摘要:

Firms in the same industry exhibit systematic differences in the organization of production and the structure of employment. Entrepreneurial ability is the specific scarce input that limits the size of a firm. This input must be allocated to two activities, coordinating production and monitoring workers. Able entrepreneurs can convert calendar time into larger supplies of coordinating effort that enable them to assemble large firms. Greater ability implies a higher shadow price of time which increases the implicit costs of monitoring. A dispersion of entrepreneurial abilities generates an equilibrium size distribution of firms. Differences in monitoring costs affect the choice of worker productivities, the design of products, and the organization of production. The monitoring cost hypothesis advanced in this paper goes a long way in explaining the equilibrium of an industry containing heterogeneous firms that differ in size and behavior.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00623.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00624.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper seeks to re‐examine the effects of money on interest rates. The earlier literature on this topic determined, fairly well, the pattern of response of interest rates to changes in money growth. The notable studies of Cagan (1972), Cagan and Gandolfi (1969), and Gibson (1970) served to establish the professions “stylized pattern” as presented in section I. Section II presents new evidence on the subject and finds that the old empirical generalizations no longer hold. Specifically, the results suggest that the initial liquidity effect of faster money growth is likely to be offset within the month following the monetary policy change. Sections III and IV investigate the reasons for the changing pattern of monetary effects on interest rates and discuss the policy implications of the new pa

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00625.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Patients are uncertain of physicians' quality but learn about the quality of particular physicians through experience in treatment. Patients come to trust physicians who have served them well. This paper explores the economic consequences of patients' learning and trust within a model of the market for physicians' services. In a market equilibrium, there are too many incompetent physicians in practice. Surprisingly, even the more competent physicians have an interest in preventing patients from judging quality except through experience. As we show, all physicians, including the most competent, may oppose steps to inform patients of physicians' quality.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00626.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Married males have significantly higher wage rates than never‐married, widowed, or divorced males, even when differences in educational attainment, experience, race, and so on are controlled for. Evidence presented in this paper suggests that most of the unexplained wage differential associated with marital status in earnings regressions results from males accumulating human capital more rapidly when they are married than when those same males are not married. The hypothesis that married males earn more than unmarried males because marriage facilitates the financing of human capital accumulation is supported by this and other evidenc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00627.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper examines the state's decision to supply monopoly rights to occupations. The two key aspects of the analysis are the degree of political competition and the proportion of market demand of the regulated service accounted for by government officials. An application of the analysis is developed to explain an episode of comparative occupational regulation in mercantile England and France. Other applications of the analysis are suggested.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00628.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper uses some new data on the initial academic placements of new Ph.D. economists to test a quality‐adjustment model, which is consistent with the hypothesis that most academic appointments follow a “downstream” pattern. By the use of weighted least squares the authors confirm the importance of the perceived quality of the faculty of the degree granting program, the publishing performance of former graduates of these programs, and the student/faculty ratio of these programs in economics over the period 1960 to 1978. Finally, it is shown that contrary to popular opinion, the extent of the “downstream” pattern has not been magnified in the so‐called buyers markets of

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00629.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00630.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00631.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00632.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY