摘要:

AbstractIn the standard multi‐good life‐cycle consumption model (with intertemporal additive utility) the intratemporal relations between the marginal utilities of the different goods are deterministic. However, these deterministic identities will not usually be satisfied by the data. To avoid these deterministic relationships, we apply an approach which consists of introducing intratemporal uncertainty, and which is, in particular, interesting when additional nonnegativity constraints are present. We estimate some simple versions of the model with this so‐called intratemporal uncertainty. The estimation results are, in general, in accordance with the theory, and most versions of the model are not rejected by Hansen and Singleton's misspecification

ISSN:0883-7252    

DOI:10.1002/jae.3950100102

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

摘要:

AbstractThe paper analyses the impact of persistence and volatility in the discount rate in present‐value models on cointegration tests in levels and in logarithms. In simulations we find that the probability of not rejecting the null of no cointegration depends on the persistence of the discount rate process and can be very high when the expected returns process is highly persistent. In contrast, the cointegration tests are very robust with respect to the level of volatility in the discount rate. We discuss the relevance of our findings for the US stock market where standard ADF tests do not reject the null of no cointegration between stock prices and dividends. Based on estimates of persistence in four asset pricing models, we find that a model which links expected returns to the dividend yield is sufficiently persistent to explain the failure of rejecting the null that stock prices and dividends are not cointegrate

ISSN:0883-7252    

DOI:10.1002/jae.3950100103

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

摘要:

AbstractThis paper considers the estimation of frontier production functions in panel data models. It proposes a multi‐stage method to obtain estimates of (1) the parameters of a flexible input requirement function and (2) technical inefficiency decomposed into time‐invariant (firm‐specific), time‐varying, and the residual components. The proposed method is used to analyse labour‐use efficiency of Swedish local social insurance offices on the basis of a large panel of observations during the time period 1974–84. Empirical results show: (1) substantial variations in labour‐use efficiency among these offices, with the mean efficiencies declining over time; (2) presence of economies of scale, thereby meaning that most of the offices were of su

ISSN:0883-7252    

DOI:10.1002/jae.3950100104

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

摘要:

AbstractThis paper examines the vertical integration issue of the electricity industry. This industry is typically vertically integrated and heavily regulated. The paper investigates the potential technological efficiency loss due to the vertical disintegration using the translog production function. Three separability hypotheses using the Allen‐Uzawa elasticity of substitution are tested to examine the feasibility of various degrees of disintegration of the current industry structure. All three separability hypotheses are rejected, and the cost of disintegration is estimated. Further, estimates indicate that the electricity industry appears to have exhausted economies of scale. Unlike other deregulated industries, disintegration of the electricity industry will entail technological efficiency los

ISSN:0883-7252    

DOI:10.1002/jae.3950100105

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

摘要:

AbstractA flexible three‐output, two‐input cost function model is used to examine the cost efficiency of UK universities as producers of teaching and research ‘outputs’. Unlike previous studies, a comprehensive peer review of research quality is incorporated. Overall, product‐specific and input‐specific economies of scale, global and product‐specific economies of scope, marginal costs and cost complementarities are estimated. Overall and product‐specific scale results indicate considerable increasing returns, while the scope results generally suggest neither economies nor diseconomies. Sensitivity analysis is used to simulate the impact of current government policy, regarding the expansion of undergraduate teaching output, o

ISSN:0883-7252    

DOI:10.1002/jae.3950100106

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

摘要:

AbstractIn this paper, we examine empirically the effect that certificate‐of‐need regulation by state health planning organizations has had on the speed of diffusion of a relatively new medical technology—haemodialysis. Specifically, we test the hypothesis that a requirement that investments be subject to certificate‐of‐need review has significantly slowed the rate of adoption of this particular treatment modality. In subjecting this hypothesis to empirical verification, we estimate a random coefficient model. This approach allows us to make more efficient use of the available data than the traditional two‐stage approach to modelling diffusion processes wherein separate logistic functions are first estimated over the time series observations followed by hypothesis tests conducted over the cross‐sectional observations. We find evidence that certificate‐of‐need regulation slows the spread of haemodi

ISSN:0883-7252    

DOI:10.1002/jae.3950100107

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950100108

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950100109

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950100111

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950100101

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1995

数据来源: WILEY