Alan Collins  Martin C. Snell 《Applied economics》2013,45(7):803-813

This paper provides a UK high resolution microeconometric study of parental preferences and the choice process for secondary schools. Given the particular geographical features of the region, first preference almost entirely related to one of two state schools, which is a situation that perhaps better reflects the real nature of the options faced by most parents in the UK. In contrast to earlier work, distance and access considerations were explicitly incorporated in the preference and choice models estimated and found to be a significant influence on parental decisions. Further significant factors were found, dependent upon the parents' actual choice of school.  相似文献   

    

Abbas A. Taheri 《Applied economics》2013,45(8):751-756

This paper investigates substitution among such alternate fuels as coal, natural gas, and electricity during the actual oil price increases of 1970s. These substitution adjustments are assumed to be dynamic and modelled by a partial adjustment structure. This dynamic structure is incorporated into a translog cost technology. Short- and long-run price elasticities are estimated by identifying inter- and intra-industry variations. The models are estimated with a sample of 88 pooled observations, including distillate and residual oils purchased by eleven 2-digit manufacturing groups (1974-81). Models are estimates are strictly negative. These own price elasticities range from (long-to short-run) –2.93 to –2.55 for distillate oil, –0.698 to – 1.53 for residual oil, –0.533 to 0.011 for coal, –0.235 to –0.213 for natural gas, to –0.888 to –0.845 for electricity. Estimastes of both short-run and long-run cross-price elasticities suggest that coal and electric energy are the prominent substitutes for fuel oils. While the relationship between the latter and natural gas remains largely complementary.  相似文献   

    

William D. A. Bryant 《The Journal of economic education》2013,44(1):75-80

Textbooks regularly interpret the second fundamental theorem of welfare economics by claiming it asserts that any desired Pareto optimum can be achieved by market prices.  相似文献   

    

Martin Ravallion 《Review of Income and Wealth》2013,59(4):623-628

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  总被引：1，自引：0，他引：1  

Martin  Ravallion  Michael  Lokshin 《Review of Income and Wealth》2006,52(3):399-421

In theory, a poverty line can be defined as the cost of a common (inter‐personally comparable) utility level across a population. But how can one know if this holds in practice? For groups sharing common consumption needs but facing different prices, the theory of revealed preference can be used to derive testable implications of utility consistency knowing only the “poverty bundles” and their prices. Heterogeneity in needs calls for extra information. We argue that subjective welfare data offer a credible means of testing utility consistency across different needs groups. A case study of Russia's official poverty lines shows how revealed preference tests can be used in conjunction with qualitative information on needs heterogeneity. The results lead us to question the utility consistency of Russia's official poverty lines.  相似文献   

    

Fayez A.  Elayan – Kuntara  Pukthuanthong – Richard  Roll 《Economic Notes》2006,35(3):253-291

We examine the stock market reaction to 1227 inter-corporate ordinary business contract announcements reported by Dow Jones between January 1, 1990 and December 31, 2001. Around contract announcement dates, we find statistically significant positive average abnormal returns and abnormal trading volume for contractors, but insignificant positive abnormal returns and negative abnormal volume for contractees. Cross-sectionally, contract announcement period returns are higher for contractors who are small relative to the contract size, have higher return volatility, larger market-to-book ratios and higher profitability. The announcement period returns of contract-awarding firms are not significant and are only marginally related to cross-sectional explanatory factors. The results are consistent with two explanatory stories: contractor quasi-rents induced by the winner's curse and information signalling about contractor production costs. The results are not consistent with perfect competition, with contracts having positive net present values for both parties, and with a version of incomplete contracting theory.  相似文献   

  总被引：1，自引：0，他引：1  

Jyotsna Jalan  Martin Ravallion 《Journal of Applied Econometrics》2002,17(4):329-346

How important are neighbourhood endowments of physical and human capital in explaining diverging fortunes over time for otherwise identical households in a developing rural economy? To answer this question we develop an estimable micro model of consumption growth allowing for constraints on factor mobility and externalities, whereby geographic capital can influence the productivity of a household's own capital. Our statistical test has considerable power in detecting geographic effects given that we control for latent heterogeneity in measured consumption growth rates at the micro level. We find robust evidence of geographic poverty traps in farm‐household panel data from post‐reform rural China. Our results strengthen the equity and efficiency case for public investment in lagging poor areas in this setting. Copyright © 2002 John Wiley & Sons, Ltd.  相似文献   

    

Richard A. March 《Journal of Applied Econometrics》2002,17(1):85-90

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  总被引：2，自引：0，他引：2  

David Hirshleifer  Anjan V. Thakor 《Journal of Economics & Management Strategy》1998,7(4):489-520

This paper examines some policy issues related to the interaction between internal and external corporate control mechanisms—board dismissals and takeovers—by focusing on the information aggregation and other effects related to this interaction. We model the functioning of corporate control mechanisms as an example of a multilayered principal-agent relationship in which shareholders delegate the task of monitoring management quality to the board and rely on the external takeover market to provide additional disciplining of the manager as well as of the board. This gives rise to two effects: (1) a substitution effect, whereby the takeover market partially substitutes for board dismissal of the manager, leading to greater lenience toward the manager by a board acting in the shareholders' best interest, and (2) a kick-in-the-pants effect, whereby the board is stricter with the manager because it may be dismissed by a successful acquirer who views it as lax. The interaction of these two effects leads to various implications about the behavior of boards and potential acquirers. In particular, a well-functioning internal control mechanism (the board) does not obviate the need for external control (takeovers). Moreover, somewhat counterintuitively, there may be a greater incidence of takeovers when the internal control mechanism is working well than when it is not.  相似文献   

    

Paul Dalziel  David Peetz 《The Australian economic review》2008,41(4):389-393

Perry in this journal draws on two new sources to challenge claims by Dalziel (2002) and Peetz (2005) about relatively weak labour productivity growth in New Zealand after the introduction of its Employment Contracts Act (ECA) in 1991. While new data raise further research questions, they do not overturn our original conclusions. Whether the ECA contributed to higher labour input growth compared with Australia, it failed to improve labour productivity growth.  相似文献