摘要:

This paper develops a model of relative price stickiness and examines its implications for the relationship between relative prices, inflation, and the natural rate of unemployment. Estimation of the model demonstrates that causality in the relationship between relative and aggregate prices runs in both directions. However, microeconomic disturbances have been the primary source of relative price change variance over the postwar period, and these micro disturbances have exerted a strong effect on inflation in the short run. It also is shown that micro relative price change dispersion has had a significant influence on the natural rate of unemployment.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01666.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

What explains persistent regional earnings differences? This paper argues that regional differences in amenities can account for the wage differences; in contrast, cost of living variations do not account for wage differences, but actually exacerbate them. This conclusion results from a model in which variations in rents and wages are equalizing differences for amenity differences. Empirical results are consistent with the model.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01667.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

Recent analyses of gender based salary differentials among University faculty have focused on colleges and universities which are quite different from those used in earlier (pre‐1975) studies. To facilitate comparisons with previous studies we examine gender earnings differentials during the 1983–84 academic year at Kent State University, a school similar to those studied in the pre‐1975 period. Our results suggest that after controlling for differentials in productivity‐related characteristics and market influences, there is little evidence of gender based salary discrimination at Kent State during

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01668.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

A human capital model of occupational choice as demand for general and occupation‐specific human capital is developed to show how women's occupational choices vary with their lifetime labor force participation patterns. The model is tested using data from the National Longitudinal Survey of Mature Women. The major empirical finding is that women who take less home time choose occupations which require more human capital, especially specific human capital. Women's occupations and wages are quite responsive to changes in their labor force participation patterns. If women worked continuously, their occupations and wages would be much closer to those of me

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01669.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

The consumption technology model of Lancaster and Becker is extended to include addictive activities. Assuming a utility function in which the individual places a premium on maintenance of self‐esteem, the model generates empirically verified patterns of habituation, withdrawal, and the compulsive restarting of an abandoned habit. It is then applied to the analysis of public policies toward drug abuse. Their frequent ineffectiveness is shown to result from an unwarranted emphasis on deterring the addictive activity rather than on encouraging atceptable behavio

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01670.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

This paper examines addictive and compulsive behavior within a new framework, in an effort to establish a stronger link to the psychological and sociological literature on the subject. Individuals who suffer an addiction are not the classic homo economicus of textbooks, but are instead extreme‐seekers. Concavities in indifference curves provide a simple characterization of extreme‐seeking. The consequences of consumption which is physiologically or psychologically addicting and which threatens the individual's health are modeled in terms of capital and threshold effects. The model is then used, tentatively, to assess policies aimed at controlling substance ab

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01671.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

A unique micro data set detailing operating costs and technical characteristics of 133 Texas oil leases was used to estimate an econometric cost function, yielding a number of interesting findings. First, evidence of economies of scale in crude extraction implies additional gains from oil field unitization and helps explain the paradox that voluntary unitization often occurs in the later stages of a field's life. Second, marginal operating costs per well were found to be about 30 percent below average costs, explaining why many wells remain operational despite falling crude oil prices. Finally, the results confirmed a number of plausible technical relationships. For example, operating costs rise sharply with depth, explaining the existence of shallow, low‐production stripper well

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01672.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

When objects have uncertain value, the net effect of competition in sealed‐bid auctions is ambiguous. The risk of succumbing to the “winner's curse” generally causes bidders to exhibit a non‐aggressive response in addition to the standard competitive effect. Sellers can influence the size of the nonaggressive effect by responding to the value uncertainty. This paper focuses specifically on individual bidding behavior in a rice auction market in which sellers issue a product‐quality guarantee. The empirical evidence supports my hypothesis that such a guarantee negates the significance of the nonaggressive bidder

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01673.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

Firms frequently use contests to compensate their employees: an employee's pay depends on the ranking of his output compared to that of others, rather than on the absolute level of his output. This paper analyzes the design of a contest which maximizes the contestants' expected aggregate output, and describes two settings which yield opposite results. In one, prizes should be equal except for that given to the contestant with the lowest output. In the other setting, only the contestant with the highest output should obtain a meaningful prize.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01674.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

This paper demonstrates how profit and expenditure functions may be used to prove fundamental results about deadweight losses suffered by consumers, producers, and resource owners. Losses arising from excise taxes and subsidies are examined and, in the case of a tax, the individual level analysis is extended to the market level in a partial equilibrium setting. In addition, profit and expenditure functions are applied to quantity constraints, two‐part tariffs, all‐or‐nothing choices, and reservation prices. Although no new results are derived, the paper provides motivation for the study of indirect objective functions and du

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1988.tb01675.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY