International Economic Review
Advertising, Learning, and Consumer Choice in Experience Good Markets: An Empirical Examination [статья]
Опубликовано на портале: 07-10-2008Daniel Ackerberg International Economic Review. 2003. Vol. 44. No. 3. P. 1007-1040.
This article empirically analyzes different effects of advertising in a nondurable, experience good market. A dynamic learning model of consumer behavior is presented in which I allow both “informative” effects of advertising and “prestige” or “image” effects of advertising. This learning model is estimated using consumer level panel data tracking grocery purchases and advertising exposures over time. Empirical results suggest that in this market, advertising's primary effect was that of informing consumers. The estimates are used to quantify the value of this information to consumers and evaluate the welfare implications of an alternative advertising regulatory regime.
Free-Riding and the Provision of Public Goods in the Family: An Experimental Test of the Rotten Kid Theorem [статья]
Опубликовано на портале: 25-11-2004H. Elizabeth Peters International Economic Review. 2004. Vol. 45. No. 1. P. 283-299.
We examine the effects of family altruism and shared resource arrangements on the voluntary provision of public goods using methods drawn from experimental economics. Economic models of the family assume that, with sufficient altruism and shared resource arrangements, families can provide the efficient level of family public goods. Becker's ‘Rotten Kid Theorem' goes one step further in asserting that, even if children are not altruistic towards other family members, they will be induced to maximize family income because transfers from altruistic parents will neutralize any gain from opportunistic behavior. Consistent with the idea of altruism towards family members, our results show that both parents and children contributed more to a public good fund when the group consisted of family members than when the group consisted of strangers. In contrast to the predictions of the Rotten Kid Theorem, however, the children's contributions fell substantially short of maximizing group income, even when they were in groups with their own family.
Опубликовано на портале: 13-04-2004Whitney K. Newey, Kenneth D. West International Economic Review. 1987. Vol. 28. No. 3. P. 777-787.
Efficient method of moments estimation techniques include many commonly used techniques, including ordinary least squares, two- and three-stage least squares, quasi maximum likelihood, and versions of these for nonlinear environments. For models estimated by any efficient method of moments technique, the authors define analogues to the maximum likelihood based Wald, likelihood ratio, Lagrange multiplier, and minimum chi-squared statistics. They prove the mutual asymptotic equivalence of the four in an environment that allows for disturbances that are auto correlated and heteroskedastic. They also describe a very convenient way to test a linear hypothesis in a linear model. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Опубликовано на портале: 14-02-2005David Knudsen Levine, Michele Boldrin International Economic Review. 2004. Vol. 45. No. 2. P. 327-350.
In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the prospect of monopoly power not be present. This theme of monopoly runs throughout the theory of growth, international trade, and industrial organization. We argue that monopoly is neither needed for, nor a necessary consequence of innovation. In particular, intellectual property is not necessary for, and may hurt more than help, innovation and growth. We argue that, as a practical matter, it is more likely to hurt.
Lending to Sovereign Borrowers: Snapshots of the Eurocurrency Market Using a Thomian Camera [статья]
Опубликовано на портале: 01-07-2004Carlos M. Urzua International Economic Review. 1990. Vol. 31. No. 2. P. 469-489.
Blending empirical and theoretical analyses, the terms (spreads) granted by the Eurocurrency market to borrowers of several countries prior to the world debt crisis are examined. Specifically, a section examines the spreads over the London interbank offer rate charged to public and private entities of 6 countries. The samples are cross-sectional observations taken over a short time period, usually a year. Although the histograms of the spreads are found to exhibit a variety of shapes, a single distribution, Fisher's (1922) quartic exponential, is shown to fit all the samples rather well. A model of lending, whose implied distribution of the spreads is precisely the quartic exponential, is then offered. The model, which makes use of Catastrophe theory, also illustrates how optimizing behavior can lead to surfaces of optimal responses that exhibit elementary catastrophes.
Опубликовано на портале: 08-12-2003Murat F. Iyigun International Economic Review. 1999. Vol. 40. No. 3. P. 697 - 710.
This paper examines the role of public education in determining intergenerational economic mobility. It considers a model in which education is free and admission to schools is competitive. The results indicate that for mobility to increase during the process of development, the share of resources devoted to public education needs to be large enough to offset the relative advantage of having educated parents in academic attainment.
Опубликовано на портале: 19-11-2007Eugene F. Fama, Lawrence Fisher, Michael C. Jensen, Richard Roll International Economic Review. 1969. Vol. 10. No. 1. P. 1-21.
There is an impressive body of empirical evidence which indicates that successive price changes in individual common stocks are very nearly independent. Recent papers by Mandelbrot and Samuelson show rigorously that independence of successive price changes is consistent with an "efficient" market, i.e., a market that adjusts rapidly to new information. It is important to note, however, that in the empirical work to date the usual procedure has been to infer market efficiency from the observed independence of successive price changes. There has been very little actual testing of the speed of adjustment of prices to specijc kinds of new information. The prime concern of this paper is to examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split
Опубликовано на портале: 18-08-2004Ricardo J. Caballero, Robert S. Pindyck International Economic Review. 1996. Vol. 37. No. 3. P. 641-662.
We study the effects of aggregate and idiosyncratic uncertainty on the entry of firms, total investment, and prices in a competitive industry with irreversible investment. We first use standard dynamic programming methods to determine firms' entry decisions, and we describe the resulting industry equilibrium and its characteristics, emphasizing the effects of different sources of uncertainty. We then show how the conditional distribution of prices can be used as an alternative means of determining and understanding the behavior of firms and the resulting industry equilibrium. Finally, we use four-digit U.S. manufacturing data to examine some implications of the model.
Некоторые заметки по поводу предложенной Линдалем теории определения государственных расходов (Some Notes on the Lindahl Teory of Determination of Public Expenditers) [статья]
Опубликовано на портале: 17-11-2003Leif Johansen International Economic Review. 1963. Vol. 4. No. 3. P. 346-358.
В 1919 году шведский экономист Эрик Линдаль предложил решение проблемы одновременного определения расширения расходов для удовлетворения общественных потребностей и распределения соответствующего налогового бремени. Данная работа представляет собой попытку представления решения Линдаля в виде более современных понятий теории благосостояния и, тем самым, выявления некоторых новых аспектов этого решения. Эта работа также указывает на то, что решение Линдаля было не вполне удовлетворительно представлено в книге Р.Э.Масгрейва «Теория государственных финансов».