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  • Articles  (5,422)
  • 2005-2009  (5,422)
  • 1980-1984
  • 1930-1934
  • 2006  (5,422)
  • Economics  (5,422)
Collection
Source
Publisher
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  • 2005-2009  (5,422)
  • 1980-1984
  • 1930-1934
Year
Journal
Topic
  • 1
    Electronic Resource
    Electronic Resource
    Are Economists Smarter? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Laurence Kotlikoff presents a humorous take on Lawrence Summers' alleged suggestion that economists are smarter than sociologists.
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  • 2
    Electronic Resource
    Electronic Resource
    Letter: A Reply to Rubin on the Death Penalty (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Contrary to Paul Rubin's recent testimony to the Senate Judiciary Committee, we believe the fragility of their estimates and the invalidity of their instrumental variables undermine Dezhbakhsh, Rubin, and Shepherd's work as evidence that the death penalty deters murder.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/ev/vol3/iss5/art5
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  • 3
    Electronic Resource
    Electronic Resource
    The Economics of Net Neutrality (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art8 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robert Hahn and Scott Wallsten argue that mandating net neutrality, like most other forms of price regulation, is poor policy; instead, the government should focus on creating competition in the broadband market by liberalizing more spectrum and reducing entry barriers created by certain local regulations.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Taxes on Investment Income Remain Too High and Lead to Multiple Distortions (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Although rates are lower than in the past, the combination of the corporate and personal tax rates still imply high marginal tax rates on capital income. Martin Feldstein argues that such high tax rates hurt the economy even if saving rates are not sensitive to rates of return, and examines the various ways in which capital taxes distort other aspects of economic activity.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    The High Cost of the Iraq War (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 3, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Joseph E. Stiglitz calculates that the full cost of the Iraq War may reach $2 trillion, much more than the $60 billion OMB Director Mich Daniels originally foresaw.
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  • 6
    Electronic Resource
    Electronic Resource
    The Death Penalty: No Evidence for Deterrence (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: John Donohue and Justin Wolfers argue that Gary Becker and Richard Posner are wrong to think that the death penalty deters murder: they find little empirical support for the claim. If anything, when one looks over the longest period possible (1934-2000) there is more evidence that the death penalty stimulates murder than that it deters murder.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/ev/vol3/iss5/art3
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  • 7
    Electronic Resource
    Electronic Resource
    Contrary to Robert Shiller's Predictions, Stock Market Investors Made Much Money in the Past Decade: What Does This Tell Us? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art2 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?
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  • 8
    Electronic Resource
    Electronic Resource
    Letter: The Costs to the Iraqi People May Become Costs to the United States (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art7 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The true cost of the war in Iraq must also include estimates of US expenditures after the war to defray the costs imposed upon non-combatant Iraqis.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/ev/vol3/iss4/art7
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  • 9
    Electronic Resource
    Electronic Resource
    Letter: Transfer Payments vs. Economic Costs in the Iraq War (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: How much of the costs of the Iraq war are really transfer payments?
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Letter: On Valuing Ecosystem Services (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art2 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Nick Wills-Johnson wonders whether social network and graph theory could help in valuing ecosystem services.
    Type of Medium: Electronic Resource
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  • 11
    Electronic Resource
    Electronic Resource
    How to Deal with Terrorism (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Bruno Frey argues that terrorism has been fought in the wrong way. Instead of focusing on deterrence and preemptive strikes, we should: (1) Reduce vulnerability by decentralizing society; (2) Strengthen positive incentives to leave the terrorist camp; and (3) Divert media attention from terrorist groups.
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  • 12
    Electronic Resource
    Electronic Resource
    The (Legal) Pains of Vioxx: Why Product Liability Can Make Products More Dangerous (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Comparing the experience of Vioxx and Celebrex leads Omri Ben-Shahar to think that stiff product liability has the perverse effect of inducing manufacturers of defective products to leave these products on the market, rather than withdraw them.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/ev/vol3/iss6/art6
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  • 13
    Electronic Resource
    Electronic Resource
    The Estate Tax Compromise (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 1, art7 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In 2011 the federal estate tax is scheduled to revert to its pre-2001 form, with a $1 million exemption and a 55% rate on large estates. Several compromise bills are now under discussion that would raise the exempt amount and lower rates. Although many arguments bear on this decision, the choice ultimately turns on the relative force of two opposing moral principles: a principle of autonomy with respect to the use of one's justly acquired property and a principle of equality with respect to unmerited advantages. We should worry much less about raising the exempt amount than lowering rates.
    Type of Medium: Electronic Resource
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  • 14
    Electronic Resource
    Electronic Resource
    Letter: Replacing Payroll with Sales Taxes Shifts Risks from Firms to Governments (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 9, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robin Pope argues that Kotlikoff is right to favor shifting payroll taxes to sales taxes only Kotlikoff fails to mention all the benefits that would be obtained by the shift. One of these benefits would be aiding employment by shifting the burden of risk bearing from firms to governments that can shoulder the risk burden at a lower cost than most firms can because of their risk pooling abilities.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/ev/vol3/iss9/art3
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  • 15
    Electronic Resource
    Electronic Resource
    A New Agenda for Global Warming (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Joseph E. Stiglitz presents his plan for getting the United States and the Developing World to address global warming, and argues that by failing to address this problem, the United States is implicitly subsidizing energy usage and engaging in unfair trade practices.
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  • 16
    Electronic Resource
    Electronic Resource
    Letter: Comment on the Economics of Network Neutrality (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 1, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robert Hahn and Scott Wallsten in "The Economics of Net Neutrality" overlook the two-sided nature of the broadband market. This has important implications for market power and their proposed remedies.
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  • 17
    Electronic Resource
    Electronic Resource
    Letter: Informed Investors Have Limited Ability to Push Prices to Efficiency (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: J. Bradford DeLong and Konstantin Magin's July, 2006 article gave several good reasons why "informed and aggressive" investors will not necessarily push prices all of the way to their fundamental levels, but missing was the fact that there may not be enough such investors given that none will rationally choose to be too aggressive and have too undiversified a portfolio, according to Richard Serlin.
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  • 18
    Electronic Resource
    Electronic Resource
    Letter: What Will Stiglitz's Global Warming Remedy Really Cost? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art1 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Harry Saunders argues that we owe it to the public, as well as to the economics profession, to be realistic about the level of pain required to combat global warming.
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  • 19
    Electronic Resource
    Electronic Resource
    The Discretion of Judges and Corporate Executives: An Insider's View of the Disney Case (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: John Donohue wonders if the Disney case means that the courts of Delaware will cleverly find the facts they need to allow managers to waste corporate assets however they please.
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  • 20
    Electronic Resource
    Electronic Resource
    Letter: Believe It or Not, What We Need Now Are Higher Gas Prices (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Despite current high gasoline prices, what we need now is to increase gas taxes.
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  • 21
    Electronic Resource
    Electronic Resource
    What To Do about Fannie and Freddie? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Edward Glaeser and Dwight Jaffee argue that Freddie Mac and Fannie Mae are actively pursuing great risk at taxpayer expense and private profit: the cure is a tax on their $1.5 trillion in borrowing that could yield as much as $6 billion a year.
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  • 22
    Electronic Resource
    Electronic Resource
    Letter: Current Insurance Pricing Unduly Limits Car Ownership (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 9, art4 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Patrick Butler argues that Aaron Edlin's case for converting auto insurance to cents-per-odometer-mile prices would be made more compelling if he developed Vickrey's further assessment that current insurance pricing limits car ownership, particularly among the poor.
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  • 23
    Electronic Resource
    Electronic Resource
    Caution, Children Crossing: Heterogeneity of Victim's Cost of Care and the Negligence Rule (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2006, 3, art3 
    Details
    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: The paper deals with a bilateral accident situation in which victims have heterogeneous costs of care. With perfect information, efficient care by the injurer raises with the victim's cost. When the injurer cannot observe at all the victim's type, and this fact can be verified by Courts, first-best cannot be implemented with the use of a negligence rule based on the first-best levels of care. Second-best leads the injurer to intermediate care, and the two types of victims to choose the best response to it. We explore in particular detail the more interesting case of imperfect observation of the victim's type, characterizing the optimal solution and examining the different legal alternatives when Courts cannot verify the injurers' statements. Counterintuitively, we show that there is no difference at all between the use by Courts of a rule of complete trust and a rule of complete distrust towards the injurers' statements. We then relate the findings of the model to existing rules and doctrines in Common Law and Civil Law legal systems.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/rle/vol1/iss3/art3
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  • 24
    Electronic Resource
    Electronic Resource
    On the Optimal Scope of Negligence (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2006, 3, art2 
    Details
    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: This article studies the optimal scope of negligence, considering which of the parties' precautionary measures should be included in the determination of negligence and which instead should be omitted. The analysis shows that the optimal scope of negligence balances the gains derived from improved accident prevention with the administrative costs of the system. This approach also provides insights concerning not only the notions of care and activity level and their respective boundaries, but also the choice between strict liability and negligence.
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  • 25
    Electronic Resource
    Electronic Resource
    Singing Along: A Comment On Goldberg & Muris On the Three Tenors (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2006, 3, art4 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Professors Goldberg vigorously attacks the merits of the "Three Tenors" decision while emphasizing the issue of whether the challenged restraint resides within the boundaries of the firm. Professor Muris responds that the Commission's analysis is correct as a matter of law and fact, and that Professor Goldberg's call for a market power screen for all horizontal restraints ignores the legal costs of rulemaking. I take a third view of the debate. While conceding that per se rule is properly applied to "naked restraints," I show that the Commission's analysis relies on an inappropriately narrow view of the ancillary restraints doctrine in order to justify application of the per se rule. In particular, the Commission's emphasis on the timing of the restraint as well as its hostility towards PolyGram's free rider defense are not supported as a matter of law. In any event, the facts of the Three Tenors do not support the Commission's conclusion that the moratorium agreement was not ancillary to the joint venture.
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  • 26
    Electronic Resource
    Electronic Resource
    Making International Organizations More Democratic (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2006, 3, art1 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: World governance today is characterized by international organizations lacking democratic legitimacy and control by the citizens they claim to represent. They are also criticized for being inefficient. This leads to violent protests and to NGOs having great influence. To address these problems, we propose international governance based on the democratic idea of citizen participation: All citizens of the member countries of international organizations have the potential right to participate in the decision-making of international organizations via initiatives, referendums and recalls. In order to reduce transaction costs, a representative group of citizens is randomly selected who can actually exercise their participation rights.
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  • 27
    Electronic Resource
    Electronic Resource
    Does Parallel Behavior Provide Some Evidence of Collusion? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art5 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Antitrust authorities often consider parallel pricing and market share stability to be clues of illegal collusion. To analyze whether this inference is correct, I develop a model of price competition with differentiated products in which demand and costs vary over time. In many cases parallel pricing does not distinguish between a competitive and a collusive outcome. However, in some cases perfect parallel pricing is compatible only with a competitive equilibrium, and therefore provides some evidence that firms did not collude. I also show that the competitive equilibrium is characterized by a higher market share stability than a collusive equilibrium.
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  • 28
    Electronic Resource
    Electronic Resource
    Redistribution and Crime When Agents Have Limited Liability: A Note (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 2, art2 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Monetary sanctions are less effective when agents cannot afford to pay them in full. We present a simple model of a society with two types of risk averse agents, differing in terms of productivity in the legal labor market. We consider transfers from the most productive to the least productive agents, and discuss the conditions under which redistribution can reduce crime.
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  • 29
    Electronic Resource
    Electronic Resource
    Buying Market Share: Agency Problem or Predatory Pricing? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art1 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Buying market share occurs when firms price below the profit-maximizing price in order to gain market share, even though recoupment of lost profit is impossible. Although perceived by rivals as predatory pricing, buying-market-share pricing does not generally damage competition even when it forces efficient rivals to exit, and current predatory pricing policy yields desirable antitrust enforcement outcomes. However, buying market share can harm competition when share-based entry barriers exist and product differentiation is sufficiently weak. With weak product differentiation and share-based entry barriers, even prices set above average costs can have anticompetitive consequences.
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  • 30
    Electronic Resource
    Electronic Resource
    The Optimal Magnitude and Probability of Fines with Court Congestion (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art3 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: This paper extends the law enforcement model to include court congestion. Society suffers harm from court congestion since delay affects the credibility and the reliability of the criminal justice system. The core result of the paper is that the probability of apprehension and the probability of conviction should be considered separately by the enforcement authority. Because the level of congestion is affected by the probability of apprehension only, the use of fines and conviction should be exhausted before resorting to the costlier (in terms of court congestion costs) instrument of apprehension.
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  • 31
    Electronic Resource
    Electronic Resource
    Nuisance Suits and Contingent Attorney Fees (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 3, art2 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: We demonstrate that contingent attorney fees can play a strategic role in a model of nuisance suits. Specifically, the use of contingency fees makes the plaintiff's threat to go to trial credible. In contrast to previous economic analyses, we show that contingency fees do encourage nuisance suits.
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  • 32
    Electronic Resource
    Electronic Resource
    Economic Models and the Merger Guidelines: A Case Study (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art4 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Merger analysis is a field in which economic theory is systematically applied, day-in, day-out. Economics structures the definition of the relevant market, and then economics drives the evaluation of the likely competitive effect of the merger. Exactly which models are used by Federal Trade Commission staff would be of great interest to the stake-holder community, as would any details on how the models are applied. This paper provides those details with an in-depth study of the FTC merger review process focused on single market horizontal mergers evaluated between 1993 and 2003. Five different market models are identified with a homogeneous goods analysis (two choices) useful in about one-third of the cases and a differentiated goods analysis (three choices) relevant for the others. Unilateral effects analysis was used in slightly more than half of the cases and coordinated interaction theories in just less than half. Evidence contained in hot documents, validated customer concerns and event analyses appears to play an important role in confirming the implications of Guidelines-based theoretical models of a merger's competitive effect.
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    The Economic Theory of Price Discrimination via Transactions Bundling: An Assessment of the Policy Implications (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 2, art5 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: This paper discusses specific cases in financial regulation, competition law and legal rules in procurement, in light of the economic concept of the efficiency of mixed bundling as derived in our theoretical models. We assess the appropriateness of the existing rules, and also discuss whether there is a need to reform specific legal or regulatory rules in light of the efficiency discussion. We examine the U.S. legal and regulatory framework in government procurement, the offsets case, and finally we look into financial regulation in the case of bundled brokerage and soft commission arrangements on both sides of the Atlantic. The novelty of our models is that we analyze transactions mixed bundling in the cases of monopoly, monopsony and exchange. Additionally, for the cases of monopsony and exchange we consider goods of varying degrees of quality certainty. The common result is the local optimality of the bundling of transactions in terms of expected profits for the price-setting firm, and an overall increase in the level of trade in the goods bundled. In the real-life cases examined, we found that in most instances the authorities have decided that if the practice of pure bundling is present, to replace it with mixed bundling, rather than ban bundling altogether. This practice is correct, as according to our models mixed bundling is efficiency-enhancing (both in profits and in trade volumes). On the other hand, the policy implications derived from our models based on the presence of quality uncertainty suggest that allowing the bundling of dissimilar tasks is beneficial rather than damaging to trade, especially if the goods bundled are of diverse degrees of quality certainty. This is at odds with the current legal and regulation approach to bundling practices.
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    The Establishment of Constitutional Courts: A Study of 128 Democratic Constitutions (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art6 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: The judicial review of legislation can be configured in any of a number of ways. In particular this task may be concentrated in a constitutional court, or diffused among ordinary judges. Recent studies have shown that the design of judicial institutions can have important legal, social, and economic consequences for a given polity. Scholars have dwelled on the reasons that lead political actors to the choice of one model of judicial review over another, but there has been little empirical study on this choice. Here, several hypotheses as to the circumstances that lead to the establishment of constitutional courts are tested on the basis of a data set of 128 democratic constitutions. I find that the degree of political uncertainty facing politicians is an important predictor of whether or not a constitutional court will be established.
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    The Conspirator Dilemma: Introducing the "Trojan Horse" Enforcement Strategy (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 1, art2 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: The Trojan Horse enforcement mechanism turns law-breakers into law-enforcers by entrusting them with the right to file a private suit and to collect a fine from their accomplices. Unlike leniency or state witness programs, the Trojan Horse mechanism is not dependent on an effective public enforcement agency operating in the background. It positions conspirators in a prisoner dilemma at the very first stage of their conspiracy, long before public enforcers are on their tails, thus enabling the state to decriminalize certain conspiracies. As shown in this paper, the Trojan Horse mechanism has a (comparative) advantage in asymmetric settings, such as in the employment of illegal immigrants. Whereas fines and other criminal sanctions hardly deter empty-pocket lawbreakers such as illegal immigrants, the carrot this mechanism waves might lure illegal immigrants into suing their employers and leaving the country with a prize in their pockets. Thus, it provides a more humane enforcement mechanism than the prevailing ones, and creates a strong deterrent effect on employers who consider hiring illegal immigrants.
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    Discordant Notes: A Reply to Professor Wright (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2006, 3, art5 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Professor Wright mischaracterizes both the legal basis and the factual context of the FTC's Three Tenors opinion, recently affirmed by Judge Ginsburg's opinion for a unanimous panel of United States Court of Appeals for the District of Columbia Circuit. Neither opinion's legal analysis relies on the timing of the moratorium agreement. Under either opinion, the agreement to eliminate advertising and price competition would have been proscribed even had it occurred when the joint venture was formed. Moreover, the factual underpinnings of the case differ from Professor Wright's assertions. In particular, the facts demonstrate that the joint venture did not attempt to promote the combination of various three tenors products. The only coordination with the first two albums was a restriction on their discounting and advertising. There was none of the production, distribution, and promotion among the three albums normally associated with an integrated effort.
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    Constitutionalizing Patents: From Venice to Philadelphia (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 2, art4 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Patent law today is a complex institution in most developed economies, and the appropriate structure for patent law is hotly debated around the world. A crucial feature shared among the diverse patent systems of the industrialized world, even before the recent trend toward harmonization, is that modern patent regimes are "constitutionalized," meaning the self-restriction of executive and legislative discretion over the patent power. Given the lucrative nature of patent monopolies and the long history of granting patents as a form of patronage, the choice to confine patents within a legal framework that minimizes the potential for rent-seeking requires explanation. Why choose to constitutionalize patents? This paper answers this question by examining three salient constitutionalizing events through the lens of public choice theory-a theoretical framework all but absent in patent and innovation scholarship. Using interest-group analysis, we trace the constitutionalization of patent law from the Venetian patent statute of 1474, through the English 1624 Statute of Monopolies, to the Intellectual Property Clause of the United States Constitution. We argue that creating constitutional patent law institutions offered the opportunity to both increase the durability of the bargain between the state and the inventor and, in some cases, to limit the grant of patents to those most likely to increase the general welfare.
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    Trade Secret vs. Broad Patent: The Role of Licensing (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 2, art3 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: We present a simple model wherein a patents regime is inferior to a trade secrets system, meaning that when private returns from innovation under the two regimes are the same, society will be better off if the innovator chooses not to patent. In our model, trade secret licensing is envisaged and the inferiority of patents depends on the lack of an independent invention defense in patent law, while such a defense currently exists in secrecy and copyright law. Thus, although secrecy is superior to patents, it is not superior to other types of formal intellectual property rights where independent invention is allowed (such as copyrighted software).
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    Property Rules and Liability Rules, Once Again (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 2, art1 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: In recent years, new articles presenting rigorous analyses of bargaining incentives have overturned some of the fundamental claims made by Calabresi and Melamed in their seminal article on property rules and liability rules published in 1972. In particular, the proposition that property rules are socially preferable to liability rules when transaction costs are low appears to be either no longer valid or severely weakened under the new analyses. This paper reexamines the property rule versus liability rule question in light of the contributions of the recent bargaining theory literature. In contrast to this literature, I find that the fundamental propositions of Calabresi-Melamed remain valid, and I extend the framework to provide a more detailed positive economic theory of common law rules. The key contribution of this paper is pointing out the importance of subjective valuations in the analysis of property and liability rules. This allows for a synthesis of Calabresi-Melamed and the bargaining theory literature within an expanded framework.
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    A Derivation of Probabilities of Correct and Wrongful Conviction in a Criminal Trial (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 3, art3 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: This article derives key variables in the analysis of standards of proof in criminal law from basic conditional probabilities. The variables derived are the probability of correct and wrongful conviction, the expected sanction, and society's incarceration costs, while the basic conditional probabilities are the probability of observing (any given) evidence against individual i given that individual j committed the crime (for any j including j equal to i. The variables are derived from the conditional probabilities as a function of the standard of the proof using simple Bayesian updating.
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    On Negligence Rules and Self-Selection (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 3, art1 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: Economic models of negligence ordinarily involve a single standard of care that all injurers must meet in order to avoid liability. When injurers differ in their costs of care, however, this leads to distortions in their care choices. This paper derives the characteristics of a generalized negligence rule that induces injurers to self-select their optimal care levels. The principal features of the rule are (1) the due standard of care is maximal, and (2) liability increases gradually as injurers depart further from this standard. The results are broadly consistent with the gradation in liability under certain causation rules and under comparative negligence.
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    Another Consideration in Minority Vote Dilution Remedies: Rent-Seeking (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 3, art5 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: In some areas of the United States, racial and ethnic minorities have been effectively excluded from the democratic process by a variety of means, including electoral laws. In some instances, the Courts have sought to remedy this problem by imposing alternative voting methods, such as cumulative voting. I examine several voting methods with regard to their sensitivity to rent-seeking. Methods which are less sensitive to rent-seeking are preferred because they involve less social waste, and are less likely to be co-opted by special interest groups. I find that proportional representation methods, rather than semi-proportional ones, such as cumulative voting, are relatively insensitive to rent-seeking efforts, and thus preferable. I also suggest that an even less sensitive method, the proportional lottery, may be appropriate for use within deliberative bodies, where proportional representation is inapplicable and minority vote dilution otherwise remains an intractable problem.
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    On the Desirability of Appellate Courts (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 2.2006, 3, art4 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: In this paper we analyze the necessity of an appeals process in private-civil litigation from the point of view of potential litigants. Our main concern is the question of whether the existence of an appeals system is to the benefit of potential litigants or if they would be better off in a system in which appeals are not possible. Our main observation is that it is unnecessary to enable appeals in all civil litigation. Indeed, a judicial system with a built-in appeals process is in many cases less desirable for the parties involved.
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    Insurance and Incentives for Medical Innovation (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Forum for health economics & policy 9 (2006), S. 4 
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    ISSN: 1558-9544
    Source: Berkeley Electronic Press Academic Journals
    Topics: Medicine , Economics
    Notes: This paper studies the interactions between health insurance and the incentives for innovation. Although we focus on pharmaceutical innovation, our discussion applies to other industries producing novel technologies for sale in markets with subsidized demand. Standard results in the growth and productivity literatures suggest that firms in many industries may possess inadequate incentives to innovate. Standard results in the health literature suggest that health insurance leads to the overutilization of health care. Our study of innovation in the pharmaceutical industry emphasizes the interaction of these incentives. Because of the large subsidies to demand from health insurance, limits on the lifetime of patents and possibly limits on monopoly pricing may be necessary to ensure that pharmaceutical companies do not possess excess incentives for innovation.
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    Basic Income in 1848 (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art7 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This note introduces a virtually unknown social constitution drafted in Brussels in 1848, in which an unconditional basic income figured prominently. We provide details on the historical and intellectual context in which the proposal originated, and briefly compare it with similar proposals of the same period. In the appendix, we present an English translation of the constitution.
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    The Relative Cost of a Universal Basic Income and a Negative Income Tax (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art6 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The cost of a negative income tax (NIT) designed to mimic the redistributive effects of a universal basic income (UBI) and set at a level sufficient to eliminate official poverty in the US is estimated using income distribution data for 2002. It is estimated that an NIT satisfying these conditions would have required an $826 billion increase in government spending in 2002, compared to a $1.69 trillion increase for an equivalent UBI. Despite this cost difference, the income and substitution effects of a UBI and an equivalent NIT are shown to be the same; and these effects are analyzed. Finally, the cost of providing a basic income guarantee (BIG) by either of these means is compared to the cost of securing the right to work and income security recognized in the Universal Declaration of Human Rights using a program of direct job creation and conventional income transfers.
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    Reconsidering the Exploitation Objection to Basic Income (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art4 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: A common objection to unconditional basic income is that it is unfair because it allows people to live off the labour of their fellow citizens without making a reciprocal productive contribution to society (the 'exploitation objection'). The paper outlines four responses to the objection: the perfectionism, balance of fairness, balance of reciprocity, and inherited asset responses. While it finds little merit in the first, it argues that, taken together, the latter three add up to a powerful reply to the exploitation objection. In concluding, the paper also explains that even if the exploitation objection can be satisfactorily met, there might still be other justice-based reasons for making basic income conditional on behaviour.
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    A Plea for the Use of Laboratory Experiments in Basic Income Research (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art11 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    List of Contributors (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art3 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    Review of Ailsa McKay, The Future of Social Security Policy: Women, Work and a Citizens' Basic Income (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art13 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    The Bottom Line in a Basic Income Experiment (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art9 
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    ISSN: 1932-0183
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    Editorial (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Basic income studies 1.2006, 2, art2 
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    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    Comments on Papers by Saint-Paul, Aghion, and Bhidé (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Capitalism and society 1.2006, 1, art3 
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    ISSN: 1932-0213
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    Interaction Effects in the Relationship Between Growth and Finance (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Capitalism and society 1.2006, 1, art2 
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    ISSN: 1932-0213
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper analyzes how interacting financial development with initial income, macroeconomic volatility and policy variables, can improve our understanding of convergence and divergence across countries, and also restore the significance of correlations between growth and volatility and therefore between growth and macropolicy, even when controlling for country fixed effects or when eliminating countries with extreme policies or bad institutions.
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    Innovation and Its Discontents (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Capitalism and society 1.2006, 3, art3 
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    ISSN: 1932-0213
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
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    How High Technology Industries Transformed Work and Life Worldwide from the 1880s to the 1990s (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Capitalism and society 1.2006, 2, art1 
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    ISSN: 1932-0213
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This essay falls into three parts. The first reviews the Second Industrial Revolution based on the commercializing of electrical and steam power and lasted from the 1880s through the 1920s. The leaders here were concentrated along the Rhine Valley from Basel in Switzerland to the Low Countries. That technology permitted these pioneering enterprises to market their products worldwide. Because World War I cut the Rhine Valley off from most markets, high technology enterprises in the United States and much of Europe were forced to build their own research and development units. The Rhine Valley re-entered global markets in the 1920s and precipitated what Joseph Schumpeter has termed "The decade of creative destruction." The 1929 Wall Street crash and the coming of the 1930s' Great Depression marked the close of the Second Industrial Revolution.The second part is based on the new science of electronics and had its beginnings in the 1920s. The Radio Corporation of America commercialized new audio and video technologies. In the 1960s, RCA became a conglomerate and self-destructed allowing the Japanese firms Matsushita and Sony to capture markets world wide. In the 1950s, International Business Machines Company (IBM) commercialized four new electronic devices which led to the creation of Information Technology (IT) in the 1960s with the System 360 followed by the System 370 that dominated world markets. Then in the 1980s, largely by accident, four leading Japanese computer manufacturers successfully challenged the U.S. in the world market for computers.The third part rests on the fact that high technology industries continue to depend on the commercializing of scientific learning as had occurred in the field of chemistry in the 1960s. Chemical companies in the 1960s were forced to commercialize new products based only on existing technologies. Biology, on the other hand, was creating the wholly new disciplines of microbiology and enzymology and then new sciences arose with the discovery of the double helix. Molecular biology and its offshoots of biotechnology and genetic engineering are just beginning to evolve. I close with a review of four recent articles with a heading High Technology Ignored. Historical reality is reviewed here.
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    Comments on Richard Zeckhauser's Investing in the Unknown and Unknowable (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Capitalism and society 1.2006, 2, art6 
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    Topics: Economics
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    Business Valuation Basics for Attorneys (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Journal of business valuation and economic loss analysis 1.2006, 1, art7 
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    ISSN: 1932-9156
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Of all of the businesses in the Nation about .5% could be classified as actively traded, the other 99.5% require special treatment for valuation purposes. A number of the important issues are reviewed, all of which should be understood by all Attorneys who could have clients involved in business valuations. Issues are related to accounting practices, premiums, discounts of various sorts, required return, capitalization rates and proxies for variables not available. Most of the issues are illustrated in a practical valuation. Quantification of a number of the variables is illustrated as well.
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    On the Time Series Properties of Medical Net Discount Rates (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Journal of business valuation and economic loss analysis 1.2006, 1, art4 
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    ISSN: 1932-9156
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We examine the time series properties of medical net discount rates based on five different medical consumer price indices, namely, medical care, medical services, medical care commodities, physician's services, and prescription drugs & medical supplies that were first analyzed by Ewing, Piette, and Payne (2003). Unlike Ewing, Piette, and Payne (2003), we test for the presence of a unit root in these series using statistics that allow for a break in the trend function at an unknown date, and find that all series are tend-break stationary. Therefore, practitioners should use medical net discount rate forecasts based on the estimated trend function in the post-break periods to calculate the present value of future medical costs.
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    Government-Business Relations in the Construction of Mercosur (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Business and politics 8.2006, 1, art3 
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    ISSN: 1369-5258
    Source: Berkeley Electronic Press Academic Journals
    Topics: Political Science , Economics
    Notes: Democratic consolidation was the top priority of re-democratized Argentina and Brazil. Regional integration was also part of this goal from two perspectives: from the outside, through a treaty that diminished the scope for political manoeuvring by the military and increased international support for the incumbent administrations, and; from within, through encouragement of a proactive role for business in integration that would give it democratic legitimacy, while, at the same time, exercising democratic practices. Argentine and Brazilian political classes expected to combine these two aspects but soon had to face business reluctance. Government-business relations in the construction of Mercosur reflected government attempts to balance the trade-off between the approaches from without and from within. Although business was largely excluded from the strategic formulation of integration, in a democratic context, governments have to accommodate societal interests. This occurred through a significant overlap between powerful business interests and the executive's plans. The achievement of integration helped consolidate democracy and the choices made by political elites drove forward the democratic process.
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    Does Firm Size Matter? Analyzing Business Lobbying in the United States (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Business and politics 8.2006, 2, art4 
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    ISSN: 1369-5258
    Source: Berkeley Electronic Press Academic Journals
    Topics: Political Science , Economics
    Notes: In the study of corporate political activity in the United States, scholars have consistently relied on samples comprised entirely or principally of large firms. While scholars have raised the issue of bias in these samples, there have been no systematic examinations of the consequences for causal inference. We address this issue directly by comparing the results of comprehensive models that examine corporate lobbying using both large-firm and randomly-generated samples. We find that while there are some notable differences, they are certainly not so large as to lead us to question fundamentally the results of decades of scholarship. In short, the results generated using a random sample lead to causal inferences largely consistent with those in the theoretical and empirical literature. In particular, firms' resources and interactions with government condition both their decisions to lobby and the level of their activity.
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    On the Power of Absolute Convergence Tests (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 2, art5 
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    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: This paper analyzes whether or not the econometric methods usually applied to test for absolute convergence have provided this hypothesis a "fair" chance. I show that traditional (absolute and conditional) convergence tests are not consistent with even the simplest model that displays convergence. Furthermore, claims of divergence on the grounds of bimodalities in the distribution of GDP per capita can be made consistent with models in which neither divergence nor twin peaks are present in the long run.
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    Indexing Speculative Pressure on an Exchange Rate Regime: A Case Study of Macedonia (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 1, art6 
    Details
    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: This paper modifies an ad hoc index originated by Eichengreen et al (1995,1996), which is often used to document financial crises in emerging markets. By assuming nonlinear dynamics in a system of financial data, we successfully develop an alternative approach that not only captures the essence of the conventional index but also offers an indicator that leads the crises in-sample. This is very important for policy markers of transitional economies like Macedonia, for which the historical macroeconomic data are often inadequate for existing "early warning sign" systems of potential crises.
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    Directional Congestion and Regime Switching in a Long Memory Model for Electricity Prices (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 3, art1 
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    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: The functioning of electricity markets has experienced increasing complexity as a result of deregulation in recent years. Consequently this affects the multilateral price behaviour across regions with physical exchange of power. It has been documented elsewhere that features such as long memory and regime switching reflecting congestion and non-congestion periods are empirically relevant and hence are features that need to be taken into account when modeling price behavior. In the present paper we further elaborate on the co-existence of long memory and regime switches by focusing on the effect that the direction of possible congestion episodes has on the price dynamics. Under non-congestion prices are identical. The direction of possible congestion is identified by the region with excess demand of power through the sign of price differences and hence three different states can be considered: Non-congestion and congestion periods with excess demand in the one or the other region. Using data from the Nordic power exchange, Nord Pool, we find that the price dynamics and long memory features of the price series generally are rather different across the different states. Also, there is evidence of fractional cointegration at some grid points when conditioning on the states.
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    Support for Governments and Leaders: Fractional Cointegration Analysis of Poll Evidence from the UK, 1960-2004 (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 1, art3 
    Details
    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: Two versions of a fractionally cointegrating vector error correction model (FVECM) are presented. In the case of regular cointegration, linear combinations of fractionally integrated variables are integrated to lower order. Generalized cointegration is defined as the case where the cointegrating variables may be fractional differences of the observed series. The concepts are applied to a model of poll data on approval of the performance of prime ministers and governments in the UK.
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    Interest Rate Setting and Inflation Targeting: Evidence of a Nonlinear Taylor Rule for the United Kingdom (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 4, art1 
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    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: We examine potential nonlinear behaviour in the conduct of monetary policy by the Bank of England. We find significant nonlinearity in this policy setting, and in particular that the standard Taylor rule really only begins to bite once expected inflation is significantly above its target. This suggests, for example, that while the stated objective of the Bank of England is to pursue a symmetric inflation target, in practice some degree of asymmetry has crept into interest-rate setting. We argue that, nevertheless, the very predictability of the policy rule, especially when set out in a highly plausible and intuitive nonlinear framework, is perhaps one reason why the United Kingdom has, since the early 1990s, enjoyed price stability combined with relatively strong growth.
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    Analysis and Modelling of Electricity Futures Prices (2006)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 10.2006, 3, art6 
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    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: We model electricity futures prices using a seasonal forward curve model, quantifying seasonalities by a deterministic seasonal forward premium. Stochastic features of the futures prices are contained in the stochastic forward premium: a quantity analogous to the well-known convenience yield. The model parameters are estimated from the historical data of IPE electricity futures prices and the spark spread, and electricity forward curves are deseasonalized to reveal their underlying stochastic structure. We apply principal component analysis to the deseasonalized forward curves and develop trading strategies using indicators based on these principal components.
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    Infrastructure and FDI Inflows into Mexico: A Panel Data Approach (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 6 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In December 1993, restrictions to foreign ownership across major Mexican economic sectors were abolished. This paper studies output, industrialization intensity, ``international infrastructure", and government expenditures on infrastructure as determinants of FDI inflows into Mexican states over 1994-2001. We conduct a ``general to specific" estimation strategy across Mexican states. Telephone lines appear to be very important to FDI as their coefficients are around 2.0 in Random Effects Models. Industrialization is also important, with coefficients varying from 0.62 to 0.67. Allowing for endogeneity between FDI and real output, dynamic GMM panels confirm the robust effects of telephone lines on FDI. International infrastructure thus appears more conducive to FDI than domestic infrastructure, such as interstate and secondary roads. With international infrastructure being a major catalyst of FDI inflows into Mexico, we provide support to ongoing conventional wisdom promoting such type of investment.
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    Globalization and Stock Market Returns (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 1 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: With increasing globalization, to what extent do stock market returns reflect global or domestic risk factors? We find a significant relationship between stock market returns and the global market risk factor and macroeconomic factors respectively. In particular, global factors offer four times more explanatory power than domestic factors for developed market stock returns. Yet domestic factors are as important as global ones in emerging economies. Our method allows for the proxies of the state variables to be endogenously determined. The relationship between macroeconomy and stock market returns is robust after accounting for the market factor, firm size and book-to-market characteristics.
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    Foreign Direct Investment and Economic Growth: A Time-Series Approach (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 7 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Research has often focused on how foreign direct investment (FDI) transfers technology from developed economies to less developed economies. Most FDI occurs between developed economies, however, and the country receiving the greatest inflow of FDI is the United States. This paper examines whether such FDI inflows have stimulated growth of the U.S. economy. We apply time-series data to a simultaneous-equation model (SEM) that explicitly captures the bi-directional relationship between FDI and U.S. economic growth. FDI is found to have a significant, positive, and economically important impact on U.S. growth. Also, our SEM estimates reveal that FDI growth is income inelastic. These results imply that: (1) even a technologically advanced country such as the U.S. benefits from FDI, (2) the gains from FDI are very substantial in the long run, and (3) the sustainability of the U.S. current account deficit is enhanced by FDI's positive effect on productivity but undermined by the income inelasticity of FDI. Overall, the results suggest that U.S. policies should focus on keeping the country attractive to foreign direct investors.
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    Trade Liberalisation in Environmental Services: Why So Little Progress? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 4 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: WTO-led trade liberalisation in environmental services is often seen as having considerable potential for generating 'win-win' outcomes for the economy and the environment. Despite this, progress in liberalising environmental services within the GATS framework has been limited. This paper argues that a major barrier to progress in environmental services liberalisation is uncertainty about the development impact of environmental services liberalisation in developing countries. We develop this argument using the example of water services, where market opening needs to be accompanied by effective domestic regulatory measures. The paper argues that uncertainty on the interpretation of the GATS rules on domestic regulation acts as a further constraint on countries' willingness to make new commitments for trade liberalisation in environmental services. The final section of the paper makes a number of proposals for `accompanying policies' that may be needed to be adopted if progress is to be made in meeting the Doha Development Agenda's commitment to the reduction or elimination of barriers to trade in environmental services.
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    Intra-Industry Specialization in Textiles and Apparel (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 1 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper examines changes in intra-industry specialization indicators over the 1992-2004 period to assess potential for structural adjustment problems that may arise in U.S. textile and apparel products with growth in trade. Separate analyses are conducted for U.S. bilateral trade with China, Mexico, and DR-CAFTA members. Seven of the sixteen three-digit Standard International Trade Classification (SITC) product groups are expected to experience significant structural adjustment problems. With the exception of one group, all fall within the apparel and clothing (SITC 84) category. Results suggest substantial increases in U.S. imports from China are influencing these findings.
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    Intellectual Property Rights, Globalization and Growth (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 4 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper presents a model that combines the key features of a Schumpeterian growth model without scale effects and a North-South model of trade. All open economies converge to parallel growth paths because of costly technological transfer. The effects of intellectual property rights (IPR) regimes and trade policies on the growth rate is studied, as well as on a given country's economic performance. The requirement that trade be balanced neutralizes all potential effects of the tariff policy on the world's growth rate, and on the performance of a single country. By contrast, an improvement of a given country's IPR regime is growth neutral, but improves a country's position in the world's productivity rank. These findings are illustrated by simple empirical tests.
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    Foreign Direct Investments and Productivity Growth in the Agri-Food Sector of Eastern Europe and Central Asia: An Empirical Analysis (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 4 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Since the beginning of transition, Eastern European and Central Asian (ECA) countries compete against one another in attracting foreign investors by offering ever more generous incentive packages. Recent empirical research provides though little support for the idea that foreign direct investments (FDI) have a positive effect on local economies. This paper examines then whether FDI benefits are sufficient to justify the kind of policy interventions seen in practice. Analysis focuses on the impact of the increasing presence of multinationals on the economic development of transition economies in ECA through the generation of vertical and horizontal spillovers. Our theoretical model shows that policies which promote FDI are more likely to be justified on welfare grounds if multinationals engage in technology transfer that improves local suppliers' productivity, multinationals' technological advantage over the local competitors is only moderate, and the establishment of foreign affiliates does not lower the local processors' market share. Using data from the Business Environment and Enterprise Performance Surveys (BEEPS), empirical research suggests, however, that foreign investments are more likely to have a positive impact on their local suppliers, and a negative one on their local competitors, implying that the second and third conditions are unlikely to hold.
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    Long-Run Inflation and Exchange Rates Hedge of Stocks in Brazil and Mexico (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Global economy journal 6 (2006), S. 6 
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    ISSN: 1524-5861
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: A substantial body of evidence documents the relationship between macroeconomic variables and stock returns and risk from developed countries. The evidence for emerging markets is limited, particularly identifying risk premia compensations for inflation and exchange rates. This paper attempts to quantify the short and long term relationship between inflation and exchange rates with over all stock market performance for the case of the two largest Latin American capital markets, Mexico and Brazil. Extending the Fisher model, the aim is to determine whether or not these markets have failed to keep pace with movements in those two variables (the most unstable and economic growth hampering variables in these economies during the last three decades), and therefore to what extent the stock market succeeds or fails to test as inflation hedges. The empirical evidence is presented assuming positioning of a local investor in their own market, and from the point of view of a U.S. investor in each of these markets. Two unit root tests are also presented to stress long term relationships between stock returns, inflation, and foreign exchange.
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    Evolutionary Dynamics and Long-Run Selection (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances of theoretical economics 6.2006, 1, art1 
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    ISSN: 1534-5963
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We study the emergence and nature of long-run behavior of continuous state space dynamics that are subjected to random shocks. It is shown that the fine details of the underlying deterministic dynamics may be crucial in determining the evolution of the system. In particular, a risk dominated strategy can emerge in an evolutionary game subject to symmetric decaying perturbations.
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    Limited Observation in Mutual Consent Networks (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances of theoretical economics 6.2006, 1, art3 
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    ISSN: 1534-5963
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper studies mutual consent social networks in which individuals imperfectly monitor others' network ties and have incomplete information about the benefits of network participation. I introduce the Conjectural Pairwise Stability concept, which generalizes Jackson and Wolinsky's (1996) Pairwise Stability concept to allow for limited observation, and apply it to a specific mutual consent network formation game. While limited observation generally leads to the existence of less efficient stable networks, I find that it can also lead to the existence of efficient stable networks. Moreover, stability restrictions considered in previous work lose their refining power as observation becomes more limited.
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    Status Concerns and Occupational Choice Under Uncertainty (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances of theoretical economics 6.2006, 1, art4 
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    ISSN: 1534-5963
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper examines the consequences of status preferences on entrepreneurial risk-taking in a general equilibrium model of occupational choice. We distinguish between two frames of reference. In the first, status is derived from class-membership, the economic indicator of which is the expected relative income of the person's occupation. In the second, status is tied to individual income relative to the mean. We find that the effect of status needs depends on whether or not the status variable itself is subject to risk. While social status increases entrepreneurial risk-taking in the first case, the effect is ambiguous in the second and crucially depends on how status preferences alter the effective degree of risk aversion. The results carry over to the distributional consequences, where status preferences have an equalizing effect only if certain conditions are met.
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    Party Competition under Private and Public Financing: A Comparison of Institutions (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances of theoretical economics 6.2006, 1, art2 
    Details
    ISSN: 1534-5963
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We propose a theory of party competition (two parties, single-issue) where citizens acquire party membership by contributing money to a party, and where a member's influence on the policy taken by her party is proportional to her campaign contribution. The polity consists of informed and uninformed voters: only informed voters join parties, and the party campaign chest, the sum of its received contributions, is used to reach uninformed voters through advertising. A party is a cooperative organization of its members. Parties compete with each other strategically with respect to policy choice and advertising. We propose a definition of political equilibrium, in which party membership, citizen contributions, and parties' policies are simultaneously determined, for each of four financing institutions, running the gamut between a purely private, unconstrained system, to a public system in which all citizens have equal financial input. Equilibria under these institutions are computed by simulation for an example. The representation and welfare properties of these four institutions are compared from these simulations.
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    Choice under Limited Uncertainty (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances of theoretical economics 6.2006, 1, art5 
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    ISSN: 1534-5963
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper considers the problem of an agent's choice under uncertainty in a new framework. The agent does not know the true probability distribution over the state space but is objectively informed that it belongs to a specified set of probabilities. Maintaining the hypothesis that this agent is a subjective expected utility maximizer, we address the question of how the objective information influences her subjective prior.Three plausible rules are proposed. The first, named state independence, states that the subjective probability should not depend on how the uncertain states are `labeled'. Location-consistency, the second property, assumes that `similar' objective sets of probabilities result in `similar' subjective priors. The third rule is an `update-consistency' rule. Suppose the agent selects some probability p. She is then told that the likelihood assigned by p to some event A is in fact correct; then this should not cause her to revise her choice of p.Another property, alternative to update-consistency, is also proposed. When an agent forms her subjective prior assigning subjective probabilities to events in some ordered sequence, this property requires that the resulting prior be independent of that order.This last property, named order independence, is shown to be equivalent to update-consistency.A class of sets of probabilities is found on which state independence, location-consistency and update consistency (order independence) uniquely determine a selection rule. Some intuition is given regarding why these properties work in this collection of problems.
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    Liars and Inspectors: Optimal Financial Contracts When Monitoring is Non-Observable (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to theoretical economics 6.2006, 1, art3 
    Details
    ISSN: 1534-5971
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Within a costly state verification setting, we derive the optimal financial contract between an entrepreneur, a (potentially financing) supervisor and a pure investor when there is non-verifiable and non-contractible monitoring and limited liability. We show that diversion of cash flows to the entrepreneur arises as optimal behaviour and that to get the best reporting and monitoring incentives it is crucial to separate the financing from the monitoring role. In particular, higher efficiency can be achieved by ensuring that the entrepreneur and the supervisor do not collect any cash flows in low states. These should be paid to a third party instead, the pure investor, who in exchange provides funding. However, whether the pure investor entirely finances the project (and the supervisor purely acts as a monitor) or only provides partial finance (with the supervisor cofinancing) is immaterial, as the optimal financing of the project can justify a range of alternative financial structures.
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    Multiple Lending and Constrained Efficiency in the Credit Market (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to theoretical economics 6.2006, 1, art7 
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    ISSN: 1534-5971
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper studies the relationship between competition and incentives in an economy with financial contracts. We concentrate on non-exclusive credit relationships, those where an entrepreneur can simultaneously accept more than one contractual offer. Several homogeneous lenders compete on the contracts they offer to finance the entrepreneur's investment project. We model a common agency game with moral hazard, and characterize its equilibria. As expected, notwithstanding the competition among the principals (lenders), non-competitive outcomes can be supported. In particular, positive profit equilibria are pervasive. We then provide a complete welfare analysis and show that all equilibrium allocations turn out to be constrained Pareto efficient.
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    A Spatial Election with Common Values (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to theoretical economics 6.2006, 1, art5 
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    ISSN: 1534-5971
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper extends the Downsian-Hotelling model of electoral competition to allow for unobserved qualitative differences between candidates. I show that these underlying qualitative differences generate pure strategy Nash equilibria, even if policies are defined in a multidimensional space, and explain platform divergence from the median. Moreover, the extension gives content to a second (well-known) role elections play apart from bridging conflict: to reveal information about candidates.
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    URL: http://www.bepress.com/bejte/contributions/vol6/iss1/art5
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    General Option Exercise Rules, with Applications to Embedded Options and Monopolistic Expansion (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to theoretical economics 6.2006, 1, art2 
    Details
    ISSN: 1534-5971
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper provides a general framework for pricing of real options for wide classes of payoff streams that are functions of Levy processes. As applications, we calculate the values of sequences of embedded options, (which we call Russian dolls), and study two models of expansion of a monopoly. In the first model, the monopoly increases capital stock each time the stochastic demand crosses the boundary of the inaction region. Assuming that above a certain level, the stochastic demand factor increases slower than in the standard geometric Levy models, we demonstrate that the investment threshold is lower than in the standard models. Moreover, in the intermediate range between the regimes of the fast and slow growth, the monopoly may find it optimal to simultaneously increase the capital stock and decrease the output price. In a two-factor model of technology adoption, we show that diffusion and jump uncertainty can produce opposite effects.
    Type of Medium: Electronic Resource
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    Are Manufacturers Competing through or with Supermarkets? A Theoretical Investigation (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to theoretical economics 6.2006, 1, art10 
    Details
    ISSN: 1534-5971
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We study a model with product differentiation by manufacturers and spatial differentiation by supermarkets where the customers visit only one shop and the supermarkets carry both goods. Under fixed fee pricing by the manufacturers the intensity of interbrand competition increases with the degree of differentiation between the supermarkets. When the supermarkets are more and more spatially differentiated the struggle between manufacturers and supermarkets dominates the competition between the manufacturers and results in lower wholesale prices and manufacturers profits.
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    Equilibrium Uniqueness in a Cournot Model with Demand Uncertainty (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in theoretical economics 6.2006, 1, art19 
    Details
    ISSN: 1534-598X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: If Cournot oligopolists face uncertainty about the intercept of a linear demand function and if the realized market price must be non-negative, then expected demand becomes convex, which can create a multiplicity of equilibria. This note shows that if the distribution of the demand intercept has a monotone hazard rate and if another, rather weak, assumption is satisfied, then uniqueness of equilibrium is guaranteed.
    Type of Medium: Electronic Resource
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    Using Choice Experiments to Value Non-Market Goods and Services: Evidence from Field Experiments (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances in economic analysis & policy 6.2006, 2, art2 
    Details
    ISSN: 1538-0637
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Critics of stated preference methods argue that hypothetical bias precludes survey techniques from providing reliable economic values for non-market goods and services, rendering estimation of the total economic benefits of public programs fruitless. This paper explores a relatively new methodology to obtain the total value of non-market goods and services--choice experiments--which conveniently provide information on the purchase decision as well as the characteristic value vector. The empirical work revolves around examining behavior in two very different field settings. In the first field study, we explore hypothetical bias in the purchase decision by eliciting contributions for a threshold public good in an actual capital campaign. To extend the analysis a level deeper, in a second field experiment we examine both the purchase decision and the marginal value vector via inspection of consumption decisions in an actual marketplace. In support of the new valuation design, both field experiments provide some evidence that hypothetical choice experiments combined with "cheap talk" can yield credible estimates of the purchase decision. Furthermore, we find no evidence of hypothetical bias when estimating marginal attribute values. Yet, we do find that the "cheap talk" component might induce internal inconsistency of subjects' preferences in the choice experiment.
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    ...Plus Shipping and Handling: Revenue (Non) Equivalence in Field Experiments on eBay (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances in economic analysis & policy 6.2006, 2, art3 
    Details
    ISSN: 1538-0637
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Many firms divide the price a consumer pays for a good into two pieces---the price for the item itself and the price for shipping and handling. With fully rational customers, the exact division between the two prices is irrelevant---only the total price matters. We test this hypothesis by selling matched pairs of CDs and Xbox games in a series of field experiments on eBay. In theory, the ending auction price should vary inversely with the shipping charge to leave the total price paid constant. Contrary to the theory, we find that charging a high shipping cost and starting the auction at a low opening price leads to higher numbers of bidders and higher revenues when the shipping charge is not excessive. We show that these results can be accounted for by boundedly rational bidding behavior such as loss-aversion with separate mental accounts for different attributes of the price or disregard for shipping costs.
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    The Evolution of Cooperative Norms: Evidence from a Natural Field Experiment (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances in economic analysis & policy 6.2006, 2, art4 
    Details
    ISSN: 1538-0637
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We document the establishment and evolution of a cooperative norm among workers using evidence from a natural field experiment on a leading UK farm. Workers are paid according to a relative incentive scheme under which increasing individual effort raises a worker's own pay but imposes a negative externality on the pay of all co-workers, thus creating a rationale for cooperation. As a counterfactual, we analyze worker behavior when workers are paid piece rates and thus have no incentive to cooperate.We find that workers cooperate more as their exposure to the relative incentive scheme increases. We also find that individual and group exposure are substitutes, namely workers who work alongside colleagues with higher exposure cooperate more. Shocks to the workforce in the form of new worker arrivals disrupt cooperation in the short term but are then quickly integrated into the norm. Individual exposure, group exposure, and the arrival of new workers have no effect on productivity when workers and paid piece rates and there is no incentive to cooperate.
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    Does the Open Economy Assumption Really Mean That Labor Bears the Burden of a Capital Income Tax? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances in economic analysis & policy 6.2006, 1, art3 
    Details
    ISSN: 1538-0637
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The conventional view holds that domestic labor, not domestic capital, bears most of the long-run burden of a corporate income tax in an open economy due to the ability of capital to move across borders. This result assumes that domestic and foreign products (as well as investments) are perfect substitutes. This paper includes imperfect product substitution within a multi-sector open-economy model, and shows that much of the burden may fall on capital. To be sure, if savings falls sufficiently, much of the burden shifts to labor, but this fact also holds in a closed economy. Hence, the debate about tax incidence must focus more on the savings response and less on whether an economy is open or closed.
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    A Simple Model of Entry That Increases Price Levels and Price Dispersion (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Advances in economic analysis & policy 6.2006, 1, art7 
    Details
    ISSN: 1538-0637
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: A monopolist who originally charges a uniform price across all markets may switch to discriminatory pricing upon the entry of a competitor. As a result, intensified competition may lead to more dispersed prices as well as higher prices for some or all consumers.
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    Can Supply Restrictions Lower Price? Violence, Drug Dealing and Positional Advantage (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to economic analysis & policy 5.2006, 1, art3 
    Details
    ISSN: 1538-0645
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The standard model of markets for illicit drugs predicts that tougher enforcement against sellers will raise prices; yet cocaine and heroin prices have fallen substantially during a period of massive increases in enforcement. We present a model in which the basic mechanisms at work in the textbook model may be substantially altered by an important feature of illegal markets--violence that creates inheritable heterogeneity along a dimension that both determines relevant production cost and imposes externalities on other suppliers. Dealers frequently make use of violence and threat of violence in the normal course of trade. A seller who is particularly effective in the use of violence may face lower enforcement costs than other dealers and generate an external cost borne by those sellers. Together these features generate a number of counter-intuitive policy implications. For example the arrest of a particularly violent dealer reduces external costs borne by other dealers. The net effect is a possible reduction in costs for the marginal dealer and hence a reduction in price.
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    Catholic Schools and Bad Behavior: A Propensity Score Matching Analysis (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to economic analysis & policy 5.2006, 1, art13 
    Details
    ISSN: 1538-0645
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Although there is a sizeable literature on the effect of private school attendance on academic student outcomes, the number of studies that investigate the impact of school sector on non-academic outcomes is limited. Using a rich data set, we analyze the impact of Catholic school attendance on the likelihood that teenagers use or sell drugs, commit property crime, have sex, join gangs, attempt suicide, or run away from home. We employ propensity score matching methods to control for the endogeneity of school choice. Catholic school attendance reduces the propensity to use cocaine and to have sex for female students. However, it increases the propensity to use and sell drugs for male students.
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    Public Complaints and Alberta's Environmental Regulation (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art20 
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    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In recent years, different levels of government in Canada and the United States have claimed that public complaints are an important source of information for the enforcement of environmental regulations. Public complaints provide monitoring at a lower cost than inspections but are inaccurate because citizens lack the information to assess a potential environmental threat properly. Little existing literature examines the use of public complaints in enforcing environmental regulations. Using a dataset of environmental reports in the province of Alberta between January 1996 and September 2002, this paper details the use of public complaints to enforce Alberta's environmental legislation and examines the effectiveness of public complaints in different industries and for different environmental threats. I find that that the majority of public complaints are simply odour complaints, and that public complaints are investigated less often over time and very rarely lead to enforcement action.
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    Corruption, Environmental Resources, and International Trade (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art17 
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    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: It is shown how corruption in the management of environmental resources can give rise to a comparative advantage in environment-intensive industries. International trade, in this setting, is not necessarily welfare improving. When corruption responds endogenously to the over-exploitation of resources, it is possible for international trade to generate forces that improve resource management by reducing corruption. Therefore, in this case trade could provide gains in addition to the usual gains.
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    The Effects of Political Action Committee Contributions on Medical Liability Legislation (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art21 
    Details
    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper examines representatives' voting on the HEALTH Act of 2003, which proposed a limit on noneconomic damages in medical malpractice lawsuits. The estimates show that the more campaign contributions a representative received from law firm PACs, the less likely he or she was to vote for the bill, while money from insurance and health care industry PACs increased the likelihood of an aye vote. These effects remain after controlling for the endogeneity of campaign contributions. Other factors affecting voting decisions include party affiliation, representative ideology, whether or not the representative was an attorney, the change in state malpractice premiums and payouts, and the change in the number of doctors in the state. There is no strong evidence that the AMA's strategy of naming certain states as being in "crisis" increased the probability that representatives from those states supported the bill.
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    Increasing Returns, Input-Output Linkages, and Technological Leapfrogging (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art13 
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    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Firms agglomerate in one region due to increasing returns, input-output linkages and transportation costs. In the de-industrialised region factor prices are lower and a new technology may be profitable to adopt in that region instead, inducing a change in the technological leadership. This paper shows that the risk of locking in to an old technology is monotonically increasing in the benefits of agglomeration. Greater incompatibility between technologies also increases the risk of rejecting potentially superior manufacturing processes.
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    Absorptive Capacity in R&D Joint Ventures When Basic Research Is Costly (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art22 
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    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: ``Absorptive capacity" - a firm's ability to assimilate information acquired from other firms - can depend on the amount of basic research it conducts. The optimal expenditures on basic research depend on its costs, and these expenditures in turn affect the amount of applied research a firm conducts to lower production costs. This paper shows that firms' expenditures on basic research can differ from the socially optimal levels, and the difference depends on the magnitude of the basic research costs and the amount of research collaboration between the firms. Policy responses that could bring firm behavior in line with that which is socially desirable are discussed as well.
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    The Value of Broadband and the Deadweight Loss of Taxing New Technology (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Contributions to economic analysis & policy 5.2006, 1, art8 
    Details
    ISSN: 1538-0645
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: With fixed costs of developing technology, taxes can generate large efficiency costs by slowing the rate of diffusion and these costs are not accounted for in conventional analyses. This paper illustrates the potential importance of this idea in the context of taxes on broadband Internet access at an early stage of its existence by combining data on individual demand by area with data on supplier entry into those markets. Applying a tax to broadband in 1998 would have reduced the quantity and generated a large deadweight loss in the conventional model but when the analysis accounts for the fixed costs of entering new markets, taxes lead to delayed entry in several markets. In these places, the lost consumer surplus is additional deadweight loss and it more than doubles the true efficiency costs from taxation. The conventional model also dramatically understates the share of the tax burden borne by consumers.
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    Magazines and their Companion Websites: Competing Outlet Channels? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of marketing science 4.2006, 1, art3 
    Details
    ISSN: 1546-5616
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper provides empirical evidence for the widespread belief that a magazine's companion website induces channel competition on its print version. The analysis is based on aggregated quarterly magazine-specific data on circulation, a broad variety of magazine characteristics, consumer characteristics and information on a magazine's website presence.The data spans the period I/1996 to IV/2004. Nested logit-type models of demand for differentiated products are used in the empirical analysis. A main result of this paper is that magazines that run an online companion on average lose 4.2 percent of their potential consumers. This effect varies substantially across different consumer age groups and across time.
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    URL: http://www.bepress.com/romsjournal/vol4/iss1/art3
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