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SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
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Theoretical Issues Concerning the History of International Trade and Economic Development
Abstract not available.
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 the Going Gets Tough: The Effects of Resource Scarcity on Group Conflict and Cooperation
Abstract not available.
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…
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”…
Arrow and General Equilibrium Theory
This is a review of the Collected Papers of Kenneth J. Arrow, Volume 2: General Equilibrium. The review focuses on Arrow’s contribution in three areas: the existence of equilibrium, the relationship between equilibria and Pareto optimality, and…
Bargaining Costs, Influence Costs and the Organization of Economic Activity
Abstract not available.
Business, Strategy, Market Structure, and Risk Return Relationships: A Casual Interpretation
The present paper analyzes four questions both theoretically and empirically: 1) how are risk and return outcomes at the business-unit level related to each other?; 2) how does market share influence risk-return outcomes?; 3) to what extent is…
Changes in Expected Security Returns, Risk, and the Level of Interest Rates
Regressions of security returns on treasury bill rates implicitly indicate the behavior of conditional covariances with benchmark pricing variables. The information in one-month rates is sufficient to detect variation in the covariances for…
Computationally Feasible Bounds For Partially Observed Markov Decision Processes
A partially observed Markov decision process (POMDP) is a sequential decision problem where information concerning parameters of interest is incomplete, and possible actions include sampling, surveying, or otherwise collecting additional…
A Consumer Choice Health Plan For the 1990s: Cost and Budget Estimates and Supporting Detail
Abstract not available.
Coordination and the Potential for Self-Sacrifice
An extension of games is proposed, where players are given the option of incurring costs. This extension allows players to signal their intended strategy in the original game. We apply the logic of forwards and backwards induction, without…
Delegation as Commitment: The Case of Income Tax Audits
We study the value of delegating authority over income tax audit policy, arising from incompleteness of contracts. Suppose a utilitarian government’s ability to commit is limited to aggregate dimensions of its audit policy, as publicly verifiable…
Direct Financing, Intermediation and Credit Rationing
The coexistence of direct financing and intermediation is shown in a model with asymmetrically informed borrowers and lenders. Using a game theoretic approach we first prove the existence of optimal contracts between (a) firms and intermediaries…
Further Distribution Results for Correlation Coefficients and F Tests in Normal Samples
Fisher’s finite sample distribution results for squared multiple correlation coefficients and F tests are extended to situations in which the observations are drawn from independent, but not necessarily identical, normal samples. This…