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Full-Text Articles in Other Economics

Implicit Prices Of Soil Characteristics For Farmland In Iowa, John A. Miranowski, Brian D. Hammes Dec 1984

Implicit Prices Of Soil Characteristics For Farmland In Iowa, John A. Miranowski, Brian D. Hammes

Economics Publications

Arguments have long persisted that purchasers pay too much for poor land (i.e., less productive, more erosive) relative to the higher quality counterpart. In other words, purchasers are either irrational or poorly in- formed relative to the differences in land productivity between poor and good farmland. Similar arguments have been advanced concerning the willingness-to-pay rent on the part of tenant operators.


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

Robert L Sexton

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 ...


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

Robert L Sexton

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 ...


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 ...


Games, Goals, And Bounded Rationality, Leigh S. Tesfatsion Dec 1983

Games, Goals, And Bounded Rationality, Leigh S. Tesfatsion

Leigh Tesfatsion

A generalization of the standard n-person game is presented, with flexible information requirements suitable for players constrained by certain types of bounded rationality. Strategies (complete contingency plans) are replaced by “policies”, i.e., endmean pairs of goals and controls (partial contingency plans), which results in naturally disconnected player choice sets. Well-known existence theorems for pure strategy Nash equilibrium and bargaining solutions are generalized to policy games by modifying connectedness (convexity) requirements.