摘要:

There is discussion in both Canada and the United States of proposals which require private pension plans to provide indexed pension benefits. This paper employs both an auction and an implicit contract model to identify the compensating wage differentials required of possible policy initiatives. The contract model, motivated by the prevalence (especially in Canada) of ad hoc cost‐of‐living adjustments to pensions in pay, presumes that workers have a call option on the investment earnings in excess of the interest rate assumption used to value the plan. The analysis indicates that wage offsets are potentially quite large, may be difficult to predict, and may vary substantially across firms. In addition, the case for policy action would appear to rest largely on the implicit assumption that workers misperceive the value of their pension benef

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00661.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00662.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00663.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This study examines whether baseball's free agent market has been characterized by an asymmetric distribution of information among clubs. It is argued that the clubs for which players have performed have more information with which to estimate the players' future performance than do clubs that have not employed the player. Evidence is presented which shows that free agents spend more time on the disabled list than non‐free agents. Over time it appears that club owners have adjusted their expectations of free agent performanc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00664.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00665.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

Concerns have been expressed about the welfare effects of expensive innovations in medical care financed largely through medical insurance. This paper develops a model which considers such issues. It is shown that even if insurance is purchased optimally (subject to a plausible constraint on the form of the contract), innovations may be adopted that have the effect of reducing expected welfare. The question of how the benefits of medical innovations ought to be measured in the presence of insurance is also explored.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00666.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper re‐examines Feldstein's(1974, 1982)results of the effect of social security on private capital accumulation in the context of a simultaneous‐equation model of capital accumulation. The model incorporates dynamic feedback effects in capital accumulation and is estimated by FIML to incorporate theoretical restrictions that are tested against the data. It is then simulated as a full dynamic model to analyze the long‐run effect of SSW on private capital accumulation. The simulated effects are in the same direction as found by Feldstein, but are considerably w

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00667.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

A theoretical dynamic model is developed that integrates the micro‐behavior of commodity and futures speculators into the simultaneous determination of cash and futures prices in a storable commodity market. The model is used to demonstrate the way in which the introduction of a futures market, by affecting the decisions of speculative inventory holders, alters the distribution of spot prices and to elucidate the conditions that render futures trading stabilizing for cash price

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00668.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper analyzes the optimal policy of price adjustment for a monopolistic firm in the presence of stochastic inflation. It shows that an increase in the expected rate of inflation or in the cost of price adjustment leads to an increase in the initial real price and a decrease in the terminal real price in each period with a fixed nominal price. It also shows that the effects of increased riskiness of inflation are ambiguous.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00669.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00670.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY