Scarcity and appropriative competition

This paper formalizes the commonsensical hypothesis that resource scarcity causes a large allocation of time and effort to appropriative competition. Our main innovation is to model explicitly the positive intertemporal effect of consumption on the probability of survival. The critical assumption is that this effect becomes stronger as resources become scarcer. We also show that anticipated future resource abundance increases the incremental value of survival and, consequently, amplifies the current allocation of time and effort to appropriative competition. Interestingly, if resources are currently scarce, then larger anticipated future abundance can cause a big enough increase in the time and effort allocated to appropriative competition to result in a decrease in the sum of current and expected future utility, a “paradox of anticipated abundance”.     

Monopoly, competition and information acquisition

An incumbent monopolist is uncertain about its linear demand, but can acquire public information at a cost. We determine how an entry threat affects the firm's information acquisition. If returns to scale are constant and the state-contingent demands become more dispersed as output increases, then entry reduces information acquisition. If, however, either the incumbent or entrant has increasing returns; or if the state-contingent demands are nonlinear or fail increasing dispersion, then entry can increase information. Finally, entry can hurt consumers. Although entry always increases output, it can decrease information. Consumers sometimes prefer a better informed monopoly to a duopoly.     

A new coincident index of business cycles based on monthly and quarterly series

Popular monthly coincident indices of business cycles, e.g. the composite index and the Stock–Watson coincident index, have two shortcomings. First, they ignore information contained in quarterly indicators such as real GDP. Second, they lack economic interpretation; hence the heights of peaks and the depths of troughs depend on the choice of an index. This paper extends the Stock–Watson coincident index by applying maximum likelihood factor analysis to a mixed‐frequency series of quarterly real GDP and monthly coincident business cycle indicators. The resulting index is related to latent monthly real GDP. Copyright © 2002 John Wiley & Sons, Ltd.     

Ludwig von Mises: The Man and His Economics

Kirzner, Israel M. (2001). Ludwig von Mises: The Man and His Economics . Wilmington, DE: ISI Books. ISBN 1-882926-61-7. xv, 226 pp.     

Can Collective Intentionality Be Individualized?

A BSTRACT . Searle's philosophical construction of social reality has three basic "building blocks": collective intentionality, constitutive rules, and the imposition of functions. This article will focus on the first of these, collective intentionality, which is taken to be the central span on the bridge from physics to society. Searle analyzes this notion in terms of his own internalist theory of intentionality. In his view, we could have all the collective intentionality we have even if we were a brain in a vat, i.e., even if we were radically mistaken about the outside world. It will be argued that such an internalist view of collective intentionality cannot capture normative aspects of social phenomena. Social reality requires a radical relational approach.     

The Effects of Participation and Job-Relevant Information on the Relationship Between Evaluative Style and Job Satisfaction

This study investigates the intervening effects of budgetary participation and job-relevant information on the relationship between budget emphasis and job satisfaction. It proposes that budgetary participation and job-relevant information are endogenous to budget emphasis. Using the path analytical technique and based on a sample of 152 senior managers, the study found that budget emphasis has an insignificant direct effect on job satisfaction, but a strong indirect effect through job-relevant information and budgetary participation. The results also indicate that job-relevant information has an intervening effect on the relationship between participation and job satisfaction.     

大义父母40年续写异国亲情

在山东省荣成市上庄镇小龙庄村外,一座石墓格外显眼.墓主是该村村民邹殿臣,立墓者是他的日本"儿子"渡边浩充.追随着这座石墓,一段感人至深的故事为世人所传颂.     

浅谈我校数字图书馆建设

数字图书馆的建设是我校图书馆建设的发展方向,数字图书馆也是未来图书馆的存在形式.文章着重介绍了数字图书馆的定义建立数字图书馆的意义数字图书馆的特点数字图书馆的模块及数字图书馆建设中应解决的主要问题.     

Are Fundamentals Priced in the Bond Market?*

To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value‐relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value‐relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies relying solely on stock prices. We find the fundamentals to be priced in the market for new bond issues as indicators of expected future earnings and to be value‐relevant in enabling the market to discern differences in bond credit quality over and above the published bond ratings.