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作者：BROWN, DM
摘要：The effect of changing prices on the supply of physicians' services has important policy implications. In this note, a correction of previous work on supply by the author in this shows that with aggregate data the price elasticity of supply is zero. However, using individual physician data in the context of a utility-maximizing model of supply, it is found that the price elasticity of supply is about -0.2. This result could portend serious problems ahead for recently enacted Medicare pricing s...
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作者：YANG, YY; HWANG, M
作者单位：University of California System; University of California Berkeley
摘要：This paper investigates pricing behavior in Korean manufacturing. The two questions investigated are (1) whether price behavior in the two markets are distinctly different in the pass-through of exchange rate into export and domestic prices, and (2) If so, the subsequent question is whether observed differences in the price behavior can be explained by the price discrimination hypothesis. Using data from six manufacturing sectors for the period 1976-1990, we find that Korean manufacturing firm...
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作者：BRESLAW, JA
摘要：This paper describes a low variance simulator of the normal distribution function. The probability integral is evaluated exactly at an initial point specified with a factor analytic covariance structure, so that the integral can be derived using dimension reduction techniques. The line integral between the initial point and the desired point is evaluated using Plackett's identity. A Monte Carlo simulation of this Line Integral Simulator (LIS) with the Geweke-Hajivassiliou-Keane (GHK) simulator...
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作者：TAUCHEN, H; WITTE, AD; GRIESINGER, H
作者单位：University of North Carolina; University of North Carolina Chapel Hill; State University System of Florida; Florida International University; Wellesley College; National Bureau of Economic Research
摘要：We estimate the general deterrent effect of criminal justice resources on criminal behavior using panel data for a sample representative of young men in U.S. urban areas. Our data, which combine individual-level information on arrests and personal characteristics with aggregate information on criminal justice resources, allow us to obtain deterrence measures that reflect theoretical concepts and are of potential policy relevance. We find robust evidence of a general deterrent effect flowing fr...
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作者：KHANNA, J; HUFFMAN, WE; SANDLER, T
作者单位：Iowa State University
摘要：This paper presents econometric evidence on two different public good formulations of agricultural research: pure public and joint-product models. A nested test for simultaneous equations is proposed and applied for distinguishing between the two models. The procedure is used for testing for neutrality. Using data from 1951 - 1985, we illustrate the technique with two-stage least squares estimates for 48 U.S. states. An overwhelming number of sample states abide by the joint-product model. Pri...
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作者：HIMMELBERG, CP; PETERSEN, BC
作者单位：Washington State University
摘要：Since Schumpeter, economists have argued that internal finance should be an important determinant of R&D expenditures. Yet almost without exception, previous empirical studies have not found evidence of such a relation. Using newly available data, we investigate this puzzle with a panel of 179 small firms in high-tech industries. Under each estimation strategy we employ, we find an economically large and statistically significant relationship between R&D investment and internal finance. Our re...
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作者：SMITH, VK; PALMQUIST, RB
摘要：This paper proposes a method for measuring the effects of substitutions in the timing of recreational use on people's willingness to pay for nonmarketed resources. Using the three markets (peak, pre-peak, and post-peak) for weekly rentals of vacation properties along the Outer Banks of North Carolina, we are able to control for changes in the mix of site characteristics selected at different times and estimate the effects of temporal substitution on tradeoffs between other characteristics. Pro...
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作者：YING, JS; SHIN, RT
摘要：While the divestiture of AT & T was intended to produce benefits in the long-distance market, the evidence suggests it has created an unexpected side benefit in local telephone markets. Our results show that local exchange carriers have realized immediate cost savings in responding to competitive pressures since the breakup, with the Baby Bells experiencing generally larger gains. Dynamically, these productivity gains have increased over time at a relatively constant rate. Although gains of 3%...
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作者：BELADI, H; CHOUDHARY, MAS; PARAI, AK
作者单位：State University of New York (SUNY) System; SUNY Fredonia
摘要：We apply Chow's (1989) technique to the present value model of hyperinflation under rational and adaptive expectation hypotheses. We use the monthly data on price and money supply of Germany (1921:5-1923:8), Hungary (1921:10-1924:2) and Poland (1922:1-1924:1). Our test results show that the German data are consistent with the adaptive expectations hypothesis and the Hungarian data are consistent with the rational expectations hypothesis. The Polish data, however, do not support either of the t...
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作者：BUCCOLA, ST; SUKUME, C
作者单位：University of Zimbabwe
摘要：Recent developments in social welfare analysis provide insights into the selection of price policies. In the present paper, a CES social welfare function and a weighted average of utilitarian and leximin rules are used to identify optimal producer prices in an economy where government is the price setter and agents are risk averse. The analysis distinguishes between the interests of commercial producers, peasant producers, consumers, and taxpayers. An application to Zimbabwe indicates that a m...
