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71.
Abstract. The aim of this paper is to estimate the effect of fertility on the decision of labour force participation of married females
in Spain, allowing for the existence of unobserved characteristics that affect both fertility and participation. We use a
pooling of five waves of the European Household Panel for Spain (1994–1998). Results indicate that not taking into account
the unobserved characteristics that affect both variables imposes on average a strong downward bias on the true effect of
fertility on participation. This bias is especially strong for highly educated females.
We are grateful to Raquel Carrasco and an anonymous referee for helpful comments. Financial support from Gobierno Vasco (PI-1999-160)),
Ministry of Education and Science (BE2000-1394), Instituto de la Mujer and Universidad del País Vasco (UPV 00035.321-13511/2001)
is gratefully acknowledged. 相似文献
72.
Summary. We examine how irreversible capital reduces the possibility of a duopoly to sustain implicit collusion by grim strategies,
when the product is homogenous and firms compete in quantities. Compared with the case of reversible capital, there are two
countervailing effects: Deviation from an existing collusion is less attractive, because capital once installed causes costs
forever. But the punishment will also be less severe due to the high capacity the deviating firm can build before punishment
starts. The last effect dominates, meaning that the commitment value of capital is negative for all firms. If capital is irreversible,
collusion breaks down for realistic magnitudes of interest rates.
Received: April 30, 1999; revised version: November 30, 2001 相似文献
73.
Federico Echenique 《Economic Theory》2003,22(4):903-905
Summary. I prove that the equilibrium set in a two-player game with complementarities, and totally ordered strategy spaces, is a sublattice
of the joint strategy space.
Received: May 31, 2001; revised version: October 4, 2002 相似文献
74.
The proper panel econometric specification of the gravity equation: A three-way model with bilateral interaction effects 总被引:6,自引:0,他引:6
We argue that the proper specification of a panel gravity model should include main (exporter, importer, and time) as well
as time invariant exporter-by-importer (bilateral) interaction effects. In a panel of 11 APEC countries, the latter are highly
significant and account for the largest part of variation.
First version received: February 2001/Final version received: June 2002
RID="*"
ID="*" We are grateful to two anonymous referees and Robert Kunst for their helpful comments. 相似文献
75.
Double Moral Hazard,Monitoring, and the Nature of Contracts 总被引:8,自引:0,他引:8
Pradeep Agrawal 《Journal of Economics》2002,75(1):33-61
generalized double-sided moral-hazard model, with risk-averse parties who mutually monitor each other (to get a reasonable idea of outcome/effort).
The model considers trade-off between monitoring costs and moral hazard costs, which are endogenously determined by the extent
of monitoring.
Using this model, we formally prove a generalized version of Coase's conjecture – that the optimal contract minimizes the
agency and risk costs. We then show how varying assumptions about the feasibility or cost of monitoring of the outcome or
the worker's effort lead to different contracts being optimal. The analysis is then used to explain the nature of contracts
observed in practice under many different situations. We will give an explanation as to why industrial workers typically work
under wage contracts, while share contracts are common in agriculture and will explain why profit sharing is more common for
senior managers than for the production workers.
Received September 19, 2000; revised version received October 30, 1997 相似文献
76.
We analyze the impact of product diversification on performance. This topic has been discussed in the literature, and there
is no consensus so far as to the significance or the direction of the impact. Performance is measured using Tobin's q for
a sample of 103 large, non-financial Spanish firms (1992–1995). Diversification is measured by means of a categorical variable,
as suggested by Varadarajan. The principal results indicate that the firms with intermediate levels of product diversification
have the highest performance, while the firms with low and high levels of diversification show significantly lower performance,
which performance is not significantly different between them. 相似文献
77.
Summary. A model that includes the cost of producing money is presented and the nature of the inefficient equilibria in the model
are examined. It is suggested that if one acknowledges that transactions are a form of production, which requires the consumption
of resources, then the concept of Pareto optimality is inappropriate for assessing efficiency. Instead it becomes necessary
to provide an appropriate comparative analysis of alternative transactions mechanisms in the appropriate context.
Received: September 5, 2000; revised version: May 3, 2001 相似文献
78.
Summary. We analyze an oligopoly model of homogeneous product price competition that allows for discontinuities in demand and/or costs.
Conditions under which only zero profit equilibrium outcomes obtain in such settings are provided. We then illustrate through
a series of examples that the conditions provided are “tight” in the sense that their relaxation leads to positive profit
outcomes.
Received: April 7, 2000; revised version: September 14, 2000 相似文献
79.
Manuel S. Santos 《Spanish Economic Review》2002,4(1):1-18
This paper presents a methodology for the formulation and testing of economic growth models. The model selected includes
two production sectors with physical and human capital accumulation. These capital stocks are associated with spillover effects
in the production of the physical good and in the accumulation of both factors. 相似文献
80.
Summary. We consider a model of political competition among two ideological parties who are uncertain about the distribution of voters.
The distinguishing feature of the model is that parties can delegate electoral decisions to candidates by nomination. It is
shown that if the credible platform commitments of the candidates is feasible, then at least one of the parties nominates
in equilibrium to a candidate who has an ideology that is more radical than the delegating party's ideology. In a variety
of circumstances, this, in turn, yields a polarization of equilibrium policy choices of the candidates. It is thus argued
formally here that strategic nomination of the candidates may well be one of the major reasons behind the well documented
observation that the platforms associated with the political parties in two-party democracies are often surprisingly polarized.
Received: January 10, 2002; revised version: May 8, 2002
RID="*"
ID="*" We thank Alberto Alesina, Levent Ko?kesen, Antonio Merlo, Ronny Razin, Vijay Krishna, Alessandro Lizzeri, and seminar
participants at Alicante, Columbia, Copenhagen, and NYU for helpful comments. We also thank an anonymous referee for its useful
suggestions. A good fraction of this research was conducted while Ok was a visitor in the Department of Economics at University
of Alicante; he thanks for the kind hospitality of this institution. We gratefully acknowledge the financial support from
the Spanish Ministry of Education through grant CICYT BEC2001-0535 (Faulí-Oller) and BEC2001-0980 (Ortu?o-Ortín).
Correspondence to:I. Ortu?o-Ortin 相似文献