共查询到20条相似文献,搜索用时 718 毫秒
1.
On the distribution of product price and quality 总被引:1,自引:0,他引:1
Alex Coad 《Journal of Evolutionary Economics》2009,19(4):589-604
We investigate the structure of demand by focusing on the distribution of prices within narrowly-defined classes of goods.
We observe considerable heterogeneity—products that are functionally similar but presumably of different ‘quality’ may sell
at very different prices. We analyze distribution of prices for bottles of wine, used cars, houses in London and week-long
holidays in Majorca, and observe in each case that the the resulting distribution is more skewed than the lognormal but less
skewed than a Pareto distribution. We then present a theoretical model whereby products can distinguish themselves along multiple
hedonic dimensions of ‘performance’, with these product attributes being random variables subject to multiplicative interactions.
Variations of this model can reproduce a lognormal price distribution and a Pareto distribution as lower and upper bound benchmarks
(respectively).
相似文献
Alex CoadEmail: |
2.
We develop a test for the presence of the monopsony power of the livestock integrator (principal) on the market for contract growers (agents) and estimate the model with the data on swine industry contract settlements. A natural test for the monopsony power of the principal would compare the estimated values of the marginal revenue products with the actual payments that agents receive for their services. The problem with implementing this approach comes from the fact that agents’ abilities and actions are unobservable. Our approach is based on estimating the slope of the inverse supply function for grower input using generalized method of moments (GMM) estimators. The model specifies the relationships between the observable consequences and unobservable grower characteristics imposing the first order conditions for principal’s profit maximization. The results show that the null hypothesis of no market power cannot be rejected.
相似文献
Tomislav Vukina (Corresponding author)Email: |
3.
This paper explores the implications of trade liberalization by extending the intra-industry trade framework à la Fung and
Maechler (J Int Trade Econ Dev 16(1):53–69, 2007) to the case of sequential move and taking the mode of firms’ competition
into consideration as well. It is shown that the existing results obtained for the case of simultaneous price competition
are robust in quantity competition and sequential move cases. Moreover, it studies the likelihood that the environmental effects
of trade liberalization occur.
相似文献
Lihong ZhaoEmail: |
4.
A note on parental and child risk valuation 总被引:1,自引:1,他引:0
The paper develops a model that allows the estimation of parent’s valuation of own and child health, in an endogenous risk
framework, where parents can employ multiple activities to protect themselves and their children from a health risk. These
risk-reducing activities may differ in their effectiveness and their intensity of use. We suggest how to estimate the parent’s
ex ante marginal willingness-to-pay for a reduction in the ambient level of health risk, unencumbered by expected utility
terms.
相似文献
Thomas D. CrockerEmail: |
5.
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/ |
6.
Political pressures and the credibility of regulation: can profit sharing mitigate regulatory risk? 总被引:1,自引:0,他引:1
When price-cap rules determine the structure of prices for a long period, they suffer a credibility problem and introduce
an element of risk especially if a firm’s profits are “too large”. Profit sharing may be seen as a device to pre-determine
price adjustments and thus to decrease regulatory risk. We analyse the effects of profit sharing on the incentives to invest,
using a real option approach. Absent credibility issues, a well designed profit sharing system may be neutral relative to
a pure price cap. With regulatory risk, profit sharing is preferable to a pure price-cap one, if it intervenes for high enough
profit levels.
相似文献
Carlo Scarpa (Corresponding author)Email: |
7.
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: |
8.
Organized legal professions often play a central role in successful institutional development. The paper’s model examines how legal professions affect institutional reform. Professional review of reform proposals solves a politician’s informational problem in a way that makes democracy, political stability, and professional power substitutes. The model’s applicability is examined by showing that its predictions track the fortunes of lawyers in the USSR and early transition and are consistent with events in 1688 in England and 1789 in France, indicating why these two revolutions had different consequences. The model suggests why and when civil law and common law systems differ.
相似文献
Peter MurrellEmail: |
9.
A simple note on herd behaviour 总被引:4,自引:0,他引:4
In his ‘Simple model of herd behaviour’, (Banerjee A (1992) A simple model of herd behaviour. Q J Econ CVII:797–817) shows
that—in a sequential game—if the first two players have chosen the same action, player 3 and all subsequent players will ignore
his/her own information and start a herd, an irreversible one. In this paper, we analyse the role played by the tie-breaking
assumptions in reaching the equilibrium. We show that: players’ strategies are parameter dependent—an incorrect herd may be
reversed; a correct herd is irreversible.
相似文献
Andrea MoroneEmail: |
10.
Niclas Berggren 《Constitutional Political Economy》2009,20(2):139-159
In the main, Hayek favored rules that apply equally to all and located such rules in tradition, beyond conscious construction.
This led Hayek to attack Keynes’s immoralism, i.e., the position that one should be free to choose how to lead one’s life
irrespective of the informal institutions in place. However, it is argued here that immoralism may be compatible with Hayek’s
enterprise since Hayek misinterpreted Keynes, who did not advocate the dissolving of all informal rules for everybody. By
avoiding this misinterpretation, immoralism can be seen as institutional experimentation at the margin, which Hayek himself
favored.
相似文献
Niclas BerggrenEmail: |
11.
This paper estimates a cointegrated vector autoregressive (VAR) model for UK data on consumer prices, unit labour costs, import prices and real consumption growth. The estimated VAR indicates that the nominal variables are characterised by I(2) trends, and that a linear combination of these processes cointegrate to I(1). This supports an analysis in which I(1) and I(2) restrictions are imposed. A key finding is that an increase in real import prices reduces productivity adjusted real wages, such that the change in domestic inflation is moderated. This may explain why the depreciation of sterling in 1992 left inflation unchanged.
相似文献
Christopher BowdlerEmail: |
12.
Mikael Sandberg 《Journal of Evolutionary Economics》2007,17(1):1-23
Fundamental correspondence and analogies between the evolution of technological and biological innovations call for an ‘innovation
Darwinian’, ‘universal Darwinian’ or ‘memetic’ approach to understanding technology innovation. Neo-institutional, in fact
pseudo-Lamarckian evolutionary economic theory, represented by North, Nelson and Winter, Freeman and others, is criticized.
Pseudo-Lamarckian (“by volition”) evolution is explained and analyzed on Darwinian grounds (as intentional and artificial
selection), as is Schumpeter’s definitions of creative and imitative innovation. Data from a web survey among Swedish public
and private organizations in 1999 are studied. Data show that Darwinian co-evolutionary interaction between producers and
users or clients provide essential conditions and stronger influence on creative IT innovations than both ‘Lamarckian’ strategies
and competition.
相似文献
Mikael SandbergEmail: |
13.
We examine the division of labor within households and marital matching patterns in the USA using both the Current Population
Survey (CPS) and the National Longitudinal Survey of Youth (NLSY). We use Becker’s theory of marriage markets by estimating
household production functions and using the estimates to test for positive or negative assortive matching. We also construct
match matrices, which are used to judge how well our model fits Becker’s theory. We find positive assortative matching on
all traits in young marriages and couples without children, and negative assortment along some traits in marriages with children.
This suggests that children induce specialization whereas couples without children exploit household public goods.
相似文献
Paul SicilianEmail: |
14.
Darwinism in economics: from analogy to continuity 总被引:2,自引:3,他引:2
Christian Cordes 《Journal of Evolutionary Economics》2006,16(5):529-541
Currently there is an ongoing discussion about how Darwinian concepts should be harnessed to further develop economic theory. Two approaches to this question, Universal Darwinism and the continuity hypothesis, are presented in this paper. It is shown whether abstract principles can be derived from Darwin’s explanatory model of biological evolution that can be applied to cultural evolution. Furthermore, the relation of the ontological basis of biological and cultural evolution is clarified. Some examples illustrate the respective potential of the two approaches to serve as a starting-point for theory development.
相似文献
Christian CordesEmail: |
15.
This paper is organized as follows: first, we show that the reference to the notion of group selection is coherent with the
other parts of Hayek’s thought. Second, we develop the idea that recent works in terms of the emergence and evolution of social
norms corroborate in part Hayek’s theses in this domain. Finally, we put to the fore some drawbacks in Hayek’s approach and
propose means to solve them.
相似文献
Pierre GarrousteEmail: |
16.
David B. Skarbek 《The Review of Austrian Economics》2009,22(1):109-112
F.A. Hayek’s broad research program has led some to conclude that his impact on economics has been minimal. This citation
study examines the frequency of Nobel laureates cited by other laureates in the official Prize Lectures to understand how
elite economists influence other elite economists. It finds that Hayek is the second most frequently mentioned laureate in
the Prize Lectures, and he has the second most publication citations of the laureates. Hayek’s influence on the top tier of
economists is substantial.
相似文献
David B. SkarbekEmail: |
17.
This paper uses a human capital earnings equation to quantify administrative corruption in the public sector. Regression analyses
are conducted based on information from surveys administered to public officials in Albania. After accounting for officials’
characteristics, e.g., schooling, experience, gender, type of agency, and public and private sectors’ features, we deduce
that the administrative corruption was on average 2.6× the officials’ current salary in Albania, which is equivalent to 16.7%
of the country’s GDP.
相似文献
Omer GokcekusEmail: |
18.
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We
analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market
price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades.
The econometric results show how the price support program affects both expected prices and the volatility of prices. It is
found that the censoring effects of a price support program can be significant and large even if the price support is set
relatively low.
相似文献
Jean-Paul ChavasEmail: |
19.
Domenico D’Amico 《Constitutional Political Economy》2007,18(4):301-318
Buchanan’s reflections on monetary issues have been mostly neglected, despite their great interest both per se and for a deeper
understanding of his general constitutional endeavour. We will thus propose a comprehensive assessment of Buchanan’s writings
on this topic, focusing in particular on the different political models that have been developed to argue in favour of constitutional
constraints on the governmental power to create money and on the implications that one can draw from our author’s monetary
papers for the structure and the objectives of his constitutional discourse more generally.
相似文献
Domenico D’AmicoEmail: |
20.
The present paper aims at examining the role of variety in the ski manufacturing industry and its relevance in firms’ price
setting strategies. In particular, it intends to investigate and to empirically test three hypotheses concerning the relations
between: product quality and prices; variety in technical characteristics and prices; variety in service characteristics and
prices. Our empirical investigation finds that prices are positively affected by product quality and positively affected by
variety in service characteristics. This means that a high degree of product variety allows firms to charge a premium price
on consumers, who are able to find the product that best meets their needs and are therefore willing to pay a higher price.
By contrast, variety in technical characteristics negatively impacts prices. In a context where a dominant design has emerged
and new varieties are not radically different from each other, the gains in economies of scale and scope outweigh the costs
of the increased flexibility in the equipment required to produce variety.
相似文献
Marco GuerzoniEmail: |