摘要:

AbstractA sample of 12 major drugs is used to examine the effect of patent expiration on market shares and prices in the US market. The results indicate that patent expiration has, at least for the first few years, only a small effect on the market shares and prices of the original drags. Efforts to increase price competion in drug markets, however, may change this situation in the future. The declining effective patent period for drugs and the declining profitability of drug innovation raise the concern that efforts to foster price competition might result in lower levels of innovation.

ISSN:0143-6570    

DOI:10.1002/mde.4090020201

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractThe need for regulation to protect the consumer from unsafe products stems from the lack of full information. The extent of these imperfections is examined and it is argued that there are market pressures on manufacturers to produce safer products and that voluntary regulation can play a useful role before mandatory regulations are introduced. In setting targets it must be acknowledged that there are differences between products and between consumers and particularly that there will be costs associated with attempts to cure the consequences of imperfections. Recent trends in the US and British safety policy are assessed in this light.

ISSN:0143-6570    

DOI:10.1002/mde.4090020202

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractIn cases where the buyer and the seller of goods and services are companies belonging to the same group the prices charged for goods and services are called ‘international delivery prices’ or ‘international transfer prices’. The peculiarities of research‐based companies are such that attempts to ascertain in practice what constitutes an ‘appropriate’ international delivery price are beset by a number of problems. Any scheme that is devised to solve the problems of international transfer prices should feature general ‘rules’ on how the various countries ought to share in central costs. As international transfer prices are a prerequisite for an efficient world economy based on the division of labour an agreement should be reached on the design and content of suitable delivery price systems for a research

ISSN:0143-6570    

DOI:10.1002/mde.4090020203

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractIt is incorrect and misleading to speak of unionization as a ‘human right’. The only human right is ‘self‐ownership’, i.e. to pursue goals with one's own abilities but with no force or fraud against others. Government cannot dispense rights, only privileges and protections to some at the expense of others. A minimal degree of coercion exercised by government is unavoidable. But labor unions are not governments. Government has granted significant privileges to unions in the private sector, but such are not appropriate for public sect

ISSN:0143-6570    

DOI:10.1002/mde.4090020204

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractArrow and Demsetz have disagreed on theoretical grounds as to whether the incentive to invent is likely to be greater in a competitive industry or a monopoly one. Past empirical studies of the relationship between the rate of innovation and market structure have suggested that innovation occurs at a faster rate within a competitive market structure. This paper employs more detailed data and a larger sample of markets than have most previous studies of this relationship. Using a sales‐weighted measure of innovation, the paper finds a positive and statistically significant relationship between the overall rate of innovation In individual markets and the level of seller concentration. This implies that public policy which reduces concentration may, through its impact on incentives, have the side effect of reducing the rate of innovation in the markets involve

ISSN:0143-6570    

DOI:10.1002/mde.4090020205

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractWe have developed and statistically estimated a model which suggests that chances in price and in unfilled orders are simultaneously determined. Estimated systems for five industries suggest that, in the short run, unfilled order accumulations do absorb fluctuations. Our statistical analysis also indicates that anticipated increases in demand will affect current price adjustments if the increased demand is expected to lead to an acceleration in production rates in the not‐too‐distant future. The statistically determined weights of the industrial activity variable suggests that price is primarily determined more by the future conditions thanex postindications of industrial activity levels. Our analysis also supports Zarnowitz's interindustry comparison hypothesis that price responses are inversely related to the ratios of mean unfilled orders of shipme

ISSN:0143-6570    

DOI:10.1002/mde.4090020206

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractEconomists treat the ‘market’ as a black box in which prices rise and fall to equate supplies with demands. Obviously, however, markets are usually collections of institutions. Using conventional methods of economic analysis, it is argued that certain physical characteristics of commodities, the technologies of their production and use, and buyer and seller concentration lead to the development of particular institutional arrangements composing markets. These institutional arrangements are efficient in the sense that they require the least use of resources in effecting transacti

ISSN:0143-6570    

DOI:10.1002/mde.4090020207

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

摘要:

AbstractThe aim of this paper is to clarify the confused issue of the effect of inflation on the discounting procedure for investment appraisal. The standard approach is considered, together with the impact of inflation, and the problem of how to adjust the standard approach to take account of inflation. The point is made that it is usually easiest to estimate expected returns in current prices, in which case the discount rate should reflect the real opportunity cost of capital, to avoid mixing real returns and nominal interest in a manner which leads to the rejection of worthwhile projects. An example is given of how the real rate of interest can be computed from the nominal rate of interest and the rate of inflation, and the difference this makes to discounting a sample project. The paper then illustrates how real rates of interest have frequently been negative over the past decade and how this implies that projects may be acceptable even if the sum of future undiscounted returns is less than the initial outlay. The conclusion drawn is that investors should maximize economic profit defined as the surplus over opportunity cost, which reduces the deterrent of nominally high interest rates, for the maximization of surplus over opportunity cost has the corollary of minimization of opportunity loss.

ISSN:0143-6570    

DOI:10.1002/mde.4090020208

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090020210

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090020211

出版商:John Wiley&Sons, Ltd.    

年代:1981

数据来源: WILEY