摘要:

We argue that congestion, when it affects the consumption of a commodity, ought to be measured by the product of the number of trips made to a seller and consumption per visit. When intensity of consumption is measured this way, uniform entry fees, the most common way of pricing congested goods, become nonoptimal. A strict user charge can be Pareto efficient. If a uniform entry fee is practiced, we present a model along with experimental data from diverse species subject groups that show consumers reduce visits and consume more per visit; this behavior may intensify the congestion problem.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01805.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Buyers demand continuing information flows to guide their choices among competing product brands. They select portfolios of information types, some supplied by sellers of the branded goods, some not. This paper investigates the determinants of businesses' outlays on information (media advertising, sales force, other sales promotion). They include buyers' overall demands for information, buyers' access to sources not controlled by the seller, the relative efficiency of seller‐supplied information, and competitive conditions in the product market. The hypotheses about effects on sellers' total information outlays are strongly supported. Some evidence appears on determinants of the mixture of information types they provid

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01806.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper analyzes a type of education thus far ignored in the literature—non‐credit adult education to enhance home production skills. In the analysis, we test whether such education behaves as an investment in home productivity and also compare the differences between demands for home productivity enhancing education and labor market enhancing education. Results on four adult cohorts indicate that both types of schooling have investment components, although there are also significant differences in the two demand functions. Results also indicate that the two types of education are complementary rather than substitute activit

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01807.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper develops and tests a model of relative political campaign spending in an election formulated within a capital theory framework. Probability of election is treated as a function of the relative political capital stocks of the candidates, and campaign expenditure is viewed as the mechanism by which candidates optimally adjust their political capital stocks. If contributors are risk‐neutral, then all factors that increase a candidate's initial political capital stock tend to decrease his relative campaign expenditures, while all factors that increase the value of the office to the candidate tend to increase his relative campaign expenditures. However, if contributors are risk‐averse, then the former effect is theoretically indeterminate. Empirically, a candidate is more likely to outspend his opponent if he is an incumbent, a member of the weaker political party, and the younger candid

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01808.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The effects of federal deficits on Federal Reserve behavior as proxied by changes in the growth rate of the monetary base are analyzed in this study. Multivariate Granger‐causality tests are employed in the analysis. The deficit measure that is the focus of the analysis is the change in the real market value of privately held federal debt. The tests indicate that the deficit Granger‐causes the monetary base. Additionally, concerns for financial market stability, real output, and exchange rate movements in the period of floating rates also affect Federal Reserve behav

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01809.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This is a study of complementary markets. The race track polices the betting market with information revealed in a ‘claiming horse’ market. This policing reduces the adverse consequences of asymmetric information: experts in identifying horses and fraud are deterred from biasing betting odds against bettors at large. Consequently, bettors specialize in evaluating published race information. This ‘monitoring’ theory is compared to a competing theory of claim races as a self‐assessed horse market. Parametric data is used to evaluate each theory. Institutional details also provide a test of ea

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01810.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Even if inflation is perfectly anticipated, a firm that finds nominal price adjustments sufficiently costly will reset its price at multi‐period intervals. Consequently, its average output will change in a direction that depends on properties of its profit function. On the basis of this observation, which does not involve money illusion, the paper shows that anticipated inflation can stimulate aggregate employment through a process that entails changes in the factor demands of individual monopolistic firms and in the intersectoral allocation of consumer expenditure. Simulations indicate, however, that the gain in aggregate employment is likely to be modes

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01811.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper investigates whether the quality certification required by certain state used vehicle disclosure laws has been effective. Metzger concluded from a theoretical investigation of non‐market responses to the lemons problem, that such laws may or may not be effective. We have been unable to find evidence that the currently mandated disclosure requirements in Wisconsin (known defects provision) and Iowa (safety certification) are effective in increasing the number of good quality vehicles traded in those used markets. These disclosure requirements do not seem to decrease a prospective buyer's risk of purchasing a lemo

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01812.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

How much will a 1% increase in expected inflation increase nominal interest rates? Irving Fisher's famous equation implies that nominal interest rates will rise in proportion to an increase in expected inflation. Darby and Feldstein, correcting the Fisher equation for taxation, predict a nominal interest rate increase of [1/(1 ‐ T)]% where T is the marginal tax rate: i.e., if T =3, then a 1 % increase in expected inflation should cause a 1.4 % rise in interest rates.Empirical evidence, however, suggests that the rise in interest rates is much smaller than the Darby/Feldstein prediction. Estimates are around 9, varying mostly between 5 and 1.15, which is much closer to Fisher's original prediction. It is important to know the size of the interest rate response to inflation expectations in a world in which inflation and interest rates are volatile and in which tax laws are designed to influence savings and investment through interest rates.In this paper we attempt to close the gap between theorized and estimated effects of inflation by incorporating into the Fisher equation two important aspects of the U.S. tax code: historic cost depreciation and the lower tax rate on capital gains. Our model shows that the effect of expected inflation on interest rates is dampened by the lower benefits from depreciation deductions arid the capital gains tax.Our corrected Fisher equation predicts a 1.12 % nominal interest rate increase, rather than the 1.4 % increase implied by the Darby/Feldstein model. The, our model closes about 56 % of the gap between theory and empirical evidence. The remainder could be closed by additional refinements in the model or better empirical modelin

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01813.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Annual data for the period 1929–1978 are used to estimate a complete model of demand and supply of housing services and consumption goods in the U.S. by maximum likelihood methods. The demand functions are derived by maximizing a utility function characterized by weak inter‐temporal separability. Utility in each period is assumed to be of a generalized CES type with housing services and consumption goods as arguments. The estimating demand relation is transformed into a relatively simple form by focusing on the relative demand of housing to consumption goods. It is found that the intra‐temporal elasticity of substitution between housing and consumption goods is unitary. The maximum likelihood estimates of the other parameters of the elementary utility function are also presented. Finally, it is noted that by estimating the structure of individual preferences a basis is established for the calculation of long‐run efficiency gains of a change in the tax treatment of

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01814.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY