This paper proposes a positive theory of tariff formation, based on the idea that the optimal trade policy may be time inconsistent. A benevolent government with redistributive goals may have an incentive to provide protection, since the redistributive effects of trade policy are larger if the policy is unanticipated. The suboptimal but time-consistent policy involves an excessive amount of protection. Furthermore, in a time- consistent equilibrium tariffs may dominate production subsidies. Thus, the requirement of time consistency can lead to a reversal of traditional normative ordering of tariffs and subsidies as instruments of trade policy.

Bidding theory predicts low er selling winning bids (higher buying winning bids) as numbers of bidders incre ase. Alternative versions predict that winning bids fall (rise) with the second order statistic, the maximum order statistic, or 1/N. The authors test these pre dictions using data on underwriters' spreads on tax exempt bonds, offshore oil t racts, and National Forest timber. They estimate winning bids using general vari ables for the product and dummies for 1, 2, . . .11 bidders. In all cases mor e bidders meansignificantly lower (selling) winning bids. The expected maximum order statistic fits better than either the second order statistic or1/N, in te n out of twelve cases. Copyright 1987 by MIT Press.

ABSTRACT: This study investigates the impact of student internships on subsequent academic performance. The post-internship course performance of students with internship experience was compared to that of a group of noninterns (matched on grade-point average and hours of coursework completed prior to the internship). Average performance across all courses did not differ significantly between the two groups. Analysis of performance in particular subject areas and courses suggests a tendency for interns to focus their efforts on courses most closely related to their chosen career. However, only in auditing coursework (where substantive knowledge gained from their internship experience should be most applicable) was the performance of interns significantly better than that of the noninterns.

[This study investigates the impact of student internships on subsequent academic performance. The post-internship course performance of students with internship experience was compared to that of a group of noninterns (matched on grade-point average and hours of coursework completed prior to the internship). Average performance across all courses did not differ significantly between the two groups. Analysis of performance in particular subject areas and courses suggests a tendency for interns to focus their efforts on courses most closely related to their chosen career. However, only in auditing coursework (where substantive knowledge gained from their internship experience should be most applicable) was the performance of interns significantly better than that of the noninterns.]

On introduit et on etudie une condition comportementale significative sur les fonctions d'utilite pour les richesses qui signifie qu'une loterie indesirable ne peut jamais etre rendue desirable par la presence d'une loterie indesirable independante