Housing Costs and Prices Under Regional Regulation

The regulation of development by regional agencies was proposed in the American Law Institute's Model Land Development Code. The objective of this additional regulation was to bring new development into accord with the growing concern with environmental degradation. The State of Florida was the first state to adopt its own version of the Code. This article reviews the housing cost and price impacts of this regulatory process as it has evolved in Florida. The empirical evidence suggests that both the cost and the price of new housing subject to this review are increased above that of housing exempted.     

A formal set of algorithms for project scheduling with critical path scheduling/material requirements planning

A hybrid model combining the critical path method (CPM) with material requirements planning (MRP) has been suggested (Aquilano) as a more robust method for scheduling projects and resources. The primary advantage of this technique is that resource acquisition lead times as well as inventory records are integrated into the process of computing the project schedule. This paper presents a set of formal CPM/MRP algorithms that may be used to compute the early and late start schedules as well as the critical sequence. A number of modifications have been incorporated into the CPM/MRP technique to improve the viability of CPM/MRP as a tool for application to actual project scheduling problems. A simple example project is used to demonstrate the CPM/MRP model.The CPM/MRP technique is designed to overcome a basic shortcoming of previously suggested project scheduling methodologies. CPM was initially designed to schedule projects subject to technological constraints only. Later, additional techniques were introduced to consider constraints upon various aspects of resource availability (Davis). None of the suggested techniques attempted to integrate resource acquisition lead time with the generation of requirements for resources. Obviously such a technique would require the integration of inventory records into the scheduling technique.The combination of CPM and MRP provides a possible vehicle for overcoming this drawback in CPM. Both CPM and MRP are linear models that generate schedules based upon precedence relationships. An integrated approach is useful since activities could be scheduled subject to information about the inventory position. An activity may be scheduled as soon as all resources are on hand. It is only delayed by those resources which must be acquired and activities which proceed it in the project network.CPM/MRP also shows promise as an aid to constrained resource scheduling since computations regarding resource availability are an integrated part of the technique. The effect of resource allocation decisions is immediately evident in the MRP-type time phased records.Results of the tests run on short projects of up to 300 activities and resources have shown that the program does work satisfactorily. Execution time for a 300 item network tested was approximately ten seconds on a CYBER 175.     

An extensive form interpretation of the private core

Summary. The private core of an economy with differential information, (Yannelis (1991)), is the set of all state-wise feasible and private information measurable allocations which cannot be dominated, in terms of ex ante expected utility functions, by state-wise feasible and private information measurable net trades of any coalition. It is coalitionally Bayesian incentive compatible and also takes into account the information superiority of an individual. We provide a noncooperative extensive form interpretation of the private core for three person games. We construct game trees which indicate the sequence of decisions and the information sets, and explain the rules for calculating ex ante expected payoffs. In the spirit of the Nash programme, the private core is thus shown to be supported by the perfect Bayesian equilibrium of a noncooperative game. The discussion contributes not only to the development of ideas but also to the understanding of the dynamics of how coalitionally incentive compatible contracts can be realized. Received: July 21, 2000; revised version: January 16, 2001     

The Year in Review: Economics at the Antitrust Division, 2007–2008

This paper covers the activities of the Economic Analysis Group (EAG) of the Antitrust Division, U.S. Department of Justice, during 2007–2008. It describes the economic analysis undertaken by EAG in several important investigations, and in other activities as an advocate for competition. The views in this paper are those of the authors and do not necessarily reflect those of the Antitrust Division.     

Credit Union Legislative Frameworks in the United States of America and the United Kingdom – A Flexible Friend or a Step Towards the Dark Side?

This article questions the findings of several studies which have concluded that the Credit Unions Act 1979 was a factor limiting the growth of credit unions in the United Kingdom (UK). The author’s conclusions are based upon an analysis of the amendments to the Credit Unions Act 1979 introduced by the Financial Services Authority (FSA). As a result, the 1979 Act now reciprocates the controversial, yet flexible United States (US) legislative framework. In particular, the article examines the interpretation of the common bond, the provision of financial services and the regulation of credit unions. The article concludes that these three statutory provisions have assisted the growth of credit unions in both countries and not limited their development. However, the growth of credit unions has come, at the expense of their unique status and philosophy. It has made US credit unions, in particular, indistinguishable from banks. This is a problem which may affect credit unions in the UK. The article concludes that the Credit Unions Act 1979 did not limit their development, but acted as a galvanising factor for credit union expansion.     

Public and Private Investments in Greece: Complementary or Substitute ‘Goods’?

This paper investigates whether government investment spending exerts a positive or a negative effect on private investments. Time-series data for Greece as well as the methodology of cointegration suggest that, over the period 1948-80, public investment spending exerted a positive effect on private investments, while over the period 1981-96, the relationship turned out to be negative. Empirical results indicate that the large increase of the public share in the total investment process tended to crowd out private investments and to jeopardize the growth process of the economy.     

Cyclicality of commodity markets with respect to the U.S. economic policy uncertainty based on granger causality in quantiles

Given the importance of the U.S. in global commodity markets, the goal is to explore whether U.S. economic policy uncertainty impacts the price performance of certain commodities. The analysis uses the Granger causality in quantiles method that allows us to test whether there are different effects under different market conditions. The results document that economic uncertainty impacts the returns on the commodities considered, with the effects clustering around the tail of their conditional distribution. Robust evidence was obtained under alternative definitions of uncertainty.     

The Impact of Violent Content on Pricing of Media Products

Although considerable research exists on the impact of exposure to violence on individual and group behavior, existing research has not examined how violent media are valued by consumers, specifically as it relates to the pricing and promotion of media products. In this study a total of 960 monthly price observations for video games and DVD movies were collected. Pricing data for the month of product launch as well as the months following the launch were compiled and subjected to ANOVA and regression analyses, to determine the role of violent content on both new and pre-owned prices. Consistent with the theoretical framework presented, the results indicate that violence can systematically impact prices, but the impact depends on the medium. In the video game market violent content contributes to a faster rate of price depletion, while in the DVD market it helps new product prices appreciate post-launch. The article concludes with a discussion of the implications of the findings for managers, public policy advocates, and researchers.