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Strategic Choice of Channel Structure in an Oligopoly
(Department of Economics, 2011)
The traditional wisdom holds that the benefits of a decentralized channel structure arise from downstream competitive relationships. In contrast, Arya and Mittendorf (2007) showed that the value of decentralization can ...
Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach
(Department of Economics, 2010)
The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study we estimate price-to-rent ratios of residential ...
Labor-Market Returns to the GED Using Regression Discontinuity Analysis
(Department of Economics, 2010)
In this paper, we evaluate the labor-market returns to General Educational Development (GED) certification using Missouri administrative data. We develop a fuzzy regression discontinuity (FRD) method to account for the ...
Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy
(Department of Economics, 2010)
We examine how future real GDP growth relates to changes in the forecasted longterm average of discounted real oil prices and to changes in unanticipated fluctuations of real oil prices around the forecasts. Forecasts are ...
Production, Hidden Action, and the Payment System
(Department of Economics, 2010)
In this paper, we study a model economy that can account for the distribution of payments within a day. In our model, debtors choose when to arrive at the settlement location. Concomitant with choosing their arrival, debtors ...
Customization in an Endogenous-Timing Game with Vertical Differentiation
(Department of Economics, 2008)
We study customization in a duopoly game in which the firms' products have different qualities. Whether customization choices are made simultaneously or sequentially is endogenously determined. Specifically, the customization ...
Information Variability Impacts in Auctions
(Department of Economics, 2009)
A wide variety of auction models exhibit close relationships between the winner's expected profit and the expected difference between the highest and second-highest order statistics of bidders' information, and between ...
The Welfare Caseload, Economics Growth and Welfare-to-Work Policies: An Analysis of Five Urban Areas
(Department of Economics, 2000)
This paper uses quarterly data on AFDC (later TANF) recipients in five major urban areas to examine the relative importance of policy reform and economic conditions in explaining the dynamics of the welfare caseload and ...
Income and Substitution Effects of Increases in Risk when Payoffs are Linear in the Random Variable
(Department of Economics, 2000)
Payoff functions that are linear in the random variable arise in a wide variety of decision models under uncertainty. The decomposition of the effect of increased risk on decisions into income and substitution terms for ...
Competing or Collaborating Siblings? Industrial and Trade Policies in India
(Department of Economics, 2006)
This paper investigates the link between economic de-regulation-domestic as well as trade de-regulation-and firm-level productivity using two unique data sets. We use the industrial licensing regime in India (operating ...
Inequality, Nonhomothetic Preferences, And Trade: A Gravity Approach
(Department of Economics, 2006)
We construct the first direct classification of goods as luxuries or necessities that is compatible with international trade data. We then use it to test an idea that has not been tested directly in the literature: countries' ...
Incentive Schemes in Peer-to-Peer Networks
(Department of Economics, 2008)
In this paper we use mechanism design approach to find the optimal file-sharing mechanism in a peer-to-peer network. This mechanism improves upon existing incentive schemes. In particular, we show that peer-approved scheme ...
Supply Constraints and Housing Prices
(Department of Economics, 2006)
This paper analyzes the effects of land use constraints on housing prices. We provide a new framework for evaluating policy when mobility across regions is allowed but limited. A key result is that loosening regulatory ...
Testing the Bounds: Empirical Behavior of Target Zone Fundamentals
(Department of Economics, 2009)
Standard target zone exchange rate models are based on nonlinear functions of an unobserved economic fundamental, which is assumed to be bounded, similarly to the target zone exchange rates themselves. A violation of this ...
Asymmetric Information and Bank Runs
(Department of Economics, 2007)
It is known that sunspots can trigger panic-based bank runs and that the optimal banking contract can tolerate panic-based runs. The existing literature assumes that these sunspots are based on a publicly observed, extrinsic ...
Welfare to Temporary Work: Implications for Labor Market Outcomes
(Department of Economics, 2003)
We explore the effects of temporary help employment on welfare recipients' subsequent employment and welfare dynamics. We find that any employment-in temporary help services or other sectors-yields substantial benefits ...
The Effect of Monetary Policy on Economic Output
(Department of Economics, 2003)
There is substantial research effort devoted to identifying a sufficient statistic for monetary policy. The purpose of this paper is to broaden the scope of the on-going investigation along three dimensions. First, we ...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri
(Department of Economics, 2007)
State and federal reforms of the 1990s transformed the U.S. cash assistance program for single parents and their children. Despite an extensive literature examining these changes and their impacts, there have been few ...
The Role of Temporary Help Employment in Low-wage Worker Advancement
(Department of Economics, 2007)
We examine the effects of temporary help service employment on later earnings and employment for individuals participating in three federal programs providing supportive services to those facing employment difficulties. ...
Population Movements in the Presence of Agglomeration and Congestion Effects: Local Policy and the Social Optimum
(Department of Economics, 2009)
We investigate the efficiency properties of population mobility when localities compete in an environment with local amenities and local externalities. Our model is dynamic, incorporating land and labor markets in a context ...