摘要:

This paper reports the results of several experiments investigating dynamic consumer behavior. When consumers know their incomes and prices but are uncertain about their preferences, we find that they typically adopt a two‐step approach to locating optimal consumption bundles. Initially, a grid search method is employed; this is followed by a gradient search method. An interesting phenomenon observed in many of our experiments is a tendency to consume a bundle well away from the optimum, immediately after the optimum is located. The effects of income and price changes are also studie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00760.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This study provides new insights into the effects of the corporate income tax by introducing a general equilibrium model in which households choose portfolios composed of housing and non‐housing assets, industries make investment decisions based on Hall‐Jorgenson cost‐of‐capital formulas, and the corporate‐noncorporate mix in each industry is endogenous. The annual efficiency cost of an unintegrated tax on corporations is found to be about 3 1/2 percent of expanded national income. This new estimate is intended to spur further investigation of individuals' demand for owner‐occupied housing and firms' decisions about in

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00761.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

When nominal debt payments commitments exist, output losses following an aggregate demand contraction will be larger and more persistent. Paradoxically, output can be less stable if wages are more flexible. This occurs because falling wages and prices cause debtors' cash flow to deteriorate relative to their debt commitments. To reduce the chance of incurring bankruptcy costs, debtors cut expenditure. Creditor's wealth increases from an unexpected deflation but their gain does not offset debtors' loss because of the increased threat of bankruptcy and associated costs. Net wealth and aggregate demand fall, magnifying the effect of the initial contraction.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00762.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper extends Diamond's overlapping generations model into a two‐good, two‐country setting to analyze the impact of an increase in domestic government debt on the terms of trade, the current account, and capital accumulation at home and abroad. It is found that, while the direction of change in the terms of trade is indeterminate in the short run, for stability it must agree with that in the steady state, which in turn is dependent on the initial debt status in trade of the home country. The higher level of government debt leads unambigously to lower levels of capital stocks, howe

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00763.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

The time inconsistency of optimal monetary policy is due to the effects of tax distortions. Thus the issue of how to improve upon the time‐consistent suboptimal monetary policy is related to that of the coordination of monetary and fiscal policy. We present a model with three players (the central bark, the fiscal authority, and wage setters) in which distortionary taxes are explicitly modelled. We show that binding commitments to monetary rules are not necessarily welfare improving if monetary and fiscal policy are not coordinated. We also examine the effects of different degrees of independence of the central ban

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00764.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

Firms producing from a single oilfield face the common‐pool problem: how to divide production and profits among themselves. The rule of capture creates competition among them to produce the oil before anyone else does, and a tendency for overproduction. Private bargaining among the firms can avoid the wasteful production practices associated with the rule of capture and increase joint profits. This paper explores the structure and expected outcome of the common‐pool problem, and demonstrates that smaller producers hold a bargaining advantage that is not easily overcome by larger producers or neutral arbitrat

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00765.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00766.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

Modern technologies are banned in the breeding of Thoroughbred horses. These practices have been banned by the states defining a Thoroughbred as a horse registered by the Jockey Club of New York, and by the Club refusing to register horses bred “unnaturally.” Modern technologies would vastly increase the number of high quality foals and lead to a decline in industry prices and profits. The breeding restrictions protect the wealth of owners at the expense of consumers, potential input suppliers, and new breeders. Because of the distribution of costs and benefits in the political process, we foresee no end to legislatively mandated stagnat

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00767.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

In the traditional industrial organization literature market structure is an exogenous variable. However, sometimes market structure is a matter of choice. Firms can choose to operate as monopolists, but only if they pay for this right. When market structure is chosen a natural question is, “What types of firms will pay the price to operate as monopolists, and how will they differ from their competitive counterparts?” This paper develops a model which addresses this question and arrives at results that are novel when compared to the results of the traditional structure‐conduct‐performance p

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00768.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper develops a theoretical analysis of steady state monopoly pricing in markets with a disparity between long‐ and short‐run demand elasticities, based on a separation between the long‐run demand schedule and the adjustment process that underlies actual demand levels. This sheds light, in a practical context, on the impact of the speed of adjustment and the firm's discount rate on its equilibrium markup; and on the measurement of realized monopoly power. An illustrative application of the analysis to existing empirical data supplements the theoretical present

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00769.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY