costs. It then analyzes how such adjustment costs affect consumersʼ risk attitudes. Previous studies have suggested that transaction costs, by resulting in infrequent but lumpy adjustments, magnify consumersʼ risk aversion with respect to moderate-stake risk and, simultaneously, stimulate the demand for large-stake wealth lotteries. This paper argues that such predictions, while naturally arising in static models, may disappear or even reverse in a dynamic setting, in which consumers can choose when to make an adjustment. Namely, it shows that such an option can eliminate the demand for large-stake lotteries, and that the consumers choosing to delay the adjustment may be more tolerant to moderate-stake risks than in the absence of adjustment costs. The paper also illustrates that both predictions crucially depend on the relationship between the time discount rate in the utility function and the interest rate. 相似文献
18.
Esben Sloth Andersen 《Journal of Evolutionary Economics》2001,11(1):143-164
This paper presents the problem of satiation of consumption and technology in relation to a model of evolutionary endogenous
growth. The model represents an attempt to provide an evolutionary economic micro foundation to Pasinetti's scheme of the
structural economic dynamics of an economy that is based on only labour and knowledge. The micro foundation is based on a
set of rules that makes endogenous the demand coefficients, the labour coefficients, and the number of available sectors.
Through process innovations firms increase their productivities with respect to individual goods, but a growth slowdown takes
place unless the benefits from specialisation are exploited at still higher levels. Another cause for slowdown is related
to an Engelian hierarchy of goods. As the standard of living grows, existing sectors and consumption goods satiate, so new
sectors need to be provided by product innovations in a sufficient pace to keep up with the labour that is displaced from
old sectors. 相似文献
19.
A resource-based view of Schumpeterian economic dynamics 总被引:6,自引:0,他引:6
John A. Mathews 《Journal of Evolutionary Economics》2002,12(1-2):29-54
This paper seeks to offer a theoretical platform where the modern “resource-based view” of the firm might meet with evolutionary
economics and the study of entrepreneurship, and with the economics of industrial organization. It does so by proposing the
concept of the “resource economy” within which productive resources are produced and exchanged between firms. This is presented
as the dual of the mainstream goods and services economy – where the “resource economy” captures the dynamic capital structure
of the economy. The paper is concerned to bring out the distinctive principles governing resource dynamics in the resource
economy, capturing competitive dynamics in such categories as resource creation, replication, propagation, exchange and leverage;
evolutionary dynamics in terms of resource variation, selection and retention; entrepreneurial dynamics in terms of resource
recombination and resource imitation, transfer and substitution; and industrial organizational dynamics in terms of resource
configuration, resource complementarities and resource trajectories. 相似文献
20.
In an influential article, [Romer, C. “The Great Crash and the Onset of the Great Depression,” Quarterly Journal of Economics, 105, 1990, pp. 597–624.] estimates the magnitudes of the uncertainty and wealth effects. She reports that before and after
the Great Depression, the uncertainty effect has a large and statistically significant influence on durable good production,
while the wealth effect is negative but negligible. When the authors of this paper change the specification of the model with
respect to the amount of time necessary for stock returns to translate into changes in consumption, they reach the exact opposite
conclusions that Romer does. Specifically, when the authors allow consumers 12 or more months to alter consumption behavior,
rather than Romer's three, stock price uncertainty did not significantly affect the durable goods production before, during,
or after the Great Depression. The authors also find that stock market returns from the previous year have a positive and
statistically significant impact on the durable goods production, indicating the importance of the wealth effect. 相似文献