Perceptual Differences in Market Transactions Revisited: A Waning Source of Consumer Frustration

A 1973 survey study of retailer and consumer attitudes toward retailer actions in contrived market situations showed marked differences in the values of the two groups. In short, retailers’ short-run profit motives outweighed their concern for their long-run customer franchise. This 1979 follow-up survey study found increased concordance between the parties in market transactions.     

Output and unemployment dynamics in transition

This paper examines transition dynamics in a search economy. We contrast two extreme cases: a completely unexpected reform and a fully anticipated reform. We show that announcing the reform in advance leads to stagnation in anticipation and output cycles after the implementation, that are more volatile than had a reform of identical magnitude been implemented immediately. However, the more volatile output trajectory of the anticipated case yields a higher PDV of output than an unanticipated reform of equal magnitude. This suggests that an anticipated reform is better than an unanticipated reform, even though the former induces greater volatility.     

Water Trade in the Southern Murray–Darling Basin

In this paper, we use TERM-Water, a bottoms-up regional computable general equilibrium model of the Australian economy, to examine the regional effects of expanding trade of irrigation water in the southern Murray–Darling basin. We find that water trading dampens the impact of water allocation cuts on gross regional product (GRP). The benefits of introducing trading within irrigation districts are greater than those of a further expansion of trade between regions. Permitting trade of seasonal allocations allows irrigators to reallocate water in reaction to climatic conditions and water availability; and it is this flexibility that enables GRP reductions to be minimised.