Economic Inquiry

Articles from Vol. 35, No. 4, October

A Common Property Experiment with a Renewable Resource
I. INTRODUCTION This series of experiments demonstrates over-harvesting of a so-called common-property renewable resource. The experiments explore two different solutions to the tragedy of the commons: group communication and the establishment of individual...
An Empirical Investigation of Asymmetric Behavior in Corporate Dividend Policy
I. INTRODUCTION Among the most enduring concepts regarding corporate dividend policy is that corporate dividends respond asymmetrically to changes in corporate ability to pay. Asymmetric dividend policy would reveal itself in a ratchet effect, with...
April 15 Syndrome
I. INTRODUCTION The popular characterization of completing and mailing individual tax forms is that people wait until the last minute to fill out their returns, and then rush to mail them at their nearest post office, which has extended its hours until...
Cyclical Comovements in Industrial Labor and Product Markets: Theory and Evidence
I. INTRODUCTION Cyclical fluctuations among economic variables are at the heart of the study of business cycles. The explanations for the real and inflationary effects of business cycles can be classified into equilibrium and new Keynesian alternatives....
Institutional Change and the Velocity of Money: A Century of Evidence
I. INTRODUCTION The study of the long-run behavior of velocity has intrigued many researchers who have sought to link it to the evolution of financial systems over time. Indeed, the approach taken by Bordo and Jonung [1987] (BJ) explains the long-run...
Modeling Growth (and Liberalization) Using Smooth Transitions Analysis
I. INTRODUCTION There is a large and growing literature on liberalization and its effects, stimulated initially by the very extensive trade reform programs promoted in developing countries over the last fifteen years or so and sustained by the attempts...
Profit Maximization Problem
I. INTRODUCTION The following is a business problem on profit-maximization for an introductory microeconomics class. The problem highlights the importance of marginal analysis and illustrates an important economic principle - rational individuals and...
Risk Preference Estimation in the Nonlinear Mean Standard Deviation Approach
I. INTRODUCTION Under uncertainty, individuals' economic decisions and their responses to price or income changes are significantly influenced by their risk attitudes. As a result, it is difficult to assess the merits and consequences of alternative...
Taxes, Torts, and the Toxics Release Inventory: Congressional Voting on Instruments to Control Pollution
I. INTRODUCTION Governments can choose from a wide variety of policy instruments to control pollution, including tax and subsidy schemes, marketable permits, information provision programs, liability systems with well-defined property rights, and command...
The Equilibrium Fed Funds Rate and the Indicator Properties of Term-Structure Spreads
I. INTRODUCTION Interest rate spreads figure prominently in the economics literature as monetary policy indicators. For instance, while some writers have focused on the predictive power of the spread between the six-month commercial paper rate and the...
The Impact of Classroom Experiments on the Learning of Economics: An Empirical Investigation
I. INTRODUCTION In economics, experimental research is still less common than in the natural sciences. Therefore it is not surprising that economists also make much less use of experiments for teaching purposes. Yet, intuitively, it is by no means clear...
The Impact of Psychological and Human Capital on Wages
I. INTRODUCTION AND STATEMENT OF THE PROBLEM Economists have a long standing interest in the determinants of real wages. Mincer [1962] and Becker [1964] suggested that personal productivity, and hence real wages, depend critically on human capital accumulation....
The Market for Motion Pictures: Rank, Revenue, and Survival
I. INTRODUCTION On any given day in every major city there may from 50 to 100 motion pictures playing on theater screens. Each is unique and its producer hopes it will catch that bit of magic that lights up the screen and the box office. Yet, few achieve...

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.