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Truncated distributions commonly arise in economics and related areas, see, for example, Lee (Econ Lett 3:165–169, 1979), Lien (Econ Lett 19:243–247, 1985; Econ Lett 20:45–47, 1986), Burdett (Econ Lett 52:263–267, 1996), Sercu (Insur: Math and Econ 20:79–95, 1997), Abadir and Magdalinos (Econom Theory 18:1276–1287, 2002), and Horrace (J Econom 126:335–354, 2005). In this note, we consider the most commonly encountered truncated distributions with heavy tails: the truncated t distribution and the truncated F distribution. For each of these distributions, we derive explicit expressions for the moments and estimation procedures by
the method of moments and the method of maximum likelihood. An application is illustrated to a popular data set in the econometric
literature.
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Bart J. Wilson 《The Review of Austrian Economics》2018,31(2):231-234
Edward Peter Stringham’s book Private Governance: Creating Order in Economic and Social Life (2015) is a compelling defense of the proposition that private governance is more widely used and more effective than most people think. Stringham looks to history to see how people solved problems of fraud and cheating without government intervention and provides example after compelling example to contradict the strong claim that a government or any third-party enforcer is necessary for voluntary exchange. While Stringham doesn’t take on the tough problem that private governance is not sufficient for its task, his book is intended to be the beginning, not the end, of thinking about private governance. 相似文献
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Robert L. BradleyJr. 《The Review of Austrian Economics》2007,20(1):63-90
Economists inside and outside of the Austrian-school tradition have formulated a subjectivist theory of mineral resources.
While von Mises (1940) presented a rudimentary theory, institutionalist Zimmermann (1933 and after) provided an in-depth mind-centered approach
distinct from the objective, neoclassical theory for minerals developed by Jevons (1865, 1866), Gray (1913), and Hotelling (1931). A full-fledged Austrian theory identifies the fixity/depletionism view of minerals as incompatible with entrepreneurship.
Mineral resourceship, praxeologically akin to manufacturing, or the making of capital goods, demotes the distinction between depletable and nondepletable
resources for the sciences of human action. Instead of nonreproducibility, the interplay of geography and institutions becomes
the locus of mineral-resource theory, given the nonuniform distribution of deposits. An Austrian-institutional theory is more
robust for explaining changes in mineral-resource scarcity than neoclassical depletionism, and offers a wide research agenda
for current debates over resource production, usage, and future availability.
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Robert L. Bradley Jr.Email: |
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Mellissa Marcus Terence C. Burnham David W. Stephens Aimee S. Dunlap 《Journal of Bioeconomics》2018,20(1):125-140
Preferences are the foundation of economics. Preferences are taken by economists as fixed by some implicitly biological process. In recent decades, behavioral economics has documented the divergence between the nature of human preferences and the assumptions of standard economics. In this study, we use the tool of experimental evolution to study the evolution of color preferences in fruit flies (Drosophila melanogaster). In particular, we select for a preference for laying eggs on the color aqua. We find that the flies evolve to lay more than twice as many eggs on aqua. However, this evolution occurs entirely because the flies lay more eggs overall. The flies in this study, do not evolve to lay a higher percentage of eggs on the selected color, aqua. 相似文献
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Jason Brennan 《The Review of Austrian Economics》2018,31(2):235-243
Private Governance shows that philosophers, political and legal theorists, and social scientists mistakenly believe in legal centralism, the view that order in the world depends upon and is made possible by state law. In fact, most governance not only happens to be private, but must be private. This paper extends Edward Stringham’s argument by claiming that philosophers tend to suffer from three biases. Diffidence bias means they are overly pessimistic about people’s willingness and ability to cooperate without state enforcement. Statism bias means the overestimate the degree to which cooperation is secured by the state. Guarantee bias means they overestimate the value and need for legal guarantees. 相似文献
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The importance of compensation payments for biodiversity-enhancing land-use measures has grown over the past decade, particularly in connection with agri-environmental policy. Given that both the costs and the benefits of biodiversity-enhancing land-use measures are subject to spatial variation, the criterion of cost-effectiveness calls for spatially heterogeneous compensation payments. However, when deciding whether to implement uniform or heterogeneous compensation payments, the regulator has to compare the disadvantage of uniform payments in terms of cost-effectiveness with the disadvantages of spatially heterogeneous payments. To help resolve this issue, this paper provides a simple ecological-economic model that allows the reduced cost-effectiveness associated with uniform payments for biodiversity-enhancing land-use measures to be assessed for different types of benefit and cost functions.JEL classification: Q20 相似文献
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Adam GiffordJr. 《The Review of Austrian Economics》2007,20(4):269-291
The arguments presented in Hayek's The Sensory Order suggest that the mind/brain is a decentralized spontaneous order. The decentralized nature of decision-making and the central role of classification in perception, cognition, and action, are solutions to the knowledge problem that confronts the system. The nature of this decentralized complex system suggests that the ordering is deterministic and that free will in the sense of a decision-maker being able to stand outside the circle of cause and effect is an illusion. If determinism is correct, how can we hold individuals responsible for their actions? It is argued that the evolution of responsibility, blame and credit are the products of a second Hayekian spontaneous order. Responsibility and the allocation of credit and blame are part of an implicit social contract that facilitates cultural evolution, political freedom, and economic growth. It is responsibility, not the existence of free will, that makes freedom possible. 相似文献
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Kevin Vallier 《The Review of Austrian Economics》2017,30(3):323-325
This introduction provides an overview of the papers in the symposium on Hayekian themes in The Order of Public Reason. 相似文献
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Boris Hirsch 《Journal of Economics》2004,82(1):97-99
Book Review
Monopsony in Motion - Imperfect Competition in Labor Markets. 相似文献15.
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Carl Hampus Lyttkens George Tridimas Anna Lindgren 《Constitutional Political Economy》2018,29(4):389-412
The specific way the Athenians set up their democracy presents both theoretical and empirical challenges. Decisions were taken by majority vote in the Assembly. To keep politicians in line, the Athenians first used ostracism, which however was replaced by the graphe paranomon around 415 BCE. The latter provided that anybody who had made a proposal in the Assembly could be accused of having made an unconstitutional suggestion, bringing a potentially severe penalty if found guilty. We know of 35 such cases between 403 and 322. During the fourth century the notion of illegality was extended to a mere question of political undesirability. Henceforth any decision by the Assembly could be overturned by the courts, but if the accuser failed to get at least 20% of the jury votes, he was punished instead. While these rules can be seen as a safeguard against bad decisions, they also provided the Athenian politicians with important information about the relative strength of their political support. This effect has not been analysed before, and it may help explain the relative stability of political life in classical Athens. Furthermore this analysis also contributes to our understanding of a curious but often overlooked fact, namely that the decrees of the Athenian Assembly to a great extent concerned honorary rewards, and the use of the graphe paranomon in turn was largely focussed on the honorary decrees. 相似文献
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The Stern Review added balanced growth equivalents (BGE) to the economic climate change research agenda. We first propose rigorous definitions
of the BGE for multiple regions and under uncertainty. We show that the change in the BGE is independent of the assumed scenario
of per capita income. For comparable welfare economic assumptions as the Stern Review, we calculate lower changes in BGE between a business as usual scenario and one without climate impacts with the model FUND
than the Stern Review found with the model PAGE. We find that mitigation policies give even lower changes in BGE and argue that those policy choices
should be the focus of the research effort rather than total damage estimates. According to our results, the current carbon
tax should be below $55/tC. Sensitivity analyses show that the Stern Review chose parameters that imply high impact estimates. However, for regionally disaggregated welfare functions, we find changes
in BGE that are significantly higher than the results from the Stern Review both for total damage as for policy analysis. With regional disaggregation and high risk aversion, we observe fat tails and
with that very high welfare losses.
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Climate change can lead to a substantial reduction of the strength of the thermohaline circulation in the world oceans. This is often thought to have severe consequences particularly on the North Atlantic region and Northern and Western Europe. The integrated assessment model FUND is used to estimate the extent of these impacts. The results indicate that, owing to a slower warming (rather than cooling) of the regions most affected by a thermohaline circulation collapse, climate change induced damages in these regions would be smaller in case of a shutdown of the thermohaline circulation. However, even with a thermohaline circulation collapse, the total and marginal impacts of climate change are negative.JEL Classification:
Q510, Q540We are grateful to Till Kuhlbrodt for providing the CLIMBER data and to Andre Krebber for processing them. The German Federal Ministry for Education and Research through the INTEGRATION project, the US National Science Foundation through the Center for Integrated Study of the Human Dimensions of Global Change (SBR-9521914) and the Michael Otto Foundation provided welcome financial support. 相似文献