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 419 resources
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We study dynamic monopoly pricing of storable goods in an environment wheredemand changes over time. The literature on durables has focused on incentives todelay purchases. Our analysis focuses on a different intertemporal demand incentive.The key force on the consumer side is advance purchases or stockpiling. In thecase of storable goods, the stockpiling motive has recently been documentedempirically. We show that, in this environment, if the monopolist cannot commit,then prices are higher in all periods, and social welfare is lower, than in the casein which the monopolist can commit. This is in contrast with the analysis in theliterature on the Coase conjecture. (JEL D21, D42, L12)
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We analyze the consequences of control on motivation in an experimental principalagentgame, where the principal can control the agent by implementing a minimumperformance requirement before the agent chooses a productive activity. Ourresults show that control entails hidden costs since most agents reduce theirperformance as a response to the principal?s controlling decision. Overall, the effectof control on the principal?s payoff is nonmonotonic. When asked for their emotionalperception of control, most agents who react negatively say that they perceivethe controlling decision as a signal of distrust and a limitation of their choiceautonomy. (JEL D82, Z13)
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In recent decades, U.S. foreign trade grew much faster than GDP, but there is noconsensus why. Notably lacking is an understanding of the role of multinationalcorporations (MNCs), which mediate over half of world trade. We use Bureau ofEconomic Analysis data on U.S. MNCs to study the rapid growth of MNC-basedtrade from 1983 to 1996. Using a model of U.S. MNCs and Canadian affiliates, wedecompose this growth by source. Tariff reductions can largely explain increases inarms-length MNC-based trade. But intra-firm trade growth is attributed mostly to?technical change.? We present additional evidence suggesting just-in-time productionfacilitated intra-firm trade. (JEL F13, F14, F23)
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We propose that a simple ?dual-self? model gives a unified explanation for severalempirical regularities, including the apparent time inconsistency that has motivatedmodels of quasi-hyperbolic discounting and Rabin?s paradox of risk aversion in thelarge and small. The model also implies that self-control costs imply excess delay,as in the O?Donoghue and Rabin models of quasi-hyperbolic utility, and it explainsexperimental evidence that increased cognitive load makes temptations harder toresist. The base version of our model is consistent with the Gul-Pesendorfer axioms,but we argue that these axioms must be relaxed to account for the effect of cognitiveload. (JEL D11, D81)
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We examine the "technology sourcing" hypothesis that foreign research labs located in the U.S. tap into U.S. R&D spillovers and improve home country productivity. We show that U.K. firms that established a high proportion of inventors based in the U.S. by 1990 benefited disproportionately from the growth of U.S. R&D stock over the next ten years. We estimate that U.S. R&D during the 1990s was associated with 5 percent higher Total Factor Productivity for U.K. manufacturing firms in 2000 (about $13 billion), with the majority of benefits accruing to firms with an innovative presence in the U.S. (JEL F23, O32, O33)
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We develop a model of currency crises, in which traders are heterogeneouslyinformed, and interest rates are endogenously determined in a noisy rationalexpectations equilibrium. In our model, multiple equilibria result from distinct rolesan interest rate plays in determining domestic asset market allocations and thedevaluation outcome. Except for special cases, this finding is not affected by theintroduction of noisy private signals. We conclude that the global games results onequilibrium uniqueness do not apply to market-based models of currency crises.(JEL D84, E43, F32)
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This paper uses a dynamic general equilibrium model to analyze and quantify the aggregate effects of the timing of tax rate changes enacted in 2001 (which called for successive rate reductions through 2006) and 2003 (which made immediate tax rate cuts scheduled for 2004 and 2006). The phased-in nature contributed to the slow recovery from the 2001 recession, while the elimination of the phase-in helped explain the increase in economic activity in 2003. The simulations suggest while the tax policy was a drag on theeconomy in 2001 and 2002, it increased economic growth in 2003, once phase-ins were eliminated. (JEL D58, E32, E62, H24, H25, O41)
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Using questions expressly added to the Consumer Expenditure Survey, we estimatethe change in consumption expenditures caused by the 2001 federal income taxrebates and test the permanent income hypothesis. We exploit the unique, randomizedtiming of rebate receipt across households. Households spent 20 to 40 percentof their rebates on nondurable goods during the three-month period in which theirrebates arrived, and roughly two-thirds of their rebates cumulatively during thisperiod and the subsequent three-month period. The implied effects on aggregateconsumption demand are substantial. Consistent with liquidity constraints, responsesare larger for households with low liquid wealth or low income. (JEL D12,D91, E21, E62, H24, H31)
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