ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01149.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

An equilibrium model of bidding behavior is developed that accounts for observed fluctuations in the degree of competition to acquire offshore petroleum leases. As one might expect, such fluctuations are related to the heterogeneity of geological prospects that are offered for sale, with a relatively high degree of competition to acquire tracts of the highest quality. The equilibrium configuration of bids is also shown to reflect structural characteristics, such as capital market constraints, that may restrict competition in the lease auction. Empirical evidence is presented which tends to confirm our general theory of bidding equilibria, but which contradicts the popular notion that capital constraints have restricted competition in OCS lease sales. Policy implications are discussed in the concluding section.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01150.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

Intertemporal Pareto‐efficient conditions for provision and maintenance of the shared good, tolls, membership size, and financing are presented for intergenerational clubs. An optimal membership span is also determined for nonlifetime members. These Pareto‐efficient conditions account for atemporal crowding, intertemporal depreciation due to utilization, and the sequence of members. Adequate incentives exist for privately owned clubs to act with foresight, but do not necessarily exist for government‐owned clubs. Nevertheless, privately owned clubs must be operated by a firm rather than the members if free‐rider problems regarding maintenance are to be

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01151.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01152.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01153.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

A model of optimal plant size is developed which predicts that 1) plants experience increasing returns to in‐plants inputs, 2) the relative price of plant output is greater in rural areas than in urban areas, and 3) plants are larger in urban areas than in rural areas. The model's predictions appear to be consistent with behavior in a number of consumer services (e. g., grocery, movie, and library services). These predictions are more rigorously tested and are strongly supported when demand functions for cognitive achievement and for school size are estimated. These regressions also lend support to the quality‐quantity model of fertil

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01154.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper applies an empirical method based on a complete demand system to the study of lifetime consumption, labor supply and fertility. Previous research in this area has not used complete demand systems or rigorously connected empirical analysis with the theoretical model. An approach to estimating crucial but unmeasured variables is proposed. The results are generally supportive of a price‐income effects mode

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01155.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01156.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper suggests that transactions charges in foreign exchange markets, rather than being solely brokerage fees, represent exchange rate uncertainty in periods of great fluctuations by including remuneration for the assumption of risk by foreign exchange dealers. Since most of the cost of exchange rate uncertainty may be largely endogenously included in the foreign exchange markets, attempts to examine the efficient market hypothesis in these markets should most appropriately include specific consideration of transactions costs. There appears to be empirical support for the premise that transactions charges are positively related to exchange rate risk, and, as well, inclusion of contemporaneous bid‐ask spreads into the interest parity schedule leaves few unexplained profits from dollar‐pound covered interest arbitrage during the 1970's and underscores the notion of classifying periods by degree of turbulence in analyzing covered interest arbitr

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01157.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper demonstrates that the conditions for a positively sloping marginal revenue curve are much less stringent than is generally recognized. Simple transformations of any well‐behaved convex demand function can easily result in a demand for which marginal revenue is positively sloping. For this reason, positively sloping marginal revenue functions must be considered whenever convex demand functions are analyzed. The existence of positively sloping marginal revenue makes multiple profit equilibria for the firm a very real possibilit

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1982.tb01158.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY