摘要:

ABSTRACTThis paper presents the results of a statistical analysis of the University Funding Council's 1992 Research Assessment Exercise (RAE92), focusing here on the Economics and Econometrics Unit of Assessment. The data collected to support the RAE92 provide information about the inputs and outputs of the research process across all institutions of higher education in the UK. The paper has two primary aims: firstly, to provide information to the economics profession in order to aid self‐appraisal at the departmental level by providing quantitative data on research inputs and outputs relating to all 60 departments of economics assessed in the RAE92; and secondly, to investigate the extent to which variations between departments in their research ratings can be ‘explained’(in a statistical sense) by various quantitative research indicators constructed from the RAE92 database. The information suggests that research indicators constructed from the RAE92 database provide potentially valuable information about research activity in economics and econometrics in t

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00621.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTCompeting‐risks models are becoming increasingly pervasive in applied research to explain the factors determining both the time in a state (i.e. unemployment) and the exit route from the state (is. leaving unemployment for a job or non‐participation). However, as in many limited dependent variable models, the interpretation of the covariate estimates requires care. Despite assertions to the contrary in many published papers, it is shown that the estimated qualitative effect of a covariate on the hazard for riskjtypically conveys no information on its qualitative effect on either the likelihood of, or expected time until, exit viaj.This is because such magnitudes depend on the qualitative and quantitative effects of the covariate on other risks which cannot be ignored. The point is demonstrated by using UK data on the unemployment to re‐employment transitions of a sample of male job l

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00622.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThe paper develops a cost frontier model of electricity distribution and estimates it on data for the 12 regional electricity companies of England and Wales. It is found that some significant cost drivers in cross‐section estimation are insignificant when the model is estimated on panel data, highlighting the well‐known drawbacks of cross‐section estimation. Panel data estimation suggests that the main determinants of distribution operating costs are the number of customers in the area and simultaneous maximum demand. These results and the efficiency rankings of the companies are not sensitive to changes in error distribution assumptions and sample size. There is also significant evidence of economies of scale. There is a small but significant effect on cost efficiency from privatization, but this is as likely to be due to the changes in accounting policies at the time of privatization as any real e

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00623.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper considers the historical record and time series properties of United States' industrial production for the period 1860 to 1991, utilizing unit root tests and measures of persistence. The results identify a segmented trend model which is used to assess the time‐series simulation performance of four well‐known models of economic growth: Solow (1957); Mankiw, Romer and Weil (MRW, 1992); Barro and Sala i Martin (BSM, 1992); and Rebelo (1991). Both the MRW and BSM models dominate the Solow model in accounting for twentieth century industrial growth, highlighting the importance of human capital, and the paper suggests a new measure related to higher education. However, the Rebelo model explains the post‐1973 slowdown more successfully than either of the ‘augmented‐Solow’ approaches. The paper concludes with a discussion of the impact of shocks on US indust

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00624.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTIn a simple homogeneous product setting, the paper looks at the debate on whether firms should choose quantity or price as their strategic variable. It examines a two‐stage game between firms with symmetric costs in which the firms choose the strategic mode of operation in the first period and then, in the second period, price or output are chosen simultaneously according to the mode chosen in the first stage. In this game it is possible to have two Nash equilibria where either both play in quantities or both play in prices. One firm choosing price and the other quantity can never be a Nash equilibrium in the two‐stage game. Both choosing quantity is always a Nash equilibrium. Both choosing prices may be a Nash equilibrium only in some situations: the structure of the cost functions decides this is

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1996.tb00625.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY