Journal Article Protection and Real Incomes Once Again Get access Wilfred J. Ethier Wilfred J. Ethier University of Pennsylvania Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 99, Issue 1, February 1984, Pages 193–200, https://doi.org/10.2307/1885727 Published: 01 February 1984

Journal Article The Remembrance of Things Past: Rings and Mules Revisited Get access Lars G. Sandberg Lars G. Sandberg Ohio State University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 99, Issue 2, May 1984, Pages 387–392, https://doi.org/10.2307/1885534 Published: 01 May 1984

Under the U. S. tax law, taxable income differs systematically from economic income when there is inflation. For example, nominal interest payments and nominal capital gains are taxable or tax deductible, and depreciation allowances are based on historic rather than replacement costs. Therefore, even fully anticipated inflation can have real effects. The purpose of this paper is to investigate to what degree an increase in the inflation rate, given these differences between taxable and economic income under existing tax law, ought to change corporate investment and financial policy, and cause capital gains or losses to existing owners of corporate equity

Journal Article The Pricing of Durable Exhaustible Resources: Comment Get access John Chilton John Chilton University of South Carolina Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 99, Issue 3, August 1984, Pages 629–637, https://doi.org/10.2307/1885968 Published: 01 August 1984

Frank Milne, Hersh M. Shefrin; Clarifying Some Misconceptions About Stock Market Economies*, The Quarterly Journal of Economics, Volume 99, Issue 3, 1 Augu

Basic production theory concepts of separability and externalities are used to provide an intuitive, unifying explanation of Arrow's original possibility theorem and later variants of it due to Sen, Wilson, Mas-Colell, and Sonnenschein, of the libertarian paradoxes of Sen and Gibbard, and of the single-profile possibility theorem of Parks. These important results in collective choice theory are shown to be the result of imposing on a multiple-output production process both externality-requiring and externality-denying characteristics. In each of these cases various consistency conditions on social preference and input-output links like citizens' sovereignty or the Pareto principle create external effects in production that interact with an externality-denying characteristic of separability to create a production process with zero marginal input productivity in certain regions of input space.

Journal Article Domestic Policies and Foreign Resource Requirements: A Reply Get access M. G. Quibria M. G. Quibria Nuffield College, Oxford, and, University of Dacca, Bangladesh Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 99, Issue 1, February 1984, Pages 207–209, https://doi.org/10.2307/1885729 Published: 01 February 1984

The appeal of using markets as a means of allocating scarce resources stems in large part from the assumption that a market will approximate the competitive ideal. When competition is not a foregone conclusion, the question naturally arises as to how a firm might manipulate the market to its own advantage. This paper analyzes the issue of market power in the context of markets for transferable property rights. First, a model is developed that explains how a single firm with market power might exercise its influence. This is followed by an examination of the model in the context of a particular policy problem--the control of particulate sulfates in the Los Angeles region

Aside from possible income effects, measures of the maximum amounts people will pay to avoid a loss and the minimum compensation necessary for them to accept it are generally assumed to be equivalent. Unexpectedly wide variations between these sums, however, have been noted in survey responses to hypothetical options. This paper reports the results of a series of experiments that confronted people with actual money payments and cash compensations. The results indicate that the compensation measure of value seems to exceed significantly the willingness to pay measure, which would appear to call into some question various rules of entitlement, damage assessments, and interpretations of indifference curves