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Trade Policy, Development, and the New Political Economy
This paper considers some political economy aspects of trade policy in the less developed countries—more than 30 years on. A more literary title might be “Ideas, Ideology, and Interests.” Writing in the 1950’s Meier and Baldwin [1957], as still…
Trade and the Revelation of Information through Prices and Direct Disclosure
This paper analyzes the volume of trade in a multiperiod noisy rational expectations model. When traders receive private signals at the first trading date and are allowed a second round of trade, two types of equilibria exist. In the first,…
Understanding the Japanese as Customers, Competitors, and Collaborators
Abstract not available.
Wage Effects of Externalized Work: The Case of Temporary and Part-time Employees
Although there has been substantial growth in the proportion of temporary and part-time workers, there has been little research on the consequences of the form of labor contracting. Using the May 1985 version of the Current Population Survey to…
What Makes Markets Efficient? Some Answers from the Laboratory
This study uses laboratory markets to determine how different types of information or different market structures influence a markets informational efficiency. Unlike secondary data studies of market efficiency, in a laboratory the efficiency of…
When a Coincidence Is Suspicious: The Role of Mental Simulation
Five studies examined D. Kahneman and A. Tversky’s (see record 1986-21899-001) hypothesis that events become more “normal” and generate weaker reactions the more strongly they evoke…
When the Going Gets Tough: The Effects of Resource Scarcity on Group Conflict and Cooperation
Abstract not available.
Work Group Demography, Social Integration, and Turnover
Explored the relationships among group demography, social integration of the group, and individual turnover in 79 field representatives from 20 work groups made up of employees of a convenience-store chain. Data were collected in 1979 and at…
An Extension of the Black-Sholes Model of Security Valuation
A Comparison of the Skewness of Stock Return Distributions at Earnings and Non-Earnings Announcement Dates
This paper presents evidence that stock return prediction errors are less positively skewed in the time period surrounding accounting earnings report announcements than in a subsequent non-announcement period. Assuming that information available…
A Conjunctive-Compensatory Approach to the Self-Explication of Multi-attributed Preferences
Consumer choice among multiattributed products is modeled as a two-stage process in which a conjunctive stage (that eliminates products with one or more “totally unacceptable” attribute levels) is followed by a compensatory stage (that…
Notes on the Theory of Choice
In this book, Professor Kreps presents a first course on the basic models of choice theory that underlie much of economic theory. This course, taught for several years at the Graduate School of Business, Stanford University, gives the student an…
A Direct Aggregation Approach to Inferring Microparameters of the Koyck Advertising-Sales Relationship from Macro Data
The authors examine the advertising-sales relationship in the framework of the Koyck model. They note that if only macro (e.g., annual) data are available, it is necessary to approximate micro (e.g., monthly) data in order to minimize the ‘…
Externally Espoused Values and the Legitimation of Financial Performance
Organizations devote significant resources to the process of external legitimation of their activities. This paper focuses on a particular aspect of this process, espoused values. We begin by drawing on the organizational culture literature to…
Comment: On The Negative Binomial Distribution
Adjustable Rate Mortgages: Prepayment Behavior
Adjustable Rate Mortgages: Valuation
A simulation method is employed to value Adjustable Rate Mortgages, (ARMS). It is used to price two typical instruments: an ARM linked to a Treasury interest rate and an ARM linked to a “Cost of Funds” Index. Contractual provisions such as…
An Economic Approach to Influence Activities in Organizations
An Extension of the Modigliani-Miller Theorem to Stochastic Economies with Incomplete Markets and Fully Interdependent Securities
The Modigliani-Miller theorem is shown to hold in a general model of a multiperiod, stochastic economy with incomplete markets and perfect foresight. In the model, firms are allowed to trade all available securities; thus, share prices and…
Are the Latent Variables in Time-Varying Expected Returns Compensation for Consumption Risk?
Multibeta asset pricing models are examined in a framework which exploits time-varying, conditional expected returns to estimate conditional betas. Examples include multiple-consumption-beta models and models where common stock “size portfolios”…