Journal Article Comparative Advantage and the Theory of Tariffs: A Multi-Country, Multi-Commodity Model Get access Ronald W. Jones Ronald W. Jones Rochester, N.Y. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 3, June 1961, Pages 161–175, https://doi.org/10.2307/2295945 Published: 01 June 1961

Multi-store firms are common in the retailing industry. Theory suggests thatc ross-elasticities between stores of the same firm enhance market power. To evaluate the importance of this effect in the U.K. supermarket industry, we estimate a model of consumer choice and expenditure using three data sources:profit margins for each chain, a survey of consumer choices and a data-set of store characteristics. To permit plausible substitution patterns, the utility model interacts consumer and store characteristics. We measure market powerby calculating the effect of merger and demerger on Nash equilibriumprices. Demerger reduces the prices of the largest firms by between 2 and 3.8% depending on local concentration; mergers between the largest firms lead to price increases up to 7.4%. Copyright The Review of Economic Studies Limited, 2004.

Journal Article Advertising Costs and Equilibrium: A Reply Get access Henry Smith Henry Smith Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 15, Issue 1, 1947, Pages 40–41, https://doi.org/10.2307/2295927 Published: 01 April 1947

Journal Article Marx and the Trade Cycle: A Reply Get access Henry Smith Henry Smith Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 6, Issue 1, October 1938, Pages 76–77, https://doi.org/10.2307/2967542 Published: 01 October 1938

Marx and the Trade Cycle Henry Smith Henry Smith Liverpool Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 4, Issue 3, June 1937, Pages 192–204, https://doi.org/10.2307/2967454 Published: 01 June 1937

Journal Article Planning and Plotting: A Note on Terminology Get access Henry Smith Henry Smith Liverpool Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 3, Issue 3, June 1936, Pages 193–200, https://doi.org/10.2307/2967627 Published: 01 June 1936

Journal Article Advertising Costs and Equilibrium Get access H. Smith H. Smith Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 2, Issue 1, October 1934, Pages 62–65, https://doi.org/10.2307/2967551 Published: 01 October 1934

The preserving of flexibility when faced with uncertainty is a neglected aspect of behaviour under risk. Yet it is an important factor in decisions to hold liquid assets or delay irreversible investment. This paper formalizes the notion of flexibility in a sequential decision context, and relates its value to the amount of information an agent expects to receive. A rudimentary money demand model is developed embodying these ideas, and the history of flexibility as an economic concept is traced.

The dependence of national output variances on the structural and stochastic features of world markets and on the global exchange arrangement is depicted in a multi-country model of income and exchange rate determination. The set of Pareto optimal exchange arrangements is displayed. Examples are presented to illustrate the empirical determinants of an optimal arrangement, the situations under which currency blocs are Pareto optimal, and the distributional conflicts which often arise in an asymmetric world.

This article presents evidence that loss aversion affects taxpayers as they file their annual tax returns, and presents a framework for estimating the policy impact of this psychological phenomenon. In my theoretical framework, taxpayers manipulate the money paid to the tax authority through avoidance and evasion activities. When taxpayers face the prospect of owing the tax authority money on tax day, loss aversion generates the perception of a greater marginal utility of tax reduction and therefore motivates greater pursuit of tax reduction activities. Applying a bunching-based identification strategy to U.S. tax return data, I estimate that taxpayers facing a payment on tax day reduce their tax liability by $34 more than taxpayers owed a refund.