Estimation of household preferences for long distance telecommunications carrier

The competitive environment in long-distance telecommunications markets changed considerably with the divestiture of AT&T in 1982. A variety of providers appeared, offering myriad services. In this environment, customer selection of preferred long-distance carrier became more complicated and more important.In this paper, we analyze and quantify the determinants of this choice. To our knowledge, this focus is distinct. By contrast, the literature to date has analyzed the behavioral determinants of calling volume (local and long-distance) and the selection of local service options.In our analysis, we allow the alternative carriers to differ in terms of tariffs, reputation, quality, access, and specialized customer services. We quantify the interactive effects of these carrier attributes and customer demographics upon the selection of carrier. Price and income elasticities are estimated. A distinguishing feature of our analysis is that it examines behavioral differences among households in equal-access and unequal-access areas. We find that households assured of the convenience of 1 + dialling for their chosen carrier in equal-access areas display more rational and sophisticated decision making. On the other hand, households in unequal-access areas display greater status quo effects in their decision making.     

Selection dynamics and adaptive behavior without much information

This paper uses the experimental method to investigate behavior in a coordination game when the information available to subjects is limited to their feasible choices and their experienced payoffs. In the experiment subjects converge to an absorbing state at rates that are orders of magnitude faster than reinforcement learning algorithms, but slower than under complete information. This state is very close to a mutual best response outcome. All cohorts converged to the market statistic predicted by the interior equilibrium regardless of the information conditions or the stability conditions. Eric Battalio programmed the graphical user interface. The National Science Foundation and Texas Advanced Research Program provided financial support. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of the National Science Foundation or the Texas Advanced Research Program.     

Credible assignments in coordination games

This paper uses the experimental method to examine an arbiter's ability to determine the outcome of two-person coordination games. All of the arbiter's assignments in the experiments were strict equilibrium points, but some assignments violated payoff-dominance or symmetry. An assignment that corresponds to the game's outcome is a credible assignment. The experiments test the hypothesis that an assignment to a strict equilibrium is a credible assignment. Our subjects did not find the individual rationality and mutual consistency of an equilibrium assignment to be sufficient reason for implementing the assignment when doing so conflicts with payoff-dominance or symmetry.     

A comparative analysis of perception of dividends by financial managers

This paper is a report about the perception of dividends by Chief financial officers (CFOs). The research encompasses five countries, on three continents, and covers three types of economies. Our cross-sectional study is concerned with both inter- and intra-societal differences that may or may not exist regarding the perception of dividends by those who are in charge of making such decisions in the firm. Using a survey instrument, we find that both similarities and dissimilarities exist inter- and intra-culturally. Perhaps the most important conclusion we reach is that dividend research must take a different track than it has been following so far.     

Distance measures between free trade and autarky for the world economy

We develop a methodology to determine numerically how globalized the world economy is. We present a global general equilibrium model capturing major OECD economies and a residual rest of world for which alternative metrics of distance between observed, free trade and autarky equilibria can be developed. We use data for 2000 and report a number of distance measures between the 2000 observed trade restricted equilibrium and both free trade and autarky equilibria noting the absence of prior literature on metrics of distance between equilibria. The measures are used to determine the degree to which the world economy is globalized.     

用窒息价格辅助定价

本文重点阐述了在假定线性需求是合理的以及窒息价格的相关信息可用的情况下计算均衡价格的公式。它能够让分析人员信服,即使在数据非常有限以及缺乏数学支持的情况下,有效的基准计算也是可以实现的。此外,它还有助于阐明价格弹性与需求变化之间的变化趋势,