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  • American Physical Society  (232,736)
  • Blackwell Publishing Ltd  (74,079)
  • 2005-2009  (94,876)
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  • 1
    Publication Date: 2017-04-04
    Description: Most of the ancient town of Tindari (NE, Sicily) was settled on a plateau the most surficial layer of which was made of unconsolidated material. Ongoing excavations at the archaeological site at Tindari uncovered a large portion of the decumanus which suffered deformations preliminarily assigned to coseismic effects. An analysis of the local dynamic response through the simulation of strong seismic shaking to the bedrock and modelling of spectral ratios of the bedrock-soft soil was carried out to verify the susceptibility of superficial terrains of the promontory to coseismic deformations. To perform this simulation the finite element method (FEM) was used. Four accelerometric recordings of three earthquakes of medium-high magnitude, recorded on rocky sites, were chosen to simulate the seismic shaking, using a constitutive law for the materials composing the promontory layers both of linear-elastic type and of elastoplastic type. The analysis of the linear-elastic field allowed the definition of the frequencies for which the spectral ratios of the accelerations recorded the highest amplifications; in particular the frequency range 31.5–37.2 Hz can be combined with deformation of the paved floor of the decumanus. The analysis in the elastoplastic field highlighted the zones of promontory more susceptible to suffer plasticization process. The results show that the topmost layer of the decumanus is the most susceptible to suffer plasticization. Therefore, the performed analysis lends greater support to the hypothesis that the deformations were produced by seismic shaking.
    Description: Published
    Description: 213-222
    Description: 3.10. Sismologia storica e archeosismologia
    Description: JCR Journal
    Description: reserved
    Keywords: Fourier analysis ; Elasticity and anelasticity ; Earthquake ground motions ; Site effects ; Computational seismology ; 04. Solid Earth::04.06. Seismology::04.06.99. General or miscellaneous ; 04. Solid Earth::04.06. Seismology::04.06.05. Historical seismology
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 2
    Publication Date: 2017-04-04
    Description: The tectonic deformation of the Lipari-Vulcano complex, one of the most important active volcanic areas of Mediterranean region, is studied here through the analysis of ten years (1996-2006) of GPS data from both 3 permanent and 13 non-permanent stations. This area can be considered crucial for the understanding of the Eurasia-Africa plates interaction in the Mediterranean area, and, in general, this work emphasize a methodological approach, already applied in other areas worldwide (e.g. Shen et al., 1996, El-Fiki and Kato, 1999) where geodetic data and strain parameters maps of critical areas can help to improve our understanding of their geodynamical aspects. In this framework, this study is aimed at providing a kinematic deformation model on the basis of the dense geodetically estimated velocities of the Lipari-Vulcano complex. In particular, the observed deformation pattern can be described by a mix between 1) the main N-S regional compression and 2) a NNE-SSW compression with a small right-lateral strike slip component acting along a tectonic structure N°40W trending located between the two islands. This pattern was inspected through a simplified synthetic model.
    Description: This research has benefited from funding provided by the Italian Presidenza del Consiglio dei Ministri – Dipartimento della Protezione Civile (DPC).
    Description: Published
    Description: 370–377
    Description: 1.9. TTC - Rete GPS nazionale
    Description: JCR Journal
    Description: reserved
    Keywords: GPS ; Aeolian Islands ; strain ; modelling ; 04. Solid Earth::04.03. Geodesy::04.03.01. Crustal deformations
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 3
    Publication Date: 2012-02-03
    Description: We analyse P-wave traveltimes for the Mediterranean area, using both teleseismic and regional arrivals for shallow earthquakes reported in the Bulletins of the International Seismological Centre. We model delays between pairs of 0.5° × 0.5° cells, obtaining a detailed representation of the P traveltime heterogeneities. Examination of these anomalies shows the clear presence of geographically coherent patterns—consistent with known geological features—due to significant structure in the upper mantle. We present a scheme, based on an empirical heterogeneity correction (EHC) to P-wave traveltimes, to improve earthquake location. This method provides similar benefits to those of a location procedure based on ray tracing in a 3-D model, but it is simpler and computationally more efficient. The definition of the traveltime heterogeneity model, being based on a statistical procedure, bypasses most of the critical points and possible instabilities involved in model inversion. EHC relocation, applied to Mediterranean earthquakes, allows one to predict about 70 per cent of the estimated signal due to heterogeneity and produces epicentral and origin time-shifts of, respectively, 4.22 km and 0.35 s (rms). From a synthetic experiment, in which we use the proposed algorithm to retrieve known source locations, we estimate that the rms improvement achieved by the EHC relocation over a simpler, standard, 1-D location is more than 20 per cent for both epicentral mislocation and origin time-shifts.
    Description: Published
    Description: 232-254
    Description: 3.3. Geodinamica e struttura dell'interno della Terra
    Description: JCR Journal
    Description: reserved
    Keywords: earthquake location ; Mediterranean ; P waves ; traveltime ; upper mantle ; 04. Solid Earth::04.07. Tectonophysics::04.07.02. Geodynamics
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 4
    Publication Date: 2017-04-04
    Description: We perform an analysis on the dissipative Olami-Feder-Christensen model on a small world topology considering avalanche size differences. We show that when criticality appears, the probability density functions (PDFs) for the avalanche size differences at different times have fat tails with a q-Gaussian shape. This behavior does not depend on the time interval adopted and is found also when considering energy differences between real earthquakes. Such a result can be analytically understood if the sizes (released energies) of the avalanches (earthquakes) have no correlations. Our findings support the hypothesis that a self-organized criticality mechanism with long-range interactions is at the origin of seismic events and indicate that it is not possible to predict the magnitude of the next earthquake knowing those of the previous ones.
    Description: Published
    Description: 2.3. TTC - Laboratori di chimica e fisica delle rocce
    Description: JCR Journal
    Description: reserved
    Keywords: SOC, earthquakes interaction ; 05. General::05.01. Computational geophysics::05.01.04. Statistical analysis
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 5
    Publication Date: 2017-04-04
    Description: Recent geological studies performed at Etna allow reassessing the stratigraphic frame of the volcano where distinct evolutionary phases are defined. This stratigraphic reconstruction was chronologically constrained on the basis of a limited number of U–Th and K–Ar age determinations whose uncertainty margins are sometimes too wide. For this reason, we successfully adopted at Etna the 40Ar/39Ar technique that allowed obtaining more precise age determinations. The incremental heating technique also gives information on sample homogeneity, and potential problems of trapped argon. Five samples were collected from stratigraphically well-controlled volcanic units in order to chronologically define the transition between the fissure-type volcanism of the Timpe phase to the central volcanism of the Valle del Bove Centers. Isotopic ages with an uncertainty margin of 2–4% have been obtained emphasizing that this transition occurred (130– 126 ka) without significant temporal hiatus.
    Description: University of Catania grants (COFIN- 2002, resp. F. Lentini); CNR-IDPA and INGV-Sezione di Catania grants.
    Description: Published
    Description: 292-298
    Description: 3.5. Geologia e storia dei sistemi vulcanici
    Description: JCR Journal
    Description: reserved
    Keywords: 40Ar/39Ar dating ; Etna ; 04. Solid Earth::04.04. Geology::04.04.99. General or miscellaneous
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 6
    Publication Date: 2017-04-04
    Description: The paper describes a case of a natural emission of methane from soil in an urban development area, generating a significant risk for the local population and buildings, due to gas explosiveness and asphyxiation potential. The site is located on the south-western margin of the East-European Platform in eastern Romania, in a hydrocarbon-prone area crossed by the Pericarpathian lineament and regional faults. Molecular composition of gas and stable isotopic analyses of methane (CH4〉90%, δ to the power of 13 C1: -49.4‰, δD1: -173.4‰) indicate a dominant thermogenic origin, with significant amounts of C2-C5 alkanes (~5%), likely migrating through faults from a deep reservoir. Possible candidates are the Saucesti and Secuieni gas fields, located in the same petroleum system. Two surface geochemical surveys, based on closed-chamber flux measurements, were performed to assess the degassing intensity and the extent of the affected area. Methane fluxes from soil reach orders of 10 to the power of 4 mg m to the power of -2 day to the power of -1. Gas seepage mainly occurs in one zone 30 000 m2 wide, and it is likely controlled by channeling along a fault and gas accumulation in permeable sediments and shallow subsoil. The estimated total CH4 emission is about 40 t year to the power of -1 CH4, of which 8–9 t year to the power of -1 are naturally released from soil and 30–35 t year to the power of -1 are emitted from shallow boreholes. These wells have likely channeled the gas accumulated in shallow alluvial sediment but gas flux from soil is still high and mitigation measures are needed to reduce the risk for humans and buildings.
    Description: Published
    Description: 311-320
    Description: 3.8. Geofisica per l'ambiente
    Description: JCR Journal
    Description: reserved
    Keywords: gas hazard ; methane seepage ; soil degassing ; thermogenic gas ; 03. Hydrosphere::03.04. Chemical and biological::03.04.05. Gases
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 7
    Publication Date: 2017-04-04
    Description: The Chimaera gas seep, near Antalya (SW Turkey), has been continuously active for thousands of years and it is known to be the source of the first Olympic fire in the Hellenistic period. New and thorough molecular and isotopic analyses including methane (approximately 87% v/v; δ to the power of 13 C1 from -7.9‰ to -12.3‰; δ to the power of 13 D1 from -119‰ to -124‰), light alkanes (C2 + C3 + C4 + C5 = 0.5%; C6+: 0.07%; δ to the power of 13 C2 from -24.2‰ to -26.5‰; δ to the power of 13 C3 from -25.5‰ to -27‰), hydrogen (7.5–11%), carbon dioxide (0.01–0.07%; δ to the power of 13 CCO2: -15‰), helium (approximately 80 ppmv; R/Ra: 0.41) and nitrogen (2–4.9%; δ to the power of 15 N from -2‰ to -2.8‰) converge to indicate that the seep releases a mixture of organic thermogenic gas, related to mature type III kerogen occurring in Palaeozoic and Mesozoic organic-rich sedimentary rocks, and abiogenic gas produced by low-temperature serpentinization in the Tekirova ophiolitic unit. Methane is not related to mantle or magma degassing. The abiogenic fraction accounts for about half of the total gas released, which is estimated to be well beyond 50 ton year to the power of -1. Ophiolites and limestones are in contact along a tectonic dislocation leading to gas mixing and migration to the Earth’s surface. Chimaera represents the biggest emission of abiogenic methane on land discovered so far. Deep and pressurized gas accumulations are necessary to sustain the Chimaera gas flow for thousands of years and are likely to have been charged by an active inorganic source.
    Description: Published
    Description: 263-273
    Description: 3.8. Geofisica per l'ambiente
    Description: JCR Journal
    Description: reserved
    Keywords: abiogenic methane ; isotopic composition ; ophiolites ; seep ; serpentinization ; 03. Hydrosphere::03.04. Chemical and biological::03.04.05. Gases
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  • 8
    Publication Date: 2017-04-04
    Description: In eastern Elba Island (Tuscany, Italy), a shallow crustal level felsic, tourmaline-bearing, dyke-sill swarm of Late Miocene age is associated with abundant tourmaline-quartz hydrothermal veins and metasomatic masses. Development of these veins and masses in the host rocks demonstrates multiple hydro-fracturing by magmatic, boron-rich saline fluid. Tourmalines in felsic dykes are schorl, whereas in veins and metasomatic masses, tourmaline composition ranges from schorl-dravite through dravite to uvite. This compositional shift is evidence for an increasing contribution to the magmatic boron-rich fluids by a Mg-Ca-Ti-rich external component represented by biotite-rich and amphibolite host rocks. This system can be envisaged as an exposed proxy of the high temperature hydrothermal system presently active in the deepest part of the Larderello-Travale geothermal field (Tuscany).
    Description: Published
    Description: 318-326
    Description: 3.3. Geodinamica e struttura dell'interno della Terra
    Description: 3.5. Geologia e storia dei sistemi vulcanici
    Description: JCR Journal
    Description: reserved
    Keywords: Hydro-fractures ; geothermal systems ; Magmatism ; southern Tuscany ; 04. Solid Earth::04.01. Earth Interior::04.01.99. General or miscellaneous ; 04. Solid Earth::04.04. Geology::04.04.09. Structural geology
    Repository Name: Istituto Nazionale di Geofisica e Vulcanologia (INGV)
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  • 9
    Publication Date: 2022-05-25
    Description: Author Posting. © The Authors, 2006. This article is posted here by permission of American Physical Society for personal use, not for redistribution. The definitive version was published in Physical Review Letters 96 (2006): 018305, doi:10.1103/PhysRevLett.96.018305.
    Description: We study the liquid-crystalline phase behavior of a concentrated suspension of helical flagella isolated from Salmonella typhimurium. Flagella are prepared with different polymorphic states, some of which have a pronounced helical character while others assume a rodlike shape. We show that the static phase behavior and dynamics of chiral helices are very different when compared to simpler achiral hard rods. With increasing concentration, helical flagella undergo an entropy-driven first order phase transition to a liquid-crystalline state having a novel chiral symmetry.
    Description: M. S. and R. O. are supported by NIH Grant No. EB002583.
    Keywords: Entropy ; Molecular biophysics ; Liquid crystal phase transformations ; Symmetry ; Chirality
    Repository Name: Woods Hole Open Access Server
    Type: Article
    Format: 765344 bytes
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  • 10
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 46 (1994), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the forward-looking rational expectations buffer stock model of Cuthbertson and Taylor (1987) in the context of the personal sector of the UK. The buffer stock model is evaluated for both narrow and broad money definitions in the UK using the encompassing the VAR methodology of Mizon (1984). This suggests that the buffer stock model is a congruent model, and that the broad definition is the most appropriate aggregate with which to model buffering behaviour — in line with previous studies, Mizen (1992). Further analysis of the models, in the light of Hendry (1988), confirms this view.
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  • 11
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    Bulletin of economic research 46 (1994), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The concept of Nash equilibrium is widely used to analyse non-cooperative games. However, one of the problems with that concept is that many games have multiple equilibria. Recent work has concentrated on reducing or refining the set of Nash equilibria in some games. In this paper, we survey some equilibrium concepts based on perturbations of strategies that refine the set of Nash equilibria. We discuss the pros and cons of each concept and its relationship to the others by the use of numerous examples and intuition. It is hoped that this survey will enable the economist to consider the relevance of a particular equilibrium concept to a given economic model of interest. Journal of Economic Literature Classification Number: C72.
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  • 12
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 46 (1994), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The modified theory of the Illyrian firm was developed, in part, to correct a perversity exhibited by the traditional theory of the Illyrian firm — that output rises in response to a fall in output price or a rise in fixed costs. We show that while this revised model has solved the problem for the short-run the problem remains in the long-run, and this long-run perversity may have important policy implications for the short-run as well. We also show that the under-production problem associated with the traditional LMF is mitigated (and perhaps even reversed) in the modified LMF.
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  • 13
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 46 (1994), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Using a fairly general principal-agent model in which both firms and workers can affect the risk of a workplace accident, this note shows theoretically that an accident tax and/or a safety bonus scheme could unambiguously reduce the incidence of workplace accidents, contrary to the ambiguous theoretical results that are obtained with safety regulations
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  • 14
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 45 (1993), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper outlines the development and exposits some of the central ideas and implications of asymmetric information in the credit market.
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  • 15
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    Bulletin of economic research 45 (1993), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper uses a unique data set of unemployed semi-skilled workers to examine the relationship between reservation wages and the decision to queue for a union sector job. Estimation of selected reservation wage equations indicates that the failure of all previous estimates to model the queuing decision results in biased coefficients. Those workers who queue for a union job are subject to a distinct reservation wage formation process which differs from those not queuing. Moreover, a structural estimate of the queuing decision demonstrates that workers with the greatest differences between estimated reservation wages in the union and non-union sector are the most likely to queue. This estimate of the queuing decision stands as one of the few which focus on unemployed workers. Among other results, women and minorities are more likely to queue for union jobs, all else equal.
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  • 16
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 45 (1993), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A credit market is introduced into an IS-LM model with wealth effects and the government budget constraint explicitly considered, The model is able to handle issues such as a credit market shock that would be impossible to examine in standard models without a credit market. The analysis of more standard policies or shocks is enhanced by recognition of the role of the credit market, thus supporting the view that such recognition is both feasible and warranted.
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  • 17
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 45 (1993), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A two-period macroeconomic model where consumption and investment decisions are given microeconomic foundations is presented. The model is used to analyse the effects of both current and anticipated fiscal expansion; careful attention is paid to the implications of the government's intertemporal budget constraint. It is shown that anticipated fiscal expansion may, in certain circumstances, be expansionary. Also, current fiscal expansion, if financed by bonds which are retired through future money creation, may be contractionary.
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  • 18
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 45 (1993), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The results found here indicate that American labor does influence importantly the level of imports and exports of manufactures in the US. In particular, imports tend to be lower and exports tend to be higher in those industries in which higher skilled American workers are used more abundantly. Moreover, labor efficiency and productivity also influence inversely the level of imports and directly the level of exports.
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  • 19
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper develops a mean variance model to characterize the price efficiency at the firm level in Farrell's model and shows how risk aversion may affect this measure. Problems of estimating the structural efficiency at the industry level are also discussed and it is shown that this involves a comparison between efficiency distributions of two or more industries. Two empirical applications for the two efficiency measures are also discussed.
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  • 20
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
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    Topics: Economics
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  • 21
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    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper presents a model of a risk averse multinational firm under exchange rate risk. The firm, which owns and controls assets in two countries, is engaged in production, sales and forward contracting whenever forward markets exist. First, we investigate the effects of exchange rate uncertainty without any risk sharing markets. It is shown that the firm internalizes missing hedging markets by increasing foreign production and lowering foreign sales. Therefore the firm hedges by repatriating foreign profits in the form of goods. Second, the implications of the existence of forward markets of global market decisions are discussed. It is shown that a separation theorem holds. This does not imply that the multinational firm shifts all the risk into the forward exchange market.
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  • 22
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    Oxford, UK : Blackwell Publishing Ltd
    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
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    Topics: Economics
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  • 23
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    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The level of effort which would be set by a firm hiring in a competitive labour market is contrasted with the effort level which would be chosen by a utilitarian trade union.
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  • 24
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    Bulletin of economic research 44 (1992), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper proves the existence and uniqueness of Cournot equilibrium in models of international trade under oligopoly. The existence of Cournot equilibrium is established without the usual assumption that profit functions are concave. Instead the proof uses a weaker‘aggregate concavity’condition. A simple proof is used to establish the uniqueness of the equilibrium. And, the paper considers the implications of the assumptions, used to prove the existence and uniqueness of the equilibrium, on the comparative static results.
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  • 25
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    Bulletin of economic research 43 (1991), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: When oligopolists merge, the new firm enjoys a lower cost structure than any of its premerger constituent parts. This is because of rationalization economies which are created as facilities previously operated at disparate marginal cost levels come under common control. The resultant price-decreasing force is countered by the loss of competition due to the merger. The latter can stem not only from reduction in the number of competitors, but also from the possibility that, with a more concentrated market structure, firms’conjectures about each others’reactions will move in the direction of being more cooperative. The paper shows that, under normal conditions, the effects of diminished competition outweigh those of rationalization so that a price increase will result from the merger. In addition, the equivalence of merger to the imposition of taxes is exploited to derive a market-share based test for mergers to cause welfare decreases. This complements a test proposed by Farrell and Shapiro that works only for welfare increases.
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  • 26
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    Bulletin of economic research 43 (1991), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper explores an export subsidy game in an international duopoly in which governments of countries as well as firms hold conjectures about the response of other governments. In the framework with linear demand/quadratic cost functions, a homogeneous good and no home consumption, I shall obtain the relations among the conjectural variation of firms, that of governments, and the optimal subsidies for countries. And I shall show that if and only if firms hold the consistent conjectures, Nash type behavior (zero conjectural variation) of governments is consistent.
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  • 27
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    Bulletin of economic research 43 (1991), S. 0 
    ISSN: 1467-8586
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    Topics: Economics
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  • 28
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    Bulletin of economic research 43 (1991), S. 0 
    ISSN: 1467-8586
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    Topics: Economics
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  • 29
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    Bulletin of economic research 43 (1991), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Currently available price series for slaves during the eighteenth century need to be treated with much caution, and it seems unlikely that large quantities of new evidence will be unearthed. Further progress toward the creation of more reliable price series will thus require new methods of estimation. In this paper, a new price series for slaves at the African coast is calculated using data relating to the number of slaves shipped from the coast by British traders and the value of trade goods bartered for them.
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  • 30
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    Bulletin of economic research 42 (1990), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the introduction of monopolistic competition into wage bargaining models: in addition to capital-labour substitution, we also consider a cost-push effect. The right-to-manage model requires strong restrictions on the objective functions and leads to problematic conclusions because the wage claims of the union are generally not compatible with the mark-up requirement contained in the firm's price equation. In the efficient bargaining model, the union negotiates also the employment level, which gives it a way of extracting part of the monopoly rent: the firm's commitment to an efficient wage-employment combination forces it to follow a pricing rule such that part of the surplus is transferred to the union.
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    Notes: This paper extends Becker's basic model on investment in human capital by introducing effort as a decision variable. Based on this extended model we consider the efficiency of two popular study-grant schemes and propose a third which unequivocally increases the student's effort and may thereby resolve the moral hazard problem created by the student's self-interested behaviour. In addition, some policy issues concerning conflicts between the students' and the policy-maker's objectives are discussed.
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    Notes: A three factor, two sector general equilibrium model is used to determine long run income distributional impacts of factor supply changes associated with international migration in developing and newly industrializing countries. Factor intensity rankings among three factors (capital, skilled and unskilled labor) between two industries (agriculture and manufacturing-services) play a critical role in determining which factors are natural friends with respect to migration. A result common to all countries is observed friendship between capital and unskilled labor: reducing (increasing) the supply of one will lower (raise) payments to the other.
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    Notes: This paper presents a labor turnover model in which urban employers have an economic incentive to support an urban bias in development policies because of the indirect effect of rural incomes on urban training expenditures through the rate of labor turnover. A comparative static analysis of the model shows that an income transfer from rural workers to urban workers increases the profits of urban employers, even if urban employers are not directly involved in the transfer. Unlike previous versions of the labor turnover model, worker behavior is explicitly grounded in utility maximization.
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    Notes: This paper develops a model of the equilibrium unemploymentvacancy relationship, drawing upon concepts in the job searchlabour turnover literature, and uses that model to explain recent shifts in the uv curve for Great Britain. The analysis involves two stages: the estimation of a dynamic employment adjustment equation, and then the solution of the estimated form for the implicit, equilibrium uv relationship at different points in time. In this approach it is possible to attribute shifts in the uv curve to various exogenous factors such as the movement in real wages relative to productivity, external competitiveness, mismatching between jobs and workers, and the replacement ratio.
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    Notes: A model of an open economy, in which two goods, a tradeable and a non-tradeable, are distinguished, is constructed. There is also an intermediate input (oil) which is both produced domestically and traded, and which is used as an input in the traded sector. There are two assets, money and internationally traded bonds. In the model the effects of various changes, including an increase in the money supply, and increases in both the world price of, and the domestic output of, oil, are analysed.
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    Notes: This paper generalizes an earlier paper by Heal (1976) in which the‘lemons problem’is analysed in an exchange framework over time. Heal showed that the Akerlof (1970) rule that bad goods (lemons) always drive out good may not always be a valid one. Heal's anti-lemons result is also shown to be a Balanced Tempta-Equilibrium (B.T.E.) in the supergame. But it is also shown, paradoxically, that the B.T.E. can itself be dominated by certain strategies, hence there is a direct counterpart to the constituent version of the Lemons Game in its supergame analogue.
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    Notes: This note demonstrates how recent results in the literature on true cost-of-living indices are of direct relevance to attempts to measure Hicks’compensating and equivalent variations because of the close inter-relationship between the Hicksian surplus measures and true (or constant-utility) price indices.
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    Notes: Interfuel substitution, a priori, seems to be of considerable importance in the economy of the United Kingdom. Consequently, an appropriate model is developed and estimated. All energy sources are demonstrated to be substitutable. Coal is the most price responsive with natural gas, oil and electrical following. The results are not inconsistent with other studies of energy substitution. Moreover, when the issue of the stability of the demand for energy types is considered, the suggestion that the demand for coal, oil, natural gas, and electrical energy have remained virtually constant over the past three decades.
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    Notes: In this paper a model of depository firm behavior is developed in which the depository institution acts as a multiple product producer. The multi-product model is an application of the general theory of value to the particular case of depository firms. It generalizes the theory of bank behavior to include production and cost aspects of banking activity as well as its financial aspects and reconciles the rivaling intermediary and firm-theoretic views on depository institutions. By so doing, it bridges the gap between models which treat depository firms as mere portfolio holders and those which analyze the check clearance function in isolation. Risk aversion, production function constraint, jointness, and multiple sources of uncertainty are simultaneously introduced. The model is used to analyze the effects of interest payment on transaction balances, interest payment on reserves of depository institutions by the Central bank, and the Central bank policy swings.
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    Notes: This paper examines the short-run effects of changing government expenditure on output, consumption and employment. It attempts to combine the Public-Finance and macroeconomic approaches to the analysis of fiscal policy by introducing government expenditure which is ‘useful’ in consumption into an ISLM-type macro model which is derived from the singleperiod maximizing decisions of households and firms and which includes a government budget constraint.The principal conclusion is that the effects of fiscal policy on output and employment depend on the ‘efficiency’ of government expenditure. The more efficiently government expenditure meets consumption needs, the less effective is fiscal policy to the point where the fiscal-policy multiplier may be negative.
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    Notes: In this paper population growth is the outcome of a utility maximizing process undertaken by each working generation. This is distinct from the usual treatment of population growth as an exogenous variable. Steady state growth paths are analysed, and the model is extended to allow for international lending and borrowing. The results obtained broadly correspond to the case of a given rate of increase of population, but under certain assumptions it is found that a capital importing country will have a faster rate of growth as a result of being able to borrow on international capital markets.
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    Notes: The purpose of this paper is to derive the demand functions corresponding to an intertemporal linear expenditure system in which goods are durable, and in which there are penalty costs for changes in planned stocks. Taste changes over time can be interpreted as changes in the technology converting goods into characteristics.
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    Notes: This paper shows that, in a fixed exchange-rate system with an escape clause, delegating the decision on the magnitude of realignment to an inflation-averse central banker reduces the range of realignment costs for which the policy-maker necessarily devalues. Stressing the influence of devaluation expectations on currency crises, it is also shown that this strategy of delegation reduces the width of the multiple equilibria zone within which self-fulfilling crises occur, thus promoting further the exchange-rate system's stability. The higher the central banker's degree of inflation aversion, the greater is this reduction.
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    Notes: This paper presents some evidence for the presence of temporal asymmetry in the price-volume relationship in the crude oil futures market. By using threshold models we show that there is bidirectional causality between volume and prices, whereas the conventional model that assumes symmetry can only detect unidirectional causality. The results also show that the price-volume relationship is asymmetric, in the sense that negative price and volume changes have stronger effects (on each other) than positive changes. Some explanations for asymmetry in the price-volume relationship are suggested.
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    Notes: This paper extends the retroactive most-favoured-customer pricing policy examined by Cooper (1986). He showed that the policy enabled both firms in a duopoly to offer higher prices and to enjoy higher profits. This paper introduces a variable into the most-favoured-customer pricing policy. Then, it shows that there is an equilibrium in which the duopolists can further increase their profits.
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    Notes: This paper verifies the existence of the favourite-longshot bias in a variety of sports betting markets where odds are set by bookmakers, but the precise pattern of the bias is not identical. Evidence is found to support a central prediction of the Shin (1993) model, which asserts that bookmakers are impelled to create a bias in their odds because of the presence of insider traders: that margins increase with the number of competitors.
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    Notes: This paper explains the endowment effect, whereby sellers generally demand considerably more for a good than buyers are prepared to pay, and related anomalies. Many decisions, including nominating buying or selling prices, involve uncertainty, and we assert that people experience negative psychological reactions to uncertainty. These reactions can affect a person's valuation of the various options, biasing the person's actions towards the status quo, thus producing the endowment effect. Our model also proposes positive or negative reactions to unlikely prospects, which are able to explain commonly observed behaviour in the presence of ambiguity.
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    Notes: We consider an n-person non-zero-sum non-cooperative game in normal form, where the strategy sets are some closed intervals of the real line. It is shown that if the pay-off functions are continuous on the whole space and if for each pay-off function the smallest local maximum in the strategy variable is a global maximum, then the game possesses a pure strategy Nash equilibrium.
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    Notes: Racetrack and sports betting markets have been researched extensively with respect to the question of market efficiency. In contrast to the consistently observed favourite–longshot bias found in racetrack betting markets, it has been shown that gamblers in the market for Major League Baseball games reveal the opposite behaviour. This paper updates the previous study with ten years of additional data for the 1990–99 seasons. The strength of the reverse favourite–longshot bias is virtually identical to the original paper. The result suggests that, contrary to most reported inefficiencies in gambling markets, this bias appears to be permanent.
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    Notes: We estimate a model that incorporates two key features of business cycles, comovement among economic variables and switching between regimes of boom and slump, to quarterly UK data for the last four decades. A common factor, interpreted as a composite indicator of coincident variables, and estimates of turning points from one regime to the other, are extracted from the data by using the Kalman filter and maximum likelihood estimation. Both comovement and regime switching are found to be important features of the UK business cycle. The composite indicator produces a sensible representation of the cycle and the estimated turning points agree fairly well with independently determined chronologies. These estimates are sharper than those produced by a univariate Markov switching model of GDP alone. A fairly typical stylized fact of business cycles is confirmed by this model – recessions are steeper and shorter than recoveries.
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    Notes: We develop a simple model to illustrate how the effects of turnover costs on wages can be reinforced by an efficiency wage effect. The insider–outsider theory explains why labour turnover costs allow the insiders to earn higher wages than outsiders. According to the efficiency wage theory, higher wages enhance the insiders’ productivity. Therefore, the costs of replacing an insider by a low–paid, low–productivity outsider are increased, which allows the insiders to raise their wages further. Again, higher wages increase insiders’ productivity, which allows them to earn still higher wages, and so on. Thus, the existence of a link between effort and wages can reinforce the effects of labour turnover costs on wages.
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    Bulletin of economic research 55 (2003), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We construct a model integrating the efficiency wage model of Shapiro–Stiglitz (1984) (SS), with an individual wage bargaining model in the Diamond–Mortensen–Pissarides (DMP) tradition where firms and workers form pairwise matches. We show that when workers may threaten to shirk on the job and there is individual wage bargaining, the wage is always higher and employment lower than in either the SS model, or the (appropriately modified) DMP model. When firms determine workers’ efforts unilaterally, efforts are set inefficiently low in the SS model. In the bargaining model, effort is higher, and is first best when the worker non–shirking constraint does not bind. The overall equilibrium allocation may then be more or less efficient than in the SS model, but is always less efficient than in a pure bargaining model with no moral hazard.
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  • 86
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    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    Bulletin of economic research 55 (2003), S. 0 
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the implications of alternative monetary targeting procedures for real interest rates and economic activity. We find that countercyclical monetary policy rules lead to higher real interest rates, higher average tax rates, lower output but lower variability of tax rates and consumption relative to procyclical rules. For a country with a high level of public debt (e.g. Italy), the adoption of a countercyclical procedure such as interest rate pegging may conceivably raise public debt servicing costs by more than half a percentage point of GNP. Our analysis suggests that the current debate on the targeting procedures of the European Central Bank ought to be broadened to include a discussion of the fiscal implications of monetary policy.
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  • 87
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . State and local governments commonly finance investment in public capital by issuing bonds and by using current revenues. This paper presents a model of state and local governments' reliance on borrowing in which the optimal share of debt in the financing of capital investment depends on the relative costs of tax and debt finance. Equations are derived and estimated for spending on public capital and the share of debt in the financing of that spending. The results reveal that the level of private incomes plays an important role in both the capital investment and financial decisions of the jurisdiction. Even after controlling for Sunbelt-Snowbelt differences in incomes, grants, outstanding debt and certain demographic factors, the results indicate that state and local governments located in the Snowbelt rely more heavily on bond issues to finance capital investment. Finally, the estimated invariance of the level of state and local capital investment to the share of debt in the financing of the investment suggests that investment decisions are not greatly affected by factors influencing the willingness to issue bonds.
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  • 88
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . Consider a community investigating the integration of recycling into its waste management program. Even if (1) the county's citizens do not gain utility from recycling, (2) landfill space is plentiful, and (3) the market price for recyclables is zero, recycling can still be optimal for a local government. By determining the relationship between the amount of recycling and the location of a recycling center, conditions are identified under which recycling will reduce total waste management costs enough that municipal recycling will be optimal. In addition, it is shown that the likelihood of municipal recycling increases with the size of the city.
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  • 89
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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  • 90
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . National and regional employment patterns are subject to growth-instability tradeoffs. This paper applies the portfolio selection model to detailed employment data for the U.S. economy and selected states. Empirical results indicate that growth-instability trade-offs exist in a form not previously understood. The paper also identifies growth and stabilization potential by identifying stabilizing sectors.
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  • 91
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . The paper takes microlevel data on U.K. regional policy instruments and other financial assistance payments to industry to examine the time profile of assisted employment up to five years after the date of assistance. The theoretical analysis indicates factors bearing on the employment effect of industrial assistance and highlights the possibly key role played by the firm's access to private funds. The results from the regression analysis indicate that both the build-up and duration of subsidy-induced jobs vary between assistance form and firm, and that assistance is generally ineffective in large firms. Elsewhere, assisted jobs accumulate over a period of three years, but then are lost to policy at high rates.
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  • 92
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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  • 93
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . This paper analyzes 1954–1987 state manufacturing employment growth in 19 two-digit industries. Markets were found to be the strongest influence in 18 industries. Labor was the second strongest, followed by a threshold variable. Weaker influences were resources, taxes, and amenities. Regional values for the market, labor, and threshold variables corresponded well with regional employment change in the Manufacturing Belt and all other regions of the U.S.
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  • 94
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . We develop an alternative specification of the regional portfolio diversification problem that explicitly incorporates important information on regional economic structure and avoids certain inconsistencies in the traditional specification with respect to what constitutes the choice set. We also implement improved econometric procedures for estimating the required parameters and provide an empirical example using 1987 data for the Colorado economy to illustrate the potential differences in sectoral allocations obtained when applying our alternative approach versus the traditional one.
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  • 95
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . This study proposes, and finds evidence supporting, the hypothesis that restrictive residential land-use and minimum lot-size zoning are substitute ways of controlling the population intensity of future residential development. In addition, evidence is found linking externality, fiscal and exclusionary objectives to restrictive residential zoning.
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  • 96
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . This paper examines the possibility of sustaining a collusive equilibrium in a standard location model. Drawing on recent developments in game theory, it is suggested that collusion is only feasible if market areas lie within a certain range. When market areas are large the threat of entry is likely to undermine any collusive agreement. In contrast when market areas are small, defection from the cartel is shown to be profitable. Thus collusion is shown to be feasible only when market areas and demand lie within certain bounds. More generally, this result appears to be consistent with the somewhat ambiguous empirical evidence which suggests that competitive pricing behavior is likely to prevail in periods of excessively high demand and during recessions.
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  • 97
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . Associative memory techniques are drawn from the artificial intelligence literature, and have demonstrated considerable utility for parameter identification in dynamical systems. Previous turning point forecasts constructed by LeSage are compared to forecasts generated by associative memories and simple autoregressive models. Both the associative memories and the autoregressions perform as well or better than the more complicated econometric procedures described by LeSage, with the exception of West and Harrison's (1989) dynamic linear model specification. Extensions are suggested.
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  • 98
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 34 (1994), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
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  • 99
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 33 (1993), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . Average monthly price data from twelve hinterland markets and the Houston port price for wheat are studied in a cointegration framework using the Engle-Granger “two-step” procedure and Johansen's maximum likelihood procedure. Out-of-sample forecasts from an error correction model are compared to those from a vector autoregression fit to levels and a univariate autoregression fit to first differences. This comparison suggests that modeling these (cointegrated) data as a levels vector autoregression, rather than as an error-correction process, results in significantly higher error bias, but lower error variance, at long horizons.
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  • 100
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 33 (1993), S. 0 
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . This paper departs from earlier work on location theory under uncertainty by considering an oligopoly case where the symmetric Cournot-Nash equilibrium of imperfectly competitive and identical firms are examined. It will be shown that once a Cournot competitive equilibrium is introduced, the demand function plays a central role in the choice of location, and the effects of changes in fixed costs, mean product price and price variability on the firm's optimum location and output are independent of absolute and/or relative risk aversion. These striking results are in sharp contrast with the well-known results obtained in previous contributions to the location literature.
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