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1.
Pierre Garrouste 《The Review of Austrian Economics》2008,21(4):251-269
This paper presents an analysis of the way the Austrian theory of institutions evolved from Menger’s main works. It also tries
to advance the idea that the economics of institutions, when it deals with the emergence and evolution of rules and norms
from interacting individuals, is inspired by Menger’s work and more generally by the Austrian analysis of the emergence and
evolution of institutions. Recent works in the economics of institutions build on this earlier Austrian work to make it more
formalized and testable.
相似文献
Pierre GarrousteEmail: |
2.
The extent to which demand and supply shocks are transmitted in the supply chain is an important topic. As many supply chains
cross international borders exchange rate pass through is an important element in this context. In this paper a multivariate
system that allow us to test different hypothesis with respect to the supply chain is specified. Our empirical analysis includes
tests of whether there is a link between the different stages in the supply chain, whether the exchange rate pass through
is complete and whether price signals are fully transmitted. Different exogeneity assumptions are testable hypothesis, and
one can avoid the simultaneity problem associated with the common single equation specifications. Moreover, one can also test
whether the exchange rate is determined outside the system, as well as testing for price leadership. An application is provided
for the supply chain for cod between Norway and Portugal.
相似文献
Frank AscheEmail: |
3.
We present a comprehensive model of household economic decision covering both full cooperation and noncooperation as well as semi-cooperative cases, varying with income distribution and a parameter vector $\theta $ representing degrees of individual autonomy with respect to the public goods. In this model, the concept of “household $\theta $ -equilibrium” is introduced through the reformulation of the Lindahl equilibrium for Nash implementation and its extension to semi-cooperation. Existence is proved and some generic properties derived. An example is given to illustrate. An important benefit of this approach is to allow for a compact and unified investigation of the testable (local) restrictions of household demand. A particular decomposition of the pseudo-Slutsky matrix is derived and the testability of the various models discussed. 相似文献
4.
Thierry Aimar 《The Review of Austrian Economics》2008,21(1):23-43
This article argues for an extension of the Austrian paradigm of the ignorance of actors. The idea that will be defended here
is that actors are not only confronted with their lack of knowledge of the other person but also with their lack of self-knowledge.
From this perspective, the article seeks to understand the implications of this phenomenon in terms of infra-individual coordination
and to account for the mental processes mobilized by the individual mind so as to deal with that self-ignorance.
相似文献
Thierry AimarEmail: |
5.
This study uses the newly developed Fourier unit root test advanced by Enders and Lee (2004, 2009) to investigate the time-series properties of real GDP (Gross Domestic Product) for five Southeastern European countries for the period from 1969 to 2009. The empirical results from several conventional unit root tests indicate that the per capita real GDP for all of the countries studied are non-stationary; however, when Enders and Lee (2004, 2009) Fourier unit root tests are conducted, one rejects the unit root hypothesis of real GDP per capita in all countries under study. These results have important policy implications for these five Southeastern European countries under study. 相似文献
6.
C. Kumar Ramesh 《Applied economics》2013,45(1):145-148
In addition to pointing out that Kumar (1983) omits Hough (1981) and Knight (1983) from its list of reference, Hough (1983) raises two issues of largely statistical nature. 1 These are: 1. the use of an average (AC) rather than a total (TC) cost curve as the correct statistical device for examining economies of scale, and 2. estimation problems arising from possible heteroscedasticity of the error term in the estimating relation. Exactly the same issues are also raised in Hough (1981). Notwithstanding our earlier disclaimer (p. 324) that ‘no new grounds are broken on the methodological front’ as well as a clear mention of both problems (Footnotes 1 and 2), Hough is quite correct that the implications of these issues for our results were not spelled out. We take this opportunity to offer some clarifications with respect to the results in Kumar (1983). 相似文献
7.
Wen-Hong Chiu Hui-Ru Chi Ming-Huei Chen 《Technology Analysis & Strategic Management》2016,28(8):965-978
The paper extends Teece’s model of dynamic capabilities (2007) into four types of capabilities: sensing, coordination, autonomy and reconfiguration capabilities. We further develop a structural model between four types of dynamic capabilities and radical innovation performance (RIP) in established firms. Based on a dataset of top 500 manufacturing established firms in Taiwan, the proposed hypotheses are tested using the structural equation models. The results reveal that four types of dynamic capabilities and RIP are positively correlated in a sequential and structural manner. This paper concludes the systemic development of dynamic capabilities can improve RIP in established firms. Finally, we point out some managerial implications for improving RIP in established firms. 相似文献
8.
Loïc Sauce 《The Review of Austrian Economics》2017,30(3):305-321
By extending an underdeveloped idea of Lachmann, I show that the Austrian theory of the market process à la Kirzner is unable to explain the diversity of market processes because it neglects the imperfect inter-market mobility of factors of production. I show that by taking into account the imperfect mobility of capital equipment and the associated reshuffling costs, it is possible to formulate a set of empirically testable implications about the unfolding of the market process. Furthermore, I show that reshuffling costs shape the context in which the learning process takes place and that the epistemic assumption of structural opacity on which the Austrian theory of the market process relies is not incompatible with the epistemics assumption of structural transparency of neoclassical economics. These epistemic assumptions can be seen as the two poles of a “knowledge spectrum”, from potential omniscience to sheer ignorance. 相似文献
9.
Steven E. Phelan 《The Review of Austrian Economics》2016,29(3):277-297
This paper examines various Austrian theories of entrepreneurship through the lens of complexity theory, more specifically via the concept of a dancing fitness landscape. Problems in many fields (including economics) can be characterized as attempting to find the highest peak on a fitness landscape (which corresponds to an efficient or optimal resource allocation). A rugged fitness landscape is one characterized by many peaks and troughs, while a dancing fitness landscape is one where the peaks and troughs change over time due either to exogenous or endogenous activity. I argue that several key disagreements among Austrian economists can be better understood through the metaphor of a fitness landscape. The implications of this insight for various branches of Austrian economics are also considered. This study is timely as radical Austrian views are starting to percolate into business schools leading to increased debate among management scholars about the precise nature of the entrepreneurial process (Chiles et al. 2007; Sarasvathy and Dew 2008; Alvarez et al. 2010). 相似文献
10.
Energy markets and the associated energy futures markets play a crucial role in global economies. It is of great theoretical and practical significance to gain a deeper understanding of extreme value statistics of the volatility of energy futures traded on the New York Mercantile Exchange (NYMEX). We investigate the statistical properties of the recurrence intervals of daily volatility time series of four NYMEX energy futures, which are defined as the waiting times τ between consecutive volatilities exceeding a given threshold q. We find that the recurrence intervals are distributed as a stretched exponential , where the exponent γ decreases with increasing q, and there is no scaling behavior in the distributions for different thresholds q after the recurrence intervals are scaled with the mean recurrence interval . These findings are significant under the Kolmogorov–Smirnov test and the Cramér–von Mises test. We show that the empirical estimations are in nice agreement with the numerical integration results for the occurrence probability Wq(Δt|t) of a next event above the threshold q within a (short) time interval after an elapsed time t from the last event above q. We also investigate the memory effects of the recurrence intervals. It is found that the conditional distributions of large and small recurrence intervals differ from each other and the conditional mean of the recurrence intervals scale as a power law of the preceding interval , indicating that the recurrence intervals have short-term correlations. Detrended fluctuation analysis and detrending moving average analysis further uncover that the recurrence intervals possess long-term correlations. We confirm that the “clustering” of the volatility recurrence intervals is caused by the long-term correlations well known to be present in the volatility. Our findings shed new lights on the behavior of large volatilities and have potential implications in risk management of energy futures. 相似文献
11.
This study provides empirical evidence on the role of universities’ technological transfer (TT) activities in the Italian manufacturing sector, with particular attention to the food industry. Using the UniCredit-Capitalia database (2008) for firms and data from the Ministry of Education, University and Research (MIUR) to obtain the university TT indicator, we estimate a probit model to assess the effect of universities’ TT activities on a firm’s likelihood to innovate. The role of proximity in knowledge spillovers from TT activities is also investigated. Results show that university TT activities seem to stimulate food industry firms innovation and the impact appears significantly higher than for the manufacturing sector. Moreover, the effect of TT activities on innovation appears to be geographically bounded. As regards policy implications, this study provides two insights which may help promote innovation in the food sector. First, the factors that influence innovative capability in the food sector are different from those in other sectors, suggesting the need for sector specific instruments for promoting innovation. Second, science is important in the food industry and this raises questions about the policy of mainly considering high-tech industries when promoting a closer relationship between firms and universities. 相似文献
12.
Jonathan S. Seaton 《Applied economics》2013,45(27):3463-3476
The collective rationality hypothesis initiated by Chiappori (1988a) and applied by Seaton (1997, 2001) for a two-person household is used to distinguish the organizational behaviour of firms. Firms produce satisfaction to groups as traditional managerial and early behavioural theories of the firm of Williamson, Baumol and Marris suggest, as well as more modern principle agent models. Under certain conditions, intra-firm bargaining leads to a Pareto optimal outcome. What makes this work an important contribution is that it identifies a set of nonvacuous testable restrictions to empirically detect if firm-level data satisfy Pareto optimal behaviour for the main decision makers in the organization. 相似文献
13.
Olga Khrushcheva 《Geopolitics》2016,21(4):799-830
In 2013, there was a joint commitment to “long term strategic EU-Russia energy cooperation”.1 Whilst centred on oil and gas, it is noted that “the importance of renewables for EU-Russia energy relations should grow too”,2 and that for energy efficiency, “cooperation potential is immense and could… contribute to the objective of a Pan-European energy area”.3 Given this shared objective, this article analyses EU and Russian energy decarbonisation policy objectives and considers the potential for a supplementary trade relationship based on renewable energy flows and decarbonisation-related technology, as well as the implications for existing energy trade. Despite declarative statements of mutual interest, shared objectives and cooperation in decarbonisation policy, there has been very limited cooperation by early 2016. The EU has set ambitious plans to decarbonise its economy and energy sector by 2050. However, in Russia energy policy is dominated by hydrocarbon exports, decarbonisation targets are modest, and there are major problems with their implementation. The drivers of EU and Russian energy policies are evaluated, and the argument advanced is that different understandings of energy security and types of energy governance provide major obstacles to decarbonisation cooperation and trade. However, it is argued that ideas about energy policy and security are contested and subject to change and there exists significant potential for mutual gain and cooperation in the longer term. 相似文献
14.
《Journal of medical economics》2013,16(12):1092-1101
Abstract
Objective:
To estimate, from a US payer perspective, the cost offsets of treating gram positive acute bacterial skin and skin-structure infections (ABSSSI) with varied hospital length of stay (LOS) followed by outpatient care, as well as the cost implications of avoiding hospital admission. 相似文献15.
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: |
16.
Anthony J. Evans 《Constitutional Political Economy》2009,20(2):118-138
This article provides epistemic foundations for traditional rational-choice political science, to explain when and how ideas
matter. Operational codes, epistemic communities and the structural patterns of ideas demonstrates the constitutional moments
that occur during crises, and how ideas can underpin and direct the formation of interest groups. The implications for policy
reform are discussed, along with an application to the Constitutional Moments during the transition of Central and Eastern
Europe.
相似文献
Anthony J. EvansEmail: |
17.
The article applies the LM univariate unit root test recently developed by Lee and Strazicich (2003, 2004) to re-examine the validity of trend stationary in the inflation rates of 11 OECD and Asian countries using a longer span of historical data. Our empirical findings are favourable to the trend stationary of the inflation rates when we control the structural breaks in series, and therefore they point to the absence of hyperinflation in the majority of the countries. The results indicate that shocks to inflation rates are temporary and soon converge, with the inflation rates being trend stationary. Hence, most structural breaks in the inflation rate occur around the Great Depression, World War I, World War II, and energy shock periods. For the convergence effect, we repeat the unit root tests utilized above for smaller sub-samples so as to provide a robust analysis. The outcomes show that by selecting a longer data span, we can catch more powerful convergent evidence. Overall, some policy implications are obtained in this article. 相似文献
18.
David W. Findlay 《The Journal of economic education》2013,44(3):306-313
The author discusses several issues that instructors of introductory macroeconomics courses should consider when introducing imports in the Keynesian expenditure model. The analysis suggests that the specification of the import function should partially, if not completely, be the result of a simple discussion about the spending and import behaviors of the household, firm, and government sectors. The analysis also indicates that instructors who use certain import functions that are in some introductory textbooks will inadvertently impose restrictions on the model and potentially confuse students. The author examines several implications of the specification proposed by Robert Cherry (2001) and shows how the restrictions imposed by Cherry's specification make it difficult for instructors to present certain types of economic events and policies. The import function discussed here avoids these restrictions and allows instructors to present more easily certain types of examples. 相似文献
19.
Aaron Hatcher 《Environmental and Resource Economics》2007,38(1):89-98
This paper compares a firm’s short run optimal production and abatement rules under emission level standards and standards
expressed in terms of emissions per unit of output (ratio standards). The models allow for non-compliance with standards,
with expected penalties dependant on either level or relative violations of the standard in question. It is shown that ratio
arguments make a difference to the optimal decision rules derived for a profit-maximising firm. For example, for a given level
of emissions the firm both produces more, and abates more, under a ratio standard, so that ratio and level standards cannot
be used interchangeably to achieve the same combination of emissions and output. The implications for the efficiency of pollution
control are briefly discussed.
相似文献
Aaron HatcherEmail: |
20.
J. Paul Leigh 《Applied economics》2013,45(2):309-320
In 1910, the divorce rate per 1000 members of the US population stood at 0.9. 1 . This rate showed a slow upward trend for the next 50 years, and by 1960 had more than doubled to 2.2. It took only 20 years for the rate to more than double again so that by 1980, the rate was 5.3. For the last 20 years, the marriage rate, by contrast, has experienced mild fluctuations between 10.0 and 11.0 per 1000 in the population with no discernible trend. If the same pattern for both rates holds until the year 2000, the annual number of divorces will exceed the annual number of marriages. Although sociologists have researched divorce extensively, only a few economic studies exist. This is unfortunate since divorce is likely to have considerable impact on economic vaiables such as hours of work, labour force participation, human capital accumulation, work performance and earnings. 2 Without denying the influences of peer groups, social norms and role models, it seems reasonable to suggest that pecuniary considerations may also help to explain divorce. A search through the economics literature uncovered only two studies of the determinants as opposed to the implications of divorce: one by Orcutt, Caldwell and Wertheimer (1976) and another by Becker, Landes and Michael (BLM) (1977). The study by BLM is by far the most widely cited of the two. The authors of both studies argue that the current state of marriage is the primary determinant of divorce. BLM, for example, assert that ‘the probability of divorce is smaller the greater the expected gain from marriage, and the smaller the variance of the distribution of unanticipated gains from marriage’. BLM, in other words, view marriage as a risky investment with a distribution of returns. The alternative is divorce which, by implication in BLM, involves a certain return. The first contribution of this study is to draw the implications for an alternative view in which the investment in marraige is certain, but the investment in divorce is risky. The second contribution lies in presenting formal expected utility-maximizing models of an individual and/or a couple contemplating divorce which can be tested empirically. The thrid contribution is the method developed to test the predictions of the models. The paper of follows a simple format. Section I presents the models. Section II provides an explanation of the data used in the empirical tests. Methodology and results are presented in sections III and IV. Caveats are observed in section V. The final section closed with a summary of the arguments and evidence. 相似文献