ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01761.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper examines the impact of state regulations restricting entry into new car retailing. The central hypothesis is that these regulations create artificial scarcity rents for existing dealers, which are collected through higher car prices. A reduced form multiple regression model is specified with retail price as the dependent variable. The model is estimated using transactions price data for a sample of over 5,000 Chevrolet dealers and seven car lines in 1978. The results confirm the hypothesis that entry restrictions cause higher car prices.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01762.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper estimates the welfare cost of taxes that create an incentive for resources to flow to the underground, or untaxed, sector in the United States. Using a general equilibrium model of the American economy, the welfare cost is found to be large and growing in absolute and relative terms over time. In 1980 the welfare cost may be as much as $220 billion, or over 9 percent of output; even conservative estimates place the loss at nearly $100 billion. It also is found that small reductions in tax rates substantially reduce the welfare cost.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01763.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01764.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Empirical “value‐of‐life” estimates derived from labor market wage‐risk premiums have varied widely. This paper examines the influence of risk variable definition on these estimates. Value‐of‐life estimates are derived for one sample from a set of several risk measures. The analysis reveals that the risk variable definition can markedly affect the value‐of‐life estimate. Further, the paradoxical pattern of “high” estimates from industry risk data and “low” estimates from occupation data is shown to be attributable to different risk definition, not differences in the characterization of risk faced by a given sample of works. Finally, by associating consistently low estimates with one particular risk variable this study suggests much more uniformity in the value‐of‐life estim

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01765.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper examines profit‐maximizing multi‐part pricing arrangements by multi‐product monopolists. The results indicate that prices set by such firms will deviate from the marginal‐cost‐pricing efficiency norm when multi‐part tariffs can be set on only a subset of the firm's product line. Per unit prices will be set above marginal cost when the monopolist sells goods that are substitutes, while per unit prices for complements may be set above or below marginal cost. In either case, the pricing strategy will involve increasing the demand for goods on which an entry fe

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01766.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

In a standard model of household allocation of time and income, church attendance and church contributions are determined simultaneously. There are life‐cycle aspects to both attendance and contributions, as Azzi and Ehrenberg (1975) and Ehrenberg (1977) have argued, and contributions behavior is affected by tax treatment and by a potential free‐rider problem as well. This paper motivates an econometric specification which recognizes these features and estimates the parameters with a data set of over 2000 Protestant church memb

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01767.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Alternative explanations of joint bidding for offshore oil tract leases are examined. The models suggest that firms undertake joint bids: 1) to reduce risk by spreading ownership across tracts; 2) to share technical expertise including information; and 3) to ameliorate financial constraints. These hypotheses are examined empirically using the multiple logit technique and other tests with data constructed from the Baltimore‐Canyon sale of 1976. The results suggest that firms' behaviors are consistent with the explanations of diversification and sharing of expertise; explanations based on financial constraints are shown to be consistent with the data in the risk‐averse case but not in the risk‐neutral case. Implications of these results for research and policy are disc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01768.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

A law‐of‐demand explanation to the Alchian‐Allen, or “shipping the good apples out,” proposition rests on a change in the relative price of quality when a unit fee is introduced. However, the manner in which quality is consumed is crucial. In some cases, for instance, there is no substitution between the quality attribute and the priced, quantity‐measured attribute. This paper shows that in these cases the relative price of quality is unchanged by a unit fee. Nevertheless, while the “unit fee” proposition fails to obtain for individual choice, it does ho

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01769.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Collateral lowers the probability of default. This paper modifies the work of Benjamin (1978) by characterizing the competitive lender as a price‐taking profit maximizer rather than a profit eliminator. Most of Benjamin's results disappear when profit maximization is assumed; the results are corrected and extended. It is also suggested that the value of the collateral required for a standard loan is a variable that the loan market will adjust until long‐run expected profits from secured loans is driven to z

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1985.tb01770.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY