A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 3,182 resources
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This study examines the costs firms face in adjusting labor demand to exogenous shocks. Evidence on monthly plant-level data shows that adjustment proceeds in jumps: employment is unchanged in response to small shocks, but moves instantaneously to a new equilibrium if the shocks are large. Results in the large literature that assumes smooth adjustment are due to aggregation of this nonlinear relation. The finding has implications for cyclical changes in productivity; for severance pay, layoff, and plant-closing restrictions; and for all other policies that affect the cost of adjusting employment. Copyright 1989 by American Economic Association.
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Recent experimental evidence appears to reject simple Nash equilibrium models of bidding behavior in first-price auctions. The author presents a methodological critique of this evidence. Existing tests have concentrated on deviations of subjects from predictions in the message space of the action: bid deviations. The author suggests that it is more natural to evaluate subject behavior in expected payoff space. He concludes that the evidence against the simple models is not significant enough to warrant their rejection. Copyright 1989 by American Economic Association.
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Early entry has the advantage of higher revenues per unit of output early on. Late entry has the benefit of learning from the experience of earlier entrants, and hence lower production costs. The advantages are balanced off in a continuous-time, perfect-foresight equilibrium. Competition generates S-shaped diffusion, and staggered entry and exit. A monopolist will innovate less than a competitive industry, but the innovation that he does do, he will do sooner. Copyright 1989 by American Economic Association.
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This paper addresses a new interpretation to the appearance, in the early 1980s, of systematic errors in forecasting the dollar exchange rate. Following a change in the process of a fundamental variable, market participants revise their beliefs about the process using Bayes' Rule. Since the market does not immediately recognize the change, forecast errors are, on average, wrong during a period when the market is rationally learning. For conservative parameter values, the learning behavior of the dollar exchange rate in the early 1980s appears consistent with about half of the dollar's underprediction implied by the forward market. Copyright 1989 by American Economic Association.
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Private information models of strikes suggest that the strike is used as an information revealing device by the union in the presence of asymmetrical information. A testable prediction of these models is that there is a negative relationship between strikes and the unpredicted component of the wage. This paper finds evidence of such a relationship in a large sample of U.S. labor contracts. The real wage falls by about 3 percent after a strike lasting one hundred days. Copyright 1989 by American Economic Association.
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- American Economic Review (1,918)
- Journal of Finance (915)
- Journal of Financial Economics (315)
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- Bond (63)
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- Journal Article (3,182)