摘要:

AbstractIn this paper we examine the sectoral demand for UK gilt‐edged securities. The Tobin–Markowitz model of portfolio choice generates the prediction that asset holdings should be negatively correlated with the own price, and positively correlated with the prices of major substitutes. In contrast, for all the five major groups of UK gilt holders, we find evidence consistent with a reverse correlation between the own price and market holdings which we argue arises due to the passive revaluation of existing holdings. We examine the empirical evidence using both cointegration analysis of stock holdings and a dynamic model of net transacti

ISSN:0883-7252    

DOI:10.1002/jae.3950090302

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

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper discusses, estimates and compares some microeconometric models for simultaneous discrete endogenous variables. The models are based on the assumption that observed endogenous variables represent the outcome of a static discrete game. I discuss models based on non‐cooperative equilibrium concepts (Nash, Stackelberg), as well as models which presume Pareto optimality of observed outcomes. The models are estimated using data on the joint labor force participation decisions of husbands and wives in a sample of Dutch household

ISSN:0883-7252    

DOI:10.1002/jae.3950090303

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

年代:1994

数据来源: WILEY

摘要:

AbstractIn this paper the effects of cost and demand characteristics on the magnitude and cyclical behaviour of markups in Canadian manufacturing are measured within a production theory framework. Price to marginal cost ratios for various manufacturing industries are computed, and the impact art their secular and cyclical trends from changes in capacity utilization, scale economies, variable input prices, import competition, unemployment and other exogenous market and technological determinants are explored using adjusted markup indexes and elasticities. The measured price margins seem weakly procyclical. Further, evaluation of the determinants of these cycles suggests that the procyclical nature of markups is primarily related to exogenous factors affecting costs such as energy price ‘shocks’, and that cost characteristics underlying scale economies provide a countercyclical influence that counteracts the profitability arising from mark

ISSN:0883-7252    

DOI:10.1002/jae.3950090304

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

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper reports on the methodology, data, and results of the Israeli Time‐of‐Use (TOU) electricity pricing experiment in the industrial/commercial sector. We concentrate on the estimation of the demand functions for electricity under TOU, and the net welfare gains which result from applying TOU rates to small and medium‐size business customers in Israel. This experiment, which was preceded by a 15‐month load research study to allow an optimal sample design, was concluded in June 1992. The analysis yielded four major conclusions: (1) The estimated gains of small and medium‐size customers in Israel from TOU rates are sufficient to justify investment in TOU metering technology. (2) There have been small, but noticeable, shifts of electricity from the peak to the mid‐peak (if relevant) and to the off‐peak periods during all seasons of the year, and particularly during the winter. (3) The structure and number of labour shifts during the day, and weather, are important factors in determining the response of business customers to the TOU rates. (4) Price elasticities vary substantially over the seasons and across SIC groups; they do not vary with

ISSN:0883-7252    

DOI:10.1002/jae.3950090305

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

年代:1994

数据来源: WILEY

摘要:

AbstractA production model is formulated for the Finnish metal product and machinery industry for studying energy crises‐related structural changes. Two models are estimated: a partial static equilibrium model, where capital is treated as a fixed input in the short run, and a dynamic model, where adjustment costs of the capital input are taken into account. Alternative hypotheses of structural change are formulated as gradual parameter shifts. The results show that some of the energy‐related parameters have changed over time. Also the contributions of parameter changes and variations in the average values of the variables on the changes in the energy demand elasticities are studied. The most important effect is the strengthening of the energy‐saving bias in technical c

ISSN:0883-7252    

DOI:10.1002/jae.3950090306

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

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper develops a discrete‐time hazard model which accounts for unmeasured hetergeneity while allowing the coefficients of the regressors to vary over time. Sufficient conditions for nonparametric identifiability of the unmeasured heterogeneity distribution are derived. Testing for time‐varying coefficients in this model is, under suitable conditions, equivalent to testing the proportionality assumption of the underlying continuous‐time hazard model. Some Monte Carlo evidence is presented regarding the small‐sample properties of this test. As an illustration, these tests are applied to the joblessness durations of displaced

ISSN:0883-7252    

DOI:10.1002/jae.3950090307

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

年代:1994

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950090308

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

年代:1994

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950090309

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

年代:1994

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950090310

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

年代:1994

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950090301

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

年代:1994

数据来源: WILEY