ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02290.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper studies a peculiar problem involved in the pricing of an ‘experience good’ whose value is not known to consumers until it is actually consumed It shows that the producer faces an expectational problem that does not arise in the framework of a ‘search good’. Noticing a link between markets in earlier and later periods due to the expectational problem, the present paper analyzes equilibrium price patterns when a producer can precommit to a certain future price path and when he cannot It also discusses social welfare impli

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb01745.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

A succession of six international tin agreements operated from 1956 to 1985. Futures trading in tin continued in London until the buffer stock scheme, without cash or the support of its sponsoring governments, collapsed in October 1985. The implications of the tin experience for futures trading and for so‐called commodity stabilization schemes are examin

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02291.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper develops a simultaneous rational expectations model of the US oats market Consistent estimates of the structural parameters are obtained by the instrumental variables method and 15 of 16 parameter estimates are significant at the 5 per cent level Estimated elasticities suggest that hedged stocks are more responsive to price changes than unhedged stocks, and that consumption demand for oats is more responsive to income changes than to changes in price. Post‐sample forecasts of the spot price derived from this model are employed to test the semi‐strong form efficient markets hypothesis (EMH), although the futures price outperforms the model as a predictor of the spot price. Hence the EMH cannot be reje

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02292.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The price leadership roles among hog cash and futures markets are assessed to locate points of price discovery and to examine flows of information among these markets. Several years of data are analyzed using lead/lag causality analysis and strength of linear causality measures. Although significant instantaneous relationships exist among hog cash and futures markets, one‐way causality tests indicate that generally the futures market dominates cash hog markets in the price discovery proces

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02293.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper provides an accounting for carbon dioxide emissions arising in Australia by final demand deliveries responsible, using input‐output andprimary energy input data for 1982‐83. Commodities are ranked by emissons per unit and total emissions. It is shown how the methodology employed usefully structures analysis of emissions reductions options, and can compute the system wide implications of specific measures in terms of total emissions. It is established that emissions arising in producing for export are approximately the same as emissions attributable to impo

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb01747.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper analyzes two price discovery processes: OLS learning from public information and a Bayesian learning made feasible by futures markets. The former tends to produce cobweb behaviour. In the latter, there is no cobweb, there is a faster convergence to Muth Rational Expectations, and the forecast errors are positively serially correlated The evidence drawn from the Sydney Futures Exchange is consistent with the Bayesian learning process.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02294.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper uses Lee's (1978) model to determine the wage gains associated with trade union membership and the reasons individuals join trade unions in Australia The data are derived from the 1984 Australian National Social Science Survey. A major conclusion is that unions secure a 17.22 per cent wage gain for their members, other things the same. This expected wage premium is shown to have an important positive impact upon the union membership decision. The welfare loss associated with the union wage premium is argued to be relatively minor about one half of one per cent of gross domestic product

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb01748.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Recent events have caused a re‐examination of the role of programmed traders and futures markets in generating destabilizing price movements. Laboratory experiments provide an ideal environment to isolate their effects on behaviour. In a new series of experiments we find that program traders and futures markets can be crucial for ensuring the informational efficiency of the spot market, even when the former are active participants in bubbles and crash

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb02295.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper reports the results of an empirical investigation of hysteresis in the unemployment rate using Australian data for 1966(3)‐1988(4). It is found that there is not hysteresis in the strict sense of the irrelevance of the natural unemployment rate although there is strong evidence of insider power in the wage‐fixing process. There is no evidence that the Accord changed the extent of the influence of insider power on wage sett

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1992.tb01749.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY