Working Papers

In this paper, we develop a conceptual framework to explore why particular technologies become elaborated and extended, while others are forsaken. The core of the framework is the role-based conception of the technological niche, which is…

This essay presents a sequential choice theory perspective on legislative organization as an alternative to social choice-based theories. Because of the sequential process of proposal-making and voting, sequential choice theory yields equilibrium…

This paper provides perspectives on research on regulation, identifies an agenda of research topics, and discusses approaches to some of those topics. The focus is on a set of presently-identified issues on which social science research may be…

Tax systems around the world are designed to raise revenues in an equitable and efficient manner. While equity and efficiency are defined differently in various tax jurisdictions, most tax systems seek to implement a system of progressive tax…

The gains from exchange hypothesis of legislative organization predicts that legislative authority is allocated in accord with legislator’s extremity or intensity of preferences. By adopting such patterns of authority, it is claimed legislators…

There has been much conceptual discussion of the interfaces between manufacturing and marketing (Hausman and Montgomery, 1985) and manufacturing strategy and tactics (Hayes and Wheelwright, 1984); however there has been a dearth of empirical…

The paper presents a model which attempts to explain the underlying causes of the prolonged cycles observed in real estate markets. In addition, the paper characterizes the features which make some property types more prone to such boom and bust…

This paper investigates the statistical properties of high frequency nominal exchange rates and forward premiums in the context of a dynamic two-country general equilibrium model. Primary focus is on the persistence, variability, leptokurtosis…

A limitation of the collective choice approach to the study of resource allocation through political institutions is the absence of a method capable of providing predictions of behavior and outcomes over a range of choice problems. The prevailing…

A spatial theory of unified and divided government yields comparative statements about gridlock—the tendency of policies to remain unchanged in specified governmental and partisan regimes. An application of the theory to recent political history…

This paper examines U.S. equity flows to emerging stock markets in the 1978.1-1991.3 period. We draw four main conclusions from this analysis. First, despite the recent increase in U.S. equity investment in emerging stock markets, the U.S.…

A qualitative inductive field study of a market-driven development effort is used to generate a model of political influence in new product development. The data indicate susceptible to political activity. These contexts are shaped by the joint…

This chapter integrates research in several academic disciplines on the lay theories that people rely on when making sense of their social environments. First, drawing on philosophy of science, we establish several criteria for a theory and…

We analyze single parameter process design problems that typically entail minimizing the sum of convex and concave functions. We transform such problems into a tractable form, and obtain sharp characterizations of the original problem. Solution…

In this paper we examine the determinants of a firm’s level of voluntary disclosure. As a comprehensive measure of a firm’s disclosure level, we use analysts’ evaluations of firms’ disclosures as reported in the Financial Analysts Federation…

This paper explains a puzzle created by the S&P 500 cash and futures prices during the crash of October 1987. The cash index appears to be a moving average of the futures, but nontrading in constituent stocks explains only the initial period…

Firms often concentrate on a narrow range of activities and claim to forego other, apparently profitable, opportunities. This pursuit of narrow strategies is applauded by some academics who study strategic management. We present two related…

In this paper we prove that any strategy in any evolutionary game may result in four different types of evolutionary stability. We formulate and prove necessary and sufficient conditions for all four types of stability. We argue that only two of…

We develop an ordinal approach to comparing the equilibria of economic models. The main advantages of this approach, compared to the traditional approach based on signing derivatives, are that (1) it utilizes only a subset of the assumptions…

This paper develops a signaling theory of competitive political action. Despite the free rider problem associated with mass political participation, rational and self-interested individuals may take costly political action to inform or manipulate…