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2002

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Full-Text Articles in Other Economics

Winning Isn’T Everything: Corruption In Sumo Wrestling, Mark Duggan, Steven D. Levitt Dec 2002

Winning Isn’T Everything: Corruption In Sumo Wrestling, Mark Duggan, Steven D. Levitt

Health Care Management Papers

Although theory on corruption is well developed, it has proven difficult to isolate corrupt behavior empirically. In this paper, we provide overwhelming statistical evidence documenting match rigging in Japanese sumo wrestling. A non-linearity in the incentive structure of promotion leads to gains from trade between wrestlers on the margin for achieving a winning record and their opponents. We show that wrestlers win a disproportionate share of the matches when they are on the margin. Collusion, rather than increased effort, appears to explain the results. Wrestlers who are victorious when needing a victory lose more often than would be expected the ...


The Recovery Of The Aviation Industry: The Aviation Security Challenge, Editor Nov 2002

The Recovery Of The Aviation Industry: The Aviation Security Challenge, Editor

International Bulletin of Political Psychology

This article is based on a presentation made to the SAE 2002 World Aviation Congress on November 6, 2002 by the IBPP Editor. The article’s focus is on how representatives of the aviation industry need to think about aviation security to facilitate the industry’s economic recovery.


Review Of The New Americans: How The Melting Pot Can Work Again, By Michael Barone, Fred Foldvary Nov 2002

Review Of The New Americans: How The Melting Pot Can Work Again, By Michael Barone, Fred Foldvary

Faculty Publications

A review of The New Americans: How the Melting Pot Can Work Again, by Michael Barone. Regnery Publishing • 2001 • 338 pages • $27.95


University-Industry Relationships: Framing The Issues For Academic Research In Agricultural Biotechnology, David E. Ervin, Terri Lomax, Steven T. Buccola, Kristen Kim, Elizabeth Minor, Hui Yang, Leland L. Glenna, Elizabeth Jaeger, Dina Biscotti, Walter J. Armbruster, Kate Clancy, William B. Lacy, Rick Welsh, Yin Xia Nov 2002

University-Industry Relationships: Framing The Issues For Academic Research In Agricultural Biotechnology, David E. Ervin, Terri Lomax, Steven T. Buccola, Kristen Kim, Elizabeth Minor, Hui Yang, Leland L. Glenna, Elizabeth Jaeger, Dina Biscotti, Walter J. Armbruster, Kate Clancy, William B. Lacy, Rick Welsh, Yin Xia

Economics Faculty Publications and Presentations

More must be done to understand how academic researchers involved in agricultural biotechnology are impacted by a growing number of relationships with industry partners, concluded a new report released today by the Pew Initiative on Food and Biotechnology (the Pew Initiative) and Portland State University. The report, University-Industry Relationships: Framing the Issues for Academic Research in Agricultural Biotechnology looks at the advantages and disadvantages to universities and academic scientists who engage in relationships with industry. It specifically outlines the need for information regarding influences on academic scientists' research agendas, the intellectual property rights and technology innovations involved in the relationships ...


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 ...


Competition And Outsourcing With Scale Economies, Gerard. P. Cachon, Patrick T. Harker Oct 2002

Competition And Outsourcing With Scale Economies, Gerard. P. Cachon, Patrick T. Harker

Operations, Information and Decisions Papers

Scale economies are commonplace in operations, yet because of analytical challenges, relatively little is known about how firms should compete in their presence. This paper presents a model of competition between two firms that face scale economies; (i.e., each firm's cost per unit of demand is decreasing in demand). A general framework is used, which incorporates competition between two service providers with price- and time-sensitive demand (a queuing game), and competition between two retailers with fixed-ordering costs and pricesensitive consumers (an Economic Order Quantity game). Reasonably general conditions are provided under which there exists at most one equilibrium ...


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

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

Robert L Sexton

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 ...


Trends. Zero-Sum Games And Terrorism: Israeli And Palestinian Contestants, Editor Apr 2002

Trends. Zero-Sum Games And Terrorism: Israeli And Palestinian Contestants, Editor

International Bulletin of Political Psychology

The construct of the zero-sum game has several denotations in the political psychological literature on conflict.


Price Dispersion And Differentiation In Online Travel: An Empirical Investigation, Eric. K. Clemons, Ll-Horn Hann, Lorin. M. Hitt Apr 2002

Price Dispersion And Differentiation In Online Travel: An Empirical Investigation, Eric. K. Clemons, Ll-Horn Hann, Lorin. M. Hitt

Operations, Information and Decisions Papers

Previous research has examined whether price dispersion exists in theoretically highly efficient Internet markets. However, much of the previous work has been focused on industries with low cost and undifferentiated products. In this paper, we examine the presence of price dispersion and product differentiation using data on the airline ticket offerings of online travel agents (OTAs). We find that different OTAs offer tickets with substantially different prices and characteristics when given the same customer request. Some of this variation appears to be due to product differentiation—different OTAs specialize by systematically offering different trade-offs between ticket price and ticket quality ...


Research Joint Ventures, Product Differentiation, And Price Collusion, Luca Lambertini, Sougata Poddar, Dan Sasaki Mar 2002

Research Joint Ventures, Product Differentiation, And Price Collusion, Luca Lambertini, Sougata Poddar, Dan Sasaki

Economics Faculty Articles and Research

We investigate the interplay between firms’ decisions in product development, either joint or independent, and their ensuing repeated pricing, either collusive or Bertrand–Nash. A joint venture develops a single product, whereas independent ventures develop their respective products which can be differentiated. We prove that joint product development and the resulting lack of horizontal product differentiation may destabilise collusion, whilst firms’ R&D decisions have no bearings on collusive sustainability if differentiation is vertical. We also discover the non-monotone dependence of firms’ venture decisions at the development stage upon their time preferences, as well as upon consumers’ willingness to pay.


Five-Hundred Life-Saving Interventions And Their Misuse In The Debate Over Regulatory Reform, Lisa Heinzerling Mar 2002

Five-Hundred Life-Saving Interventions And Their Misuse In The Debate Over Regulatory Reform, Lisa Heinzerling

RISK: Health, Safety & Environment (1990-2002)

The author argues that John D. Graham, administrator of the Office of Information and Regulatory Affairs, holds strong anti-environmental biases and has perpetuated and encouraged a misrepresentation of his own research, which has largely influenced health, safety, and environmental regulation.


Flexible Service Capacity: Optimal Investment And The Impact Of Demand Correlation, Serguei Netessine, Gregory Dobson, Robert A. Shumsky Mar 2002

Flexible Service Capacity: Optimal Investment And The Impact Of Demand Correlation, Serguei Netessine, Gregory Dobson, Robert A. Shumsky

Operations, Information and Decisions Papers

We consider a firm that provides multiple services using both specialized and flexible capacity. The problem is formulated as a two-stage, single-period stochastic program. The firm invests in capacity before the actual demand is known and optimally assigns capacity to customers when demand is realized. Sample applications include a car rental company's use of mid-sized cars to satisfy unexpectedly high demand for compact cars and an airline's use of business-class seats to satisfy economy-class demand. We obtain an analytical solution for a particular case, when services may be upgraded by one class. The simple form of the solution ...


Self Reliant Agriculture For Arid Lands, David A. Bainbridge Jan 2002

Self Reliant Agriculture For Arid Lands, David A. Bainbridge

David A Bainbridge

More than a billion people face the challenge of supporting themselves in the world's arid lands. Much can be improved by refining and adopting the best traditional practices and crops from around the world. The lessons learned can also help develop new and improved agronomic practices and crops.


Agent-Based Computational Economics: Growing Economies From The Bottom Up, Leigh Tesfatsion Jan 2002

Agent-Based Computational Economics: Growing Economies From The Bottom Up, Leigh Tesfatsion

Economics Working Papers (2002–2016)

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization of economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling ...


The New Basel Capital Accord: Making It Effective With Stronger Market Discipline, Harald Benink, Clas Wihlborg Jan 2002

The New Basel Capital Accord: Making It Effective With Stronger Market Discipline, Harald Benink, Clas Wihlborg

Business Faculty Articles and Research

In January 2001 the Basel Committee on Banking Supervision proposed a new capital adequacy framework to respond to deficiencies in the 1988 Capital Accord on credit risk. The main elements or ‘pillars’ of the proposal are capital requirements based on the internal risk-ratings of individual banks, expanded and active supervision, and information disclosure requirements to enhance market discipline. We discuss the incentive effects of the proposed regulation. In particular, we argue that it provides incentives for banks to develop new ways to evade the intended consequences of the proposed regulation. Supervision alone cannot prevent banks from ‘gaming and manipulation’ of ...


Investing In The Arts: Financial And Aesthetic Returns To Prints, Adam Finkelstein Jan 2002

Investing In The Arts: Financial And Aesthetic Returns To Prints, Adam Finkelstein

University Avenue Undergraduate Journal of Economics

This paper will revisit the economic question “is buying art profitable?” facing any potential investor by focusing specifically on the market for prints. The answer will account for both pecuniary and aesthetic benefits. Previous inquiry into the returns of investments in art and their methodologies is first reviewed. Then a framework for measuring utility from prints from market-observed leasing prices is described. Various price indexes for returns to Picasso and Chagall prints are compiled for the years 1977 to 1997 using a market basket technique. The indexes are then combined with the utility framework. Real and nominal returns to prints ...


Meeting By Signals, Playing By Norms: Complementary Accounts Of Non-Legal Cooperation In Institutions, Edward B. Rock, Michael L. Wachter Jan 2002

Meeting By Signals, Playing By Norms: Complementary Accounts Of Non-Legal Cooperation In Institutions, Edward B. Rock, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


Reconsidering Estoppel: Patent Administration And The Failure Of Festo, R. Polk Wagner Jan 2002

Reconsidering Estoppel: Patent Administration And The Failure Of Festo, R. Polk Wagner

Faculty Scholarship at Penn Law

No abstract provided.


Variation In Organic Standards Prior To The National Organic Program, Julie Caswell Dec 2001

Variation In Organic Standards Prior To The National Organic Program, Julie Caswell

Julie Caswell

Interest in establishing nationally uniform certification, labeling, and management standards for organic products grew out of concern that the existence of multiple standards led to consumer and supply chain confusion about, and lack of confidence in, these products. The National Organic Program Final Rule, issued in December 2000, is the result of this interest. We analyze the certification system that was in place prior to the new national rule to evaluate the extent of differences between certification standards and how the national rule is likely to impact the market for organic products. Our analysis suggests that most differences among US ...


A Principal-Agent Analysis Of Fisheries, Frank Jensen, Niels Vestergaard Dec 2001

A Principal-Agent Analysis Of Fisheries, Frank Jensen, Niels Vestergaard

Niels Vestergaard

Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the low-cost agent must be allowed a larger effort than under complete information.