Walter Adams and Chicago

Walter Adams is one of the strongest critics of the Chicago School of Economics. Yet he was trained at the University of Chicago. This article traces Adams' education in economics and delineates two distinct Chicago traditions of antitrust policy. Adams is linked to the earlier Chicago tradition of Henry Simons and, to some extent, Frank Knight. The consistency of Adams' policy views on antitrust is shown and the connection of these views to pragmatism and Jeffersonian precepts is argued.     

Budgeting and the propensity to create budgetary slack

This paper reports the results of a field study designed to investigate how managers' propensities to create budgetary slack are affected by the budgeting system and the technical context. The results show that propensities to create slack are lower where managers participate actively in budgeting, particularly when technologies are relatively predictable. But such propensities are higher if a tight budget requires frequent tactical responses to avoid overruns.     

An Examination of Changes in Specialists' Posted Price Schedules

New York Stock Exchange specialists disseminate informationto market participants by displaying price schedules consistingof bid prices, ask prices, bid depths, and ask depths. We examinehow specialists update these price schedules in a simultaneousequations model. We find that changes in the best prices anddepths on the limit order book have a significant impact onthe posted price schedule, while the effects of transactionsand order activity are secondary. Furthermore, we show thatspecialists revise prices and depths differently, but find noevidence that they revise the price schedule in response tochanges in inventory.     

Problems of Bank Lending in Bulgaria: Information Asymmetry and Institutional Learning

MOCT-MOST: Economic Policy in Transitional Economies -