What Can Regulators Regulate

A bstract . An examination of urban warming trends in the United States offers a statistical model that points out that the urban areas cited most heavily by the Environmental Protection Agency for violating ozone standards are not the areas with the greatest warming trends. After accounting for environmental and geometric characteristics of the urban landscape, a negative relationship is found between ozone standard violations (by an urban center) and a measure for the urban area's temperature. The simultaneous system of equations also suggests that industrial firms located in these centers employ lobbyists (successfully) to minimize the degree of an EPA citation. Much of the evidence adds some support to the theory of economic regulation , the capture theory of regulation, and the rent seeking model in the public choice literature.     

General‐interest versus specialty journals: Using intellectual influence of econometrics research to rank economics journals and articles

This paper demonstrates the potential problem in using existing economics journal rankings to evaluate the research productivity of scholars by constructing a new ranking of economics journals and articles. Based on 2142 econometrics sample articles published from 2000 to 2005, our ranking results show that the intellectual influence of an econometrics article published in several econometrics/statistics journals is much higher than if it were published in the most prestigious general‐interest journal. Given that a study's potential influence is integrated into the submission decision, this suggests a substantial downward bias toward econometricians when existing rankings are used to evaluate their research productivity. Copyright © 2009 John Wiley & Sons, Ltd.     

Cartels and the Incentive to Cheat: Evidence from the Classroom

Several points about cartel behavior are illustrated, using the curve on an exam.     

A discrete-time hazard model of lottery adoption

This paper uses conventional logit probablitities to estimate a discrete-time hazard model of lottery adoption. The data set consists of a time-series of cross-sections on states in the US. Our findings suggests that politicians are more likely to support the decision. A lottery is more likely to be adopted of ther is a favourable climate for gambling in the state and if a bordering state has adopted a lottery.     

Housing prices,stock prices and the US economy

This paper studies the relationship between housing prices, stock prices, interest rates and aggregate output in the US using monthly data from 1993 to 2014. Evidence from causality tests and a variance decomposition procedure suggest that stock prices have a much larger effect on aggregate output in the US economy than do either housing prices or interest rates. Instead, the wealth effect created by changes in stock prices has a relatively large impact on US aggregate output. Separate estimations and variance decompositions for the sample periods 1993–2001, 2002–2008 and 2009–2014 show that the impact of housing prices relative to stock prices has been waning over time.     

绿色经营战略管理和平衡记分卡构建方法

本文主要探讨绿色经营战略管理愿景、战略实施、平衡记分卡制定的程序化方法和基本内容,以及面向信任度策略的企业战略地图,试图通过绿色经营战略管理平衡计分卡的构建为可持续管理对经济成功贡献之间所暗含的依存关系提供依据,正面推动绿色经营。     

Derivatives pricing when supply and demand matter: Evidence from the term structure of VIX futures

We decompose the VIX futures term structure into systematic components driving the VIX and idiosyncratic components reflecting demand by various types of futures end-users. We model two distinct channels by which trading activity manifests itself into futures prices: a contemporaneous “level effect” across the term structure due to the aggregate size of nondealer net demand and a mean-reverting “roll effect” due to large trades in specific contracts. The observed futures term structure was, on average, higher and steeper than it would have been in the absence of the observed nondealer demand, but the impact varies in sign and magnitude over time.     

Winning the tournament for named professorships in management

We apply tournament theory to explain the process within which selection of named professorships takes place and a procedural justice test to justify winning the named professorship tournament. Specifically, we estimate the probability that management professors hold one of the highest rewards for academic research productivity, a named professorship, as a function of his or her research credentials, as measured by the number of articles published in a small core of elite management journals. Alphabetically, these are Academy of Management Journal, Academy of Management Review, Administrative Science Quarterly, Journal of Operations Management, Management Science, Operations Research, Organization Science, and Strategic Management Journal. Although each of the eight journals is positively related to the probability of attaining a named professorship, the Academy of Management Review and the Academy of Management Journal emerge as the two most influential management journals.     

Do congressional leaders detect and deter cartel cheating? Evidence from committee assignments

Abstract. The present study extends recent work in the public choice literature that suggests that monopoly legislators form cartel-like organizations in an effort to extract greater benefits in the political process. With any cartel organization cheating is expected to arise. If any political cartel (or business cartel) is to be successful, cheating must be detected and punished. Previous work examining the voting behavior and committee placement of Congressional Black Caucus members presents observable evidence of cartel success, but it fails to examine how cheating by individual Congressional Black Caucus members is detected and deterred. This study points out that (1) use of ADA voting records by Democratic House leaders renders “cartel cheating” easily detectable, (2) any observed cheating is punished by Democratic leaders through placement on less desirable House committees, and (3) such a punishment diminishes the “legislative” level of representation that an individual Representative can provide. Received: 29 May 2001 / Accepted: 29 July 2002 The authors thank two anonymous referees of this journal, Amihai Glazer, David Hobson and Troy Gibson for helpful comments. This work was supported through a Business Advisory Council Faculty Scholars Grant.     

Homo Economicus and the Salem Witch Trials

The treatment of natural monopoly in textbooks is inconsistent with the distinction typically made between short- and long-run costs. A solution to the pedagogical problem is to introduce different planning horizons and to discuss the waste associated with costly entry and exit from the industry.