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  • Articles  (364,047)
  • 2005-2009  (364,047)
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  • 2006  (364,047)
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  • 1
    Electronic Resource
    Electronic Resource
    Amsterdam : Elsevier
    Physics Letters B 294 (1992), S. 466-478 
    ISSN: 0370-2693
    Source: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Topics: Physics
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  • 2
    Electronic Resource
    Electronic Resource
    Amsterdam : Elsevier
    Physics Letters B 317 (1993), S. 474-484 
    ISSN: 0370-2693
    Source: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Topics: Physics
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  • 3
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 225-249 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: The gas-lift technique comprises the injection of gas bubbles in vertical oil wells to increase production. It is based on a reduction of the tubing gravitational pressure gradient. Several fluid-flow phenomena influencing such vertical gas-liquid flows are discussed. These effects include the radial distribution of void fraction and of gas and liquid velocity, flow regime changes, and system stability problems. Associated consequences for gas-lift performance and related optimization approaches are also discussed.
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  • 4
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 193-224 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: What mechanisms of flow control do animals use to enhance hydrodynamic performance? Animals are capable of manipulating flow around the body and appendages both passively and actively. Passive mechanisms rely on structural and morphological components of the body (i.e., humpback whale tubercles, riblets). Active flow control mechanisms use appendage or body musculature to directly generate wake flow structures or stiffen fins against external hydrodynamic loads. Fish can actively control fin curvature, displacement, and area. The vortex wake shed by the tail differs between eel-like fishes and fishes with a discrete narrowing of the body in front of the tail, and three-dimensional effects may play a major role in determining wake structure in most fishes.
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  • 5
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 395-425 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: Over the past four decades, the combination of in situ and remote sensing observations has demonstrated that long nonlinear internal solitary-like waves are ubiquitous features of coastal oceans. The following provides an overview of the properties of steady internal solitary waves and the transient processes of wave generation and evolution, primarily from the point of view of weakly nonlinear theory, of which the Korteweg-de Vries equation is the most frequently used example. However, the oceanographically important processes of wave instability and breaking, generally inaccessible with these models, are also discussed. Furthermore, observations often show strongly nonlinear waves whose properties can only be explained with fully nonlinear models.
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  • 6
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 309-338 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: Electrophoretic separation of a mixture of chemical species is a fundamental technique of great usefulness in biology, health care, and forensics. In capillary electrophoresis (which has evolved from its predecessor, slab-gel electrophoresis), the sample migrates through a single microcapillary instead of through the network of pores in a gel. A fundamental design problem is to minimize dispersion in the separation direction. Molecular diffusion is inevitable and sets a theoretical limit on the best separation that can be achieved. But in practice, there are a number of effects arising out of the interplay between fluid flow, chemistry, thermal effects, and electric fields that result in enhanced dispersion. This paper reviews the subject of fluid flow in such capillary microchannels and examines the various causes of enhanced dispersion that limit the efficiency of separation.
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  • 7
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 27-63 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: Race car performance depends on elements such as the engine, tires, suspension, road, aerodynamics, and of course the driver. In recent years, however, vehicle aerodynamics gained increased attention, mainly due to the utilization of the negative lift (downforce) principle, yielding several important performance improvements. This review briefly explains the significance of the aerodynamic downforce and how it improves race car performance. After this short introduction various methods to generate downforce such as inverted wings, diffusers, and vortex generators are discussed. Due to the complex geometry of these vehicles, the aerodynamic interaction between the various body components is significant, resulting in vortex flows and lifting surface shapes unlike traditional airplane wings. Typical design tools such as wind tunnel testing, computational fluid dynamics, and track testing, and their relevance to race car development, are discussed as well. In spite of the tremendous progress of these design tools (due to better instrumentation, communication, and computational power), the fluid dynamic phenomenon is still highly nonlinear, and predicting the effect of a particular modification is not always trouble free. Several examples covering a wide range of vehicle shapes (e.g., from stock cars to open-wheel race cars) are presented to demonstrate this nonlinear nature of the flow field.
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  • 8
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 453-482 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: Large-eddy simulation (LES) of turbulent combustion is a relatively new research field. Much research has been carried out over the past years, but to realize the full predictive potential of combustion LES, many fundamental questions still have to be addressed, and common practices of LES of nonreacting flows revisited. The focus of the present review is to highlight the fundamental differences between Reynolds-averaged Navier-Stokes (RANS) and LES combustion models for nonpremixed and premixed turbulent combustion, to identify some of the open questions and modeling issues for LES, and to provide future perspectives.
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  • 9
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 371-394 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: Mammalian fertilization requires the coordinated activity of motile spermatozoa, muscular contractions of the uterus and oviduct, as well as ciliary beating. These elastic structures generate forces that drive fluid motion, but their configurations are, in turn, determined by the fluid dynamics. We review the basic fluid mechanical aspects of reproduction, including flagellar/ciliary beating and peristalsis. We report on recent biological studies that have shed light on the relative importance of the mechanical ingredients of reproduction. In particular, we examine sperm motility in the reproductive tract, ovum pickup and transport in the oviduct, as well as sperm-egg interactions. We review recent advances in understanding the internal mechanics of cilia and flagella, flagellar surface interaction, sperm motility in complex fluids, and the role of fluid dynamics in embryo transfer. We outline promising computational fluid dynamics frameworks that may be used to investigate these complex, fluid-structure interactions.
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  • 10
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 483-512 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: This article provides a critical review of computational techniques for flow-noise prediction and the underlying theories. Hybrid approaches, in which the turbulent noise source field is computed and/or modeled separately from the far-field calculation, are afforded particular attention. Numerical methods and modern flow simulation techniques are discussed in terms of their suitability and accuracy for flow-noise calculations. Other topics highlighted include some important formulation and computational issues in the application of aeroacoustic theories, generalized acoustic analogies with better accounts of flow-sound interaction, and recent computational investigations of noise-control strategies. The review ends with an analysis of major challenges and key areas for improvement in order to advance the state of the art of computational aeroacoustics.
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  • 11
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 129-157 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: The challenges in understanding hypersonic flight are discussed and critical hypersonic aerothermodynamics issues are reviewed. The ability of current analytical methods, numerical methods, ground testing capabilities, and flight testing approaches to predict hypersonic flow are evaluated. The areas where aerothermodynamic shortcomings restrict our ability to design and analyze hypersonic vehicles are discussed, and prospects for future capabilities are reviewed. Considerable work still needs to be done before our understanding of hypersonic flow will allow for the accurate prediction of vehicle flight characteristics throughout the flight envelope from launch to orbital insertion.
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  • 12
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 277-307 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: We review mathematical models of confined bubbles, emphasizing physical mechanisms as expressed in simple geometries. Molecular interactions between liquid, gas, and the confining solid are all important and are described through the disjoining pressure concept. Methods for finding static shapes are considered. The static solution is a springboard for discussing pressure-driven and surface-tension-driven flows, both of which involve viscous effects and macroscopic films entrained near apparent contact lines. We next discuss vapor bubbles produced by thermal effects. Vaporization localized near contact lines and condensation distributed in colder parts of the interface lead to steady vapor bubbles. Their size is determined through global constraints. Unsteady vapor bubbles are discussed and we end with thoughts on open problems.
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  • 13
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 159-192 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: The review deals with drop impacts on thin liquid layers and dry surfaces. The impacts resulting in crown formation are referred to as splashing. Crowns and their propagation are discussed in detail, as well as some additional kindred, albeit nonsplashing, phenomena like drop spreading and deposition, receding (recoil), jetting, fingering, and rebound. The review begins with an explanation of various practical motivations feeding the interest in the fascinating phenomena of drop impact, and the above-mentioned topics are then considered in their experimental, theoretical, and computational aspects.
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  • 14
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 251-276 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: We review recent advances in understanding, modeling, and controlling oscillations in the flow past a cavity. The fundamental mechanisms underlying cavity flow oscillations have been known for at least 40 years, but suppressing these oscillations in a reliable and robust way is still a challenge today. Interest in controlling the flow past a cavity is motivated by aerospace applications, but in addition, cavity flows provide an attractive canonical problem for exploring general flow control techniques. The focus is on recent advances in modeling these flows, and in controlling them, using both open-loop and closed-loop techniques. A relatively new perspective is that cavity oscillations may not always be self-sustained, but under some flow conditions may be lightly damped resonances, sustained by external disturbances such as boundary layer turbulence. Areas in which our understanding is incomplete, and which deserve further study, are discussed, in particular the effects of high-frequency open-loop forcing, fundamental limitations of feedback control for a given configuration of sensors and actuators, and the development of a feedback design methodology that respects the limited range of validity of the available dynamical models.
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  • 15
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 427-452 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: When the free surfaces of most solids approach their bulk melting temperatures from below, the molecular structure of the material gives way to a disordered structure with some attributes of both the solid and liquid phases. When the temperature is sufficiently close to that of bulk transition, the surface melts and literally flows as a viscous fluid. This phenomenon, called interfacial premelting, lies at the heart of the microscopic theory of melting of solid matter, and captures the interest of condensed matter physicists and physical chemists alike. The process is ubiquitous and responsible for a wide range of consequences in materials with biological, geophysical, and technological significance. Because such systems are often exposed to spatial or temporal variations in thermodynamic forcing, there are a host of fluid mechanical phenomena that result from this underlying melting behavior. The fluid dynamics of unfrozen surfaces holds clues for understanding the bulk behavior of polycrystalline materials, from Earth's mantle to the stratosphere and beyond. In this review we focus on the fluid dynamical consequences of the premelting of solids.
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  • 16
    Electronic Resource
    Electronic Resource
    Palo Alto, Calif. : Annual Reviews
    Annual Review of Fluid Mechanics 38 (2006), S. 339-369 
    ISSN: 0066-4189
    Source: Annual Reviews Electronic Back Volume Collection 1932-2001ff
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Physics
    Notes: We consider the hydrodynamics of creatures capable of sustaining themselves on the water surface by means other than flotation. Particular attention is given to classifying water walkers according to their principal means of weight support and lateral propulsion. The various propulsion mechanisms are rationalized through consideration of energetics, hydrodynamic forces applied, or momentum transferred by the driving stroke. We review previous research in this area and suggest directions for future work. Special attention is given to introductory discussions of problems not previously treated in the fluid mechanics literature, with hopes of attracting physicists, applied mathematicians, and engineers to this relatively unexplored area of fluid mechanics.
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  • 17
    Electronic Resource
    Electronic Resource
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art4 
    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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  • 18
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    Electronic Resource
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art5 
    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.
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  • 19
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art8 
    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.
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  • 20
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art5 
    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.
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  • 21
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 3, art5 
    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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  • 22
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art3 
    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.
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  • 23
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art2 
    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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  • 24
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art7 
    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.
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  • 25
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art6 
    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?
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  • 26
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art2 
    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.
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  • 27
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art4 
    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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  • 28
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art6 
    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.
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  • 29
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 1, art7 
    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.
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  • 30
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    Economists' voice 3.2006, 9, art3 
    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.
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  • 31
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    Economists' voice 3.2006, 7, art3 
    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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  • 32
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    Economists' voice 3.2006, 1, art6 
    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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  • 33
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    Economists' voice 3.2006, 8, art3 
    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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  • 34
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    Economists' voice 3.2006, 8, art1 
    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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  • 35
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art4 
    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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  • 36
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    Economists' voice 3.2006, 7, art6 
    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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  • 37
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    Economists' voice 3.2006, 7, art5 
    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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  • 38
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    Economists' voice 3.2006, 9, art4 
    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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  • 39
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    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 7.2006, 2, art1 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The increases in power flows and environmental constraints are forcing electricity utilities to install new equipment to enhance network operation. Some application of Flexible AC Transmission System (FACTS) technologies to existing high-voltage power systems has proved the use of FACTS technology may be a cost-effective option for power delivery system enhancements. Amongst various power electronic devices, the unified power flow controller (UPFC) device has captured the interest of researchers for its capability of regulating the power flow and minimizing the power losses simultaneously. Since for a cost-effective application of FACTS technology a proper selection of the number and placement of these devices is required, the scope of this paper is to propose a methodology, based on a genetic algorithm, able to identify the optimal number and location of UPFC devices in an assigned power system network for maximizing system capabilities, social welfare and to satisfy contractual requirements in an open market power.In order to validate the usefulness of the approach suggested herein, a case study using a IEEE 30-bus power system is presented and discussed.
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    International journal of emerging electric power systems 5.2006, 2, art7 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The flexible AC transmission system (FACTS) in a power system improves the stability, reduces the losses, reduces the cost of generation and also improves the loadability of the system. In the proposed work, a non-traditional optimization technique, a Genetic Algorithm (GA) is conjunction with Fuzzy logic (FL) is used to optimize the various process parameters involved in introduction of FACTS devices in a power system. The various parameters taken into consideration were the location of the device, their type, and their rated value of the devices. The simulation was performed on a 30-bus power system with various types of FACTS controllers, modeled for steady state studies. The optimization results are compared to the solution given by another search method. This comparison confirms the efficiency of the proposed method which makes it promising to solve combinorial problem of FACTS device location in a power system network.
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    International journal of emerging electric power systems 5.2006, 1, art5 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper introduces some field analyses of the wooden pole fire reports and online condition monitoring recorded data for line insulators of 33kV and 132kV overhead power lines of Petroleum Development Oman (PDO). From the statistical analysis of PDO pole fire reports, it was found that PDO southern directorates had higher number of pole fires during May-September 2004. Pole fires mostly occur for single poles of 33kV distribution lines close to graded roads, where the most common burning locations are at crossarm fixation and at ground foundation. Pollution monitoring systems provide very useful information which can be used to predict the pole fire events.
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    International journal of emerging electric power systems 7.2006, 1, art7 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: A novel simulation-based spectral technique for power quality and electromagnetic compatibility (EMC) design of an independent electrical power system (EPS) has been proposed. Power filter optimization problem has been formulated to provide full solution of the electric power quality and conducted EMI problems in the EPS. The spectral technique has been implemented within a CAD tool. An example of power quality and EMC design has been provided for an independent EPS where an AC power source generates a power, which is comparable to the consumed power, and an additional power filter is calculated for an electronic product including a switch-mode power supply. Current and voltage spectra calculations have been verified with a block-oriented simulation program Simulink. Numerical experiments revealed a number of important features of the proposed spectral technique.
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    International journal of emerging electric power systems 7.2006, 3, art7 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: With more emphasis being laid on clean and renewable sources of energy, engineers look for the best possible ways to harness the wind energy to the maximum extent. FACTs controllers that were earlier being used at the transmission level find their use at generation level when it comes to extracting reliable and quality power from Wind Energy Conversion Systems (WECS). This article presents a review of the important modeling techniques employed for developing FACTs controllers and examines the role of HVDC-Light transmission in exploiting the Off-shore wind energy resources.
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    International journal of emerging electric power systems 7.2006, 4, art5 
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: In this paper, a proportional plus integral (PI) type sliding surface has been proposed for designing a fuzzy variable structure controller to solve load-frequency control problem in presence of load disturbances. It is shown that the proposed controller is effective and robust enough when the system suffers from mismatched condition but the model uncertainty and disturbance are assumed to be bounded. Furthermore, the proposed control strategy drives the states to the sliding surface and also maintains the sliding motion. To illustrate the approach presented has been tested on load-frequency control of power systems and the analytical claims have been justified under the uncertainty involved in the load demand of inter-connected power systems.
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    Review of law and economics 1.2006, 3, art3 
    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.
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    Review of law and economics 1.2006, 3, art2 
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    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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    Review of law and economics 1.2006, 3, art4 
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    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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    Review of law and economics 1.2006, 3, art1 
    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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    Review of law and economics 2.2006, 1, art5 
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    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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    Review of law and economics 2.2006, 2, art2 
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    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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    Review of law and economics 2.2006, 1, art1 
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    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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    Review of law and economics 2.2006, 1, art3 
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    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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    Review of law and economics 2.2006, 3, art2 
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    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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    Review of law and economics 2.2006, 1, art4 
    ISSN: 1555-5879
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    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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    Review of law and economics 2.2006, 2, art5 
    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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    Review of law and economics 2.2006, 1, art6 
    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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    Review of law and economics 2.2006, 1, art2 
    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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    Review of law and economics 1.2006, 3, art5 
    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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    Review of law and economics 2.2006, 2, art4 
    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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    Review of law and economics 2.2006, 2, art3 
    ISSN: 1555-5879
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    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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    Review of law and economics 2.2006, 2, art1 
    ISSN: 1555-5879
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    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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    Review of law and economics 2.2006, 3, art3 
    ISSN: 1555-5879
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    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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    Review of law and economics 2.2006, 3, art1 
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    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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    Review of law and economics 2.2006, 3, art5 
    ISSN: 1555-5879
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    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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    Review of law and economics 2.2006, 3, art4 
    ISSN: 1555-5879
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    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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    Forum for health economics & policy 9 (2006), S. 4 
    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 studies 1.2006, 2, art7 
    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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    Basic income studies 1.2006, 2, art6 
    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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    Basic income studies 1.2006, 2, art4 
    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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    Basic income studies 1.2006, 2, art11 
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    Basic income studies 1.2006, 2, art3 
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    Basic income studies 1.2006, 2, art13 
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    Basic income studies 1.2006, 2, art9 
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    Basic income studies 1.2006, 2, art2 
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    Capitalism and society 1.2006, 1, art3 
    ISSN: 1932-0213
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    Capitalism and society 1.2006, 1, art2 
    ISSN: 1932-0213
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    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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    Capitalism and society 1.2006, 3, art3 
    ISSN: 1932-0213
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    Capitalism and society 1.2006, 2, art1 
    ISSN: 1932-0213
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    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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    Capitalism and society 1.2006, 2, art6 
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    Journal of business valuation and economic loss analysis 1.2006, 1, art7 
    ISSN: 1932-9156
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    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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    Chemical product and process modeling 1 (2006), S. 3 
    ISSN: 1934-2659
    Source: Berkeley Electronic Press Academic Journals
    Topics: Chemistry and Pharmacology , Process Engineering, Biotechnology, Nutrition Technology
    Notes: Fluidised-bed Catalytic Cracking (FCC) units, are one of the most complex and interactive processes in the refining industry, hence they are difficult to operate and to control; on the other hand they are one of the main producers of gasoline, which is an incentive to improve operation policies. This work deals with the design of regulative control law for stabilisation of reactor and regenerator temperatures considering that kinetics terms are poorly known, which is the industrial case. This control law uses on-line estimates of the heat of reaction, obtained from Kalman-like filtering of measured temperatures. The controllers designed are similar to standard input-output linearising controllers and can be tuned by standard techniques. Performance of the estimation technique under closed-loop operation is analysed by numerical simulations, considering noisy measurements and time delay in the regenerator control input.
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    Journal of business valuation and economic loss analysis 1.2006, 1, art4 
    ISSN: 1932-9156
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    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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    Business and politics 8.2006, 1, art3 
    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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    Business and politics 8.2006, 2, art4 
    ISSN: 1369-5258
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 2, art5 
    ISSN: 1081-1826
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 1, art6 
    ISSN: 1081-1826
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 3, art1 
    ISSN: 1081-1826
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 1, art3 
    ISSN: 1081-1826
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 4, art1 
    ISSN: 1081-1826
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    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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    Studies in nonlinear dynamics and econometrics 10.2006, 3, art6 
    ISSN: 1081-1826
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    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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    Global economy journal 6 (2006), S. 6 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 1 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 7 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 4 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 1 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 4 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 4 
    ISSN: 1524-5861
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    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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    Global economy journal 6 (2006), S. 6 
    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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    Advances of theoretical economics 6.2006, 1, art1 
    ISSN: 1534-5963
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    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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    Advances of theoretical economics 6.2006, 1, art3 
    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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