-
作者：WALLER, CJ; VANHOOSE, DD
作者单位：University of Alabama System; University of Alabama Tuscaloosa
-
作者：PRASNIKAR, V; ROTH, AE
摘要：Laboratory data from bargaining experiments have started a debate about the prospects for various parts of game theory as descriptive theories of observable behavior, and about whether, to what extent, and how a successful descriptive theory must take into account peoples' perceptions of fairness. Plausible explanations of the observed bargaining phenomena advanced by different investigators lead to markedly different predictions about what should be observed in three different games. A sharp ...
-
作者：SEYHUN, HN
摘要：This paper documents that, for the period from 1975 to 1989, the aggregate net number of open market purchases and sales by corporate insiders in their own firms predicts up to 60 percent of the variation in one-year-ahead aggregate stock returns. This study also examines whether the ability of aggregate insider trading to predict future stock returns can be attributed to changes in business conditions or movements away from fundamentals. Evidence suggests that both explanations contribute to ...
-
作者：RIVERABATIZ, LA; ROMER, PM
作者单位：University of California System; University of California Berkeley
-
作者：CAPPELLI, P; CHAUVIN, K
作者单位：University of Kansas
-
作者：BARRO, RJ
-
作者：TVERSKY, A; KAHNEMAN, D
作者单位：University of California System; University of California Berkeley
摘要：Much experimental evidence indicates that choice depends on the status quo or reference level: changes of reference point often lead to reversals of preference. We present a reference-dependent theory of consumer choice, which explains such effects by a deformation of indifference curves about the reference point. The central assumption of the theory is that losses and disadvantages have greater impact on preferences than gains and advantages. Implications of loss aversion for economic behavio...
-
作者：MOSSER, PC
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The paper presents empirical tests of the (S, s) model of inventory behavior using aggregate retail trade data. Estimation and testing are based on the probability distributions of inventories derived by Caplin [1985]. The excess volatility of retailers' demand over their consumers' demand, and the forgetfulness of inventories under (S, s) are emphasized. Test results indicate that the time series properties of deliveries and sales are consistent with (S, s) and not a quadratic cost model. Fin...
-
作者：HALVORSEN, R; SMITH, TR
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：An empirical test of the theory of exhaustible resources requires an estimate of the time path of the shadow price of the unextracted resource that generally is not observable because of the prevalence of vertical integration in natural resource industries. In this paper we use duality theory to derive an econometric model that provides a statistical test of the theory of exhaustible resources. A restricted cost function is used to obtain estimates of the shadow prices of unextracted resources...
-
作者：SLADE, ME
摘要：Data for metals sold on commodity exchanges and at prices set by producers are used to test the relationship between the organization of markets and the behavior of prices. On the production side the question is whether prices are more stable in concentrated industries. And on the sales side the question is whether markets where buyers are consumers have more stable prices than those with consumers and speculators. The recent increase in metal-price instability is explained by changes in the m...
