摘要:

We consider the seller's choice between sequential search and an auction when selling n homogeneous units of a good in the presence of informational asymmetries, discounting, and transaction costs. Our analysis shows that the expected return per unit from sequential selling decreases in n, the number of units being sold. For the auction with suitable restrictions, the expected return per unit increases in n. Thus, sequential search is the preferred institution if n is small, whereas the auction is preferred if n is large. Historical details of the evolution of livestock markets closely fit our theoretical results.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01843.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper studies the relation between narrative‐based indicators of monetary policy and widely used money market indicators of monetary policy. Three principal findings emerge. First, changes in monetary policy, as measured by the narrative‐based policy indices, are associated with persistent changes in the levels of M2 and the monetary base. In contrast, changes in the narrative policy indicators lead to transitory changes in short‐term interest rates, nonborrowed reserves, and the spread between the six‐month commercial paper rate and the three‐month treasury bill rate. Third, these findings are generally robust across different narrative‐based pol

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01844.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

In‐kind transfers can Pareto‐dominate cash transfers as a means of income redistribution if in‐kind transfers and leisure are Hicks substitutes and leisure is a normal good. The result holds when redistributive instruments also include a linear income tax. The paper proves that if the poor receive more in‐kind transfers (and the rich less) than what they would choose for themselves then, compared to cash transfers, there will be a higher labor supply by the poor, a lower labor supply by the rich, and higher levels of aggregate pre‐tax income and tax

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01845.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper develops a simple model of entrepreneurial enterprises. The analysis differs from traditional work on entrepreneurship by analyzing why entrepreneurial activities are typically conducted in small firms owned by the entrepreneur. I argue that ownership incentives are an advantage of small firms. When the probability of success of an economic activity becomes small, if becomes costly for large firms to commit to strong incentives, and small worker‐owned firms emerge. The paper discusses application of the theory to innovation, wild‐cat oil exploration, restaurants and retail trade, professional practices, salesmen, and franchis

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01846.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper examines the relationship between basic and applied pharmaceutical research. We focus on three stages of research and development (R&D): government‐funded basic research; publication in medical journals; and industry‐finded applied R&D. We estimate that a one percent increase in basic research in a particular therapeutic category causes a 0.76 percent increase in industry R&D in that category, and a 1.71 percent increase in other categories, mer seven years. We also find that research incentives differ across government, academic and industry researchers. For example, government funding favors diseases that are less prevalent and more debilitating than industry fund

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01847.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

In 1975 Japan expanded the scope of its patent law by introducing product patents for newly developed chemical and pharmaceutical products. We use rate‐of‐return data from the Tokyo Stock Exchange for Japanese pharmaceutical companies to examine the impact of the change in the patent law. Our empirical findings indicate that the passage of the new patent law induced an excess return of approximately 26 percent to a portfolio of large pharmaceutical companies. Companies with R&D programs specializing in new product development experienced large gains, while companies with R&D programs specializing in imitative process patents experienced no ga

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01848.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper applies new tests for parameter instability in cointegrated regression models to the U.S. Federal government's intertemporal budget constraint in order to detect whether there has been a regime change in spending and taxing policies. Some researchers have argued that fiscal policy under Presidents Reagan and Bush moved the U.S. deficit onto an unsustainable path. My results suggest that government deficit policy in the 1980s was not significantly different from policies during the three earlier decades. However, a diverging debt‐GNP ratio suggests that the government will run into problems marketing its debt if current policy continue

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01849.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper uses data from a survey of child‐care establishments to compare part‐and full‐time wages within two narrow occupations, one high skill and one low skill. Unlike previous studies, it controls for firm‐specific effects. We find that when firm‐specific effects are accounted for, only the low‐skill workers in our sample receive lower wages for working part‐time. On the other hand, when compensation is defined to include prorated fringe benefits, establishments appear to compensate both high‐ and low‐skill part‐timers at

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01850.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Recent findings of large differences between people's valuations of gains and losses imply that the common preference order axioms of completeness, transitivity, and dominance, on which economic analyses and predictions of consumer behavior are largely based, may not be consistent with actual choices. This paper reports the results of an experimental test of the preference order assumptions using real exchanges of two goods and money. The findings show consistent differences in the valuation placed on goods and money depending on whether the entitlements are being acquired or given up, and provide direct evidence of preference assumption violations.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01851.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Theory shows that, depending on risk preferences and technological parameters, price uncertainty may alter firms' choice of capital intensity. This paper presents an empirical analysis of the effect of price uncertainty on firms' choices of capital and labor stocks. Empirical results from a cross‐section of manufacturing industries, as well as within‐industries over time, show that greater price uncertainty increases an industry's capital‐labor ratio. It appears that risk aversion does not dominate firms' decision making. These empirical findings have implications for the analysis of factor demand and productivity, and capacity utilization

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1995.tb01852.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY