摘要:

Part I of this survey presents a comprehensive and inte‐ grated analysis of job search. The labor market is characterized by incomplete information and search is conducted in an optimal manner. A variety of job search models are studied in this microeconomic setting. The paper contains a number of new results. Part 11 of the survey [to appear in the September 1976 issue of Economic Inquiry] addresses the empirical and policy implications of search theor

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00386.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Inventory models are usually based on the existence of transaction costs and explain inventories from efficiency considerations alone. The simplest model involves a “square root rule” where inventory varies with the square root of its determinants. Accounting for profit maximizing behavior relaxes those rigid results and alters their interpretation. The analysis integrates inventory demand theory with the neoclassical theory of the firm and indus

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00387.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper analyzes a labor market in which workers possess incomplete information about their exchange opportunities. Within this environment workers allocate time to the acquisition of job‐related information. Rules are specified determining where workers will seek employment and how firms will vary wages in response to workers' choices. Assuming a change in workers' notional labor supply, the paper then analyzes the dynamics of labor market disequilibrium. Two principal conclusions emerge: (1) Workers' time costs of acquiring information rise during disequilibrium. (2) In general the final wage differs from the wage that would prevail if a Walrasian auctioneer guided the labor market's adjustmen

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00388.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

The seminal work on concepts of income implicitly assumed given expectations, thereby excluding all capital revaluations (gains and losses) from consideration. This became codified in national accounting systems and rationalized by arbitrary conventions. In a changing economy this exclusion is shown to warp the income stream, resulting in a theoretically inconsistent concept that arbitrarily mixes current and past relative prices (and hence expectations). A theoretically grounded concept is proposed that includes current accrued real capital gains and losses. It is also shown that replacement cost (or market value) depreciation is valid only if capital revaluations have been included in income.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00389.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

A full estimate of the effects of cybernetics and control systems engineering on economics would be premature if not impossible at this time. The relevant literature is at most twenty‐five years old and its ultimate impact remains uncertain; thus conclusions are at best tentative. However, one can identify sources of inspiration and main participants as well as apparent trends.Axel Leijonhufvud has referred to the introduction of control engineering into aggregate analysis by Tustin, Phillips, and others in the 1950s as “the Keynesian Revolution which did not come off.” One purpose of this paper is to explore Leijonhufvud's observation. What stopped monetary and macroeconomic theorists from picking up the Tustin‐Phillips lead and making the control‐theoretic approach an integral part of economic analysis? Historians of economics writing a few decades from now may be able to provide a proper answer. But a few speculations can be of

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00390.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00391.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

This paper investigates the relationship between price expectations, income taxes and the nominal rate of interest in Canada. Our primary approach was to utilize the rational expectations hypothesis to create a synthetic price expectations series and to apply this series to four models of the determination of the nominal rate of interest; the Yohe‐Karnovsky model, the Carr‐Smith model, the Feldstein‐Eckstein model and the Jenkins‐Lim model. The analysis is inconclusive with respect to the Darby hypothesis that income tax considerations will cause the nominal rate of interest to increase by more than the increase in the expected rate of in

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00392.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Previous empirical research examining the link between firm risk and the type of stockholder control has yielded conflicting results. These studies have sorted firms into two categories, owner‐controlled firms and manager‐controlled firms, even though the theoretical discussion implies behavior associated with three distinct groups. This paper argues both theoretically and empirically that an owner‐manager has more incentive and more opportunity to take risks than a hired manager. Moreover, a hired manager under the control of a dominant stockholder has less opportunity and less incentive to take risks than managers in firms without a dominant stockholding int

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00393.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

摘要:

Harold Demsetz has argued that when an externality can be internalized through the existence of property rights such that societal benefits exceed costs, property rights will emerge. This paper shows that property rights exist in some animal systems with respect to specific pieces of property and for reasons similar to those postulated by Demsetz. Two cases are considered: wolves, where the property right is in land; and chimpanzees, where the property right exists for meat. The external costs or benefits that produce the property rights are examined and comparisons are drawn with situations in which no externalities exist and no property rights emerge.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00394.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1976.tb00395.x

出版商:Blackwell Publishing Ltd    

年代:1976

数据来源: WILEY