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PHILIP E GRAVES

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Institution
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Articles 1 - 13 of 13

Full-Text Articles in Other Economics

Productive Complements: Too Often Neglected In The Principles Course?, Gary Galles, Philip E. Graves, Robert L. Sexton Jan 2014

Productive Complements: Too Often Neglected In The Principles Course?, Gary Galles, Philip E. Graves, Robert L. Sexton

PHILIP E GRAVES

Many great economic thinkers, including Alfred Marshall and William Stanley Jevons discussed the importance of joint production, or productive complements, and there are important applications. Yet many students today could complete an economics major and never be introduced to this important concept.


Benefit-Cost Analysis Of Enviromental Projects: A Plethora Of Biases Understating Net Benefits, Philip E. Graves Jan 2012

Benefit-Cost Analysis Of Enviromental Projects: A Plethora Of Biases Understating Net Benefits, Philip E. Graves

PHILIP E GRAVES

There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores sources of bias in the methods used to evaluate environmental policy in the United States, although most of the arguments translate immediately to decision-making in other countries. There are some “big picture” considerations that have gone unrecognized, and there are numerous more minor, yet cumulatively important, technical details that point to potentially large biases against acceptance on benefit-cost ...


Environmental Valuation: The Sum Of Specific Damages Approach, Philip E. Graves Jan 2010

Environmental Valuation: The Sum Of Specific Damages Approach, Philip E. Graves

PHILIP E GRAVES

There is no abstract for this book chapter.


The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves Jan 2010

The Hedonic Method: Value Of Statistical Life, Wage Compensation Property Value Compensation, Philip E. Graves

PHILIP E GRAVES

There is no abstract for this book chapter.


Cross-Price Elasticity And Income Elasticity Of Demand: Are Your Students Confused?, Philip E. Graves, Robert L. Sexton Jan 2009

Cross-Price Elasticity And Income Elasticity Of Demand: Are Your Students Confused?, Philip E. Graves, Robert L. Sexton

PHILIP E GRAVES

The authors demonstrate that most textbooks are ambiguous at best in their treatment of cross-price elasticity and income elasticity of demand. There is also no discussion of what initiates a price increase in discussions of substitutes and complements in the textbooks examined. The authors offer a remedy for these deficiencies.


Demand And Supply Curves: Rotations Versus Shifts, Philip E. Graves, Robert L. Sexton Aug 2006

Demand And Supply Curves: Rotations Versus Shifts, Philip E. Graves, Robert L. Sexton

PHILIP E GRAVES

There is no abstract for this brief contribution.


Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton Oct 2002

Hedonic Wage Equations For Higher Education Faculty, Philip E. Graves, James R. Marchand, Robert L. Sexton

PHILIP E GRAVES

This paper discusses the use of hedonic techniques to theoretically and empirically understand the wages of higher education faculty. The paper first presents theoretical models of department and faculty choice. These models represent a synthesis of prior work in the hedonic area. The models imply a hedonic wage equation for faculty with wages dependent on productivity, departmental amenities and locational amenities. The theoretical discussion is followed by exploratory and illustrative empirical work. In summary, the reported regressions show that increased teaching loads and secretaries per faculty member tend to decrease salaries while increasing referred journal articles, hotter than average summers ...


Slope Versus Elasticity And The Burden Of Taxation, Philip E. Graves, Robert L. Sexton, Dwight R. Lee Jan 1996

Slope Versus Elasticity And The Burden Of Taxation, Philip E. Graves, Robert L. Sexton, Dwight R. Lee

PHILIP E GRAVES

There is no abstract for this brief paper.


The Short-And Long-Run Marginal Cost Curve: A Pedagogical Note, Robert L. Sexton, Philip E. Graves, Dwight R. Lee Jan 1993

The Short-And Long-Run Marginal Cost Curve: A Pedagogical Note, Robert L. Sexton, Philip E. Graves, Dwight R. Lee

PHILIP E GRAVES

There is no abstract for this brief contribution.


Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee Dec 1992

Incorporating Inventories Into Supply And Demand Analysis, Robert L. Sexton, Robert W. Clower, Philip E. Graves, Dwight R. Lee

PHILIP E GRAVES

There is no abstract for this brief contribution.


Monopoly Supply, G. K. Kripalani, G. S. Tolley, Philip E. Graves, Robert L. Sexton Nov 1990

Monopoly Supply, G. K. Kripalani, G. S. Tolley, Philip E. Graves, Robert L. Sexton

PHILIP E GRAVES

There is no abstract for this brief contribution.


A Multi-Disciplinary Interpretation Of Migration: Amenity Capitalization In Both Labor And Land Markets, Philip E. Graves, Robert L. Sexton, Thomas A. Knapp Jun 1984

A Multi-Disciplinary Interpretation Of Migration: Amenity Capitalization In Both Labor And Land Markets, Philip E. Graves, Robert L. Sexton, Thomas A. Knapp

PHILIP E GRAVES

Various disciplines have produced models to explain and predict migration. A model is presented providing a taxonomy through which interdisciplinary insights can be synthesized. The imperfect information view emphasizes the role of wage differentials as representing arbitragible real utility differences. The perfect information approach holds that wage and rent differentials are compensating differentials, eliminating real utility variation over space. Moreover, markets compress diverse aspects of spatial variation in welfare, otherwise difficult to quantify, into compensating wage and rent differentials. Rents tend to capitalize the variation in a host of amenities, thereby substantially reducing the need for a potential migrant to ...


Relative Risk Aversion: Increasing Or Decreasing, Philip E. Graves Jan 1979

Relative Risk Aversion: Increasing Or Decreasing, Philip E. Graves

PHILIP E GRAVES

No abstract exists for this work.