-
作者：ROTH, AE; XING, XL
作者单位：National University of Singapore
摘要：This paper concerns the difficulties associated with establishing a time at which a market will operate. We first describe the experience of several dozen markets and submarkets, from entry-level professional labor markets in the United States, Canada, England, and Japan, to the (American) market for postseason college football bowls. The difficulties these markets have experienced in coordinating the timing of transactions have been decisive in determining how they are organized today. The pa...
-
作者：CHICHILNISKY, G
作者单位：Columbia University
摘要：Differences in property rights create a motive for trade among otherwise identical regions. Two regions with identical technologies, endowments, and preferences will trade if one, the South, has ill-defined property rights on environmental resources. Trade with a region with well-defined property rights transmits and enlarges the problem of the commons: the North overconsumes underpriced resource-intensive products imported from the South. This occurs even though trade equalizes all prices, of...
-
作者：LEWBEL, A
摘要：The koyck (geometric) lag or AR(1) specification is a commonly proposed behavioral model, sometimes after differencing. The distribution of koyck lag or AR(1) coefficients across agents in an economy is shown to be completely identified just from the dynamic behavior of aggregate (macroeconomic) data. Aggregate testable implications of an economy composed of agents having koyck lags or AR(l) models are provided Extensions to higher-order and time-varying lags are discussed. Aggregate U.S. cons...
-
作者：MENDELSOHN, R; NORDHAUS, WD; SHAW, D
作者单位：Yale University; Yale University; Academia Sinica - Taiwan
摘要：We measure the economic impact of climate on land prices. Using cross-sectional data on climate, farmland prices, and other economic and geophysical data for almost 3,000 counties in the United States, we find that higher temperatures in all seasons except autumn reduce average farm values, while more precipitation outside of autumn increases farm values. Applying the model to a global-warming scenario shows a significantly lower estimated impact of global warming on U.S. agriculture than the ...
