ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00568.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper describes an evolutionary theory of the response of firms in a competitive industry to changed market conditions. Search and selection replace the more orthodox assumptions of profit maximizing and zero profit long run equilibrium. The particular assumptions needed to assure that the direction of response of such an evolutionary system is the same as that predicted by more orthodox theory are explored. While an evolutionary theory and a more orthodox one yield many of the same positive qualitative predictions, they differ sharply in a number of other respects, and these are considered in detail.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00569.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00570.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

The search for meaningful price indexes has been motivated by their usefulness both for macroeconomic description and for escalating contractual money payments. Existing theory of “economic price indexes” evolved for the purpose of description. This paper asks what form of index is appropriate for escalating deferred money payments. The theory of cost of living indexes is shown to be irrelevant for this problem. In circumstances where the optimal escalating index is unambiguous, it is a modified Paasche index, whether or not an invariant cost of living index of different form exi

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00571.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

When parties can bargain with each other in an externality situation, it is frequently argued that liability rules are preferable to property rules. The case for liability rules is thought to be strongest when the parties behave strategically, when the collective authority responsible for maximizing social welfare has perfect information, and when lump‐sum transfers are not available. It is shown here that liability rules are not generally preferable to property rules in these circumstances because of their limited ability to redistribute income between the partie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00572.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Short‐term leasing is an everyday occurrence. Tax savings cannot account for the ubiquity of leasing by temporary users. Monopoly explanations are inconsistent with concurrent leasing and selling markets for perfect substitutes. Leasing economizes upon the costs of detecting, assuring, and maintaining quality, costs of search, and costs of risk‐bearing. This view is based on standard economic reasoning and has numerous specific implicati

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00573.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper uses data at the school district level for 257 Michigan school districts to estimate the Bowen equilibrium level of expenditures in each district. The estimation uses a theoretical model of millage referenda that is developed in the paper. Then, the estimated Bowen equilibrium level of expenditures in each district is compared with the actual level. In the average district, the actual level of expenditures is less than 3 percent away from the estimated Bowen equilibrium. This evidence strongly suggests that, for educational expenditures at least, the theoretical median voter model provides a good explanation of empirical reality.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00574.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00575.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Firms may react to a minimum wage hike by reducing their expenditures on fringe benefits. This possibility is incorporated into an expanded model of minimum wages. A set of predictions that differentiate this expanded model from current minimum wage models is derived and tested. The expanded model is shown to better predict the effect of minimum wages on labor force participation, quit rates, and prices than previous models. An interesting result of the expanded model is that a covered worker may be worse off due to a minimum wage hike even if he retains his job.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00576.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1980.tb00577.x

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY