manipulations by coalitions under asymmetric information the case of groves mechanisms abstract we study the formation in coalitions in vickrey clarke groves mechanisms in a model where we assume that asymmetry of information exists within coalitions the coalitions must therefore use an internal mechanism to give incentives to their members to reveal their information to each other we show that there exists no mechanism robust to all coalitions on the other hand there exist mechanisms robust to coalitions of two agents and any larger coalition that would form in these mechanisms would be subject to manipulation by subcoalitions we characterize these mechanisms and show in particular that they are never anonymous journal of economic literature classification numbers c71 d82

testing for behavioral objective and aggregation opportunities in u s agricultural data to guide formulation of an aggregate model of u s agricultural production this paper reports nonparametric test results for both behavioral objective and aggregation level nonparametric tests are implemented as heuristics to determine empirical support for simplified analytical structures evidence does not refute the joint hypothesis that producers behave collectively as though they are a price taking profit maximizing firm with a convex technology subject to nonregressive technical change the empirical results also support exhaustive aggregation of input categories but much less aggregation of outputs this paper reports the first known implementation of the nonparametric homothetic separability tests

demand systems with nonstationary prices relative prices are nonstationary and standard root t inference is invalid for demand systems but demand systems are nonlinear functions of relative prices and standard methods for dealing with nonstationarity in linear models cannot be used demand system residuals are also frequently found to be highly persistent further complicating estimation and inference we propose a variant of the translog demand system the ntlog and an associated estimator that can be applied in the presence of nonstationary prices with possibly nonstationary errors the errors in the ntlog can be interpreted as random utility parameters the estimates have classical root t limiting distributions we also propose an explanation for the observed nonstationarity of aggregate demand errors based on aggregation of consumers with heterogeneous preferences in a slowly changing population estimates using u s data are provided

estimating theoretically consistent demand systems using cointegration techniques with application to greek food data abstract the use of time series techniques cointegration and error correction models has been offered as a potentially promising way in estimating demand systems that resolve the perennial issue of violating the theoretical postulates of homogeneity and symmetry the empirical results of this paper based on linearized aids and greek food data indicate that sample size aggregation schemes and model specification seem to be important factors in the estimation of a theoretically consistent demand system they also show that homogeneity is sensitive to sample size while symmetry is sensitive to the aggregation scheme adopted

price effects on compound commodities we examine the effect of simultaneous price changes on the total demand for a group of goods which we call a compound commodity specifically we consider unit and proportional cost components e g taxes transportation costs imposed on compound commodities if the unit cost is positive then the proportional cost raises the relative price of the more expensive good and thus induces substitution towards the less expensive good within this group then the substitution effect of the proportional cost for a compound commodity is non negative if and only if the compound commodity and the other goods are on average not strongly substitutable

robustly coalition proof incentive mechanisms for public good provision are voting mechanisms and vice versa we study the relation between mechanism design and voting in public good provision if incentive mechanisms must satisfy conditions of robust coalition proofness as well as robust incentive compatibility the participants contributions to public good provision can only depend on the level of the public good that is provided and that level can only depend on the population shares of people favouring one level over another for a public good that comes as a single indivisible unit the outcome depends on whether or not the share of votes in favour of provision exceeds a specified threshold with more provision levels for the public good more complicated mechanisms can be used but they still involve the counting of votes rather than any measurement of the participants willingness to pay the article thus provides a foundation for the use of voting mechanisms

on behavioral complementarity and its implications we study the behavioral definition of complementary goods if the price of one good increases demand for a complementary good must decrease we obtain its full implications for observable demand behavior its testable implications and for the consumer s underlying preferences we characterize those data sets which can be generated by rational preferences exhibiting complementarities the class of preferences that generate demand complements has leontief and cobb douglas as its as extreme members

possibilities for including the opportunity cost of time in recreation demand systems recreation demand modelers have attempted to identify and incorporate the opportunity cost of an individual s time in travel and on site in the model larson 1993b focused on the value of leisure time in a model where individuals face a fixed work week in this paper we examine the connection between labor supply and recreation demands and focus on conditional demand systems we illustrate that corner solution models are not needed to explain several interesting time related recreation issues

a structural time series approach to modelling multiple and resurgent meat scares in italy this paper exploits a structural time series approach to model the time pattern of multiple and resurgent food scares and their direct and cross product impacts on consumer response a structural time series almost ideal demand system sts aids is embedded in a vector error correction framework to allow for dynamic effects vec sts aids italian aggregate household data on meat demand is used to assess the time varying impact of a resurgent bse crisis 1996 and 2000 and the 1999 dioxin crisis the vec sts aids model monitors the short run impacts and performs satisfactorily in terms of residuals diagnostics overcoming the major problems encountered by the customary vector error correction approach

european market integration for gas volume flexibility and political risk this is a copy of an article originally published by elsevier in energy economics see http www sciencedirect com science journal 03014215 2002 elsevier science b v

corporate social responsibility theories mapping the territory the corporate social responsibility csr field presents not only a landscape of theories but also a proliferation of approaches which are controversial complex and unclear this article tries to clarify the sit uation mapping the territory by classifying the main csr theories and related approaches in four groups 1 instrumental theories in which the corporation is seen as only an instrument for wealth creation and its social activities are only a means to achieve economic results 2 political theories which concern themselves with the power of corporations in society and a responsible use of this power in the political arena 3 integrative theories in which the corporation is focused on the satisfaction of social demands and 4 ethical theories based on ethical responsibilities of corporations to society in practice each csr theory presents four dimensions related to profits political performance social demands and ethical values the findings suggest the necessity to develop a new theory on the business and society relationship which should integrate these four dimensions

aggregation without separability tests of the united states and mexican agricultural production data the generalized composite commodity theorem gcct and testing procedure is extended to test for consistent aggregation of the united states and mexican agricultural production data in each category for which earlier tests rejected homothetic separability nonrejected gcct and separability hypotheses provide empirical support for aggregating all the united states agricultural outputs into as few as two categories crops and livestock mexican agricultural outputs also can be aggregated into as few as two categories support for aggregating all outputs into a single category is ambiguous in both countries and is only provided by the gcct

shareholder value stakeholder management and social issues what s the bottom line we test the relationship between shareholder value stakeholder management and social issue participation building better relations with primary stakeholders like employees customers suppliers and communities could lead to increased shareholder wealth by helping firms develop intangible valuable assets which can be sources of competitive advantage on the other hand using corporate resources for social issues not related to primary stakeholders may not create value for shareholders we test these propositions with data from s p 500 firms and find evidence that stakeholder management leads to improved shareholder value while social issue participation is negatively associated with shareholder value copyright 2001 john wiley sons ltd

consumer expenditures and inequality an analysis based on decomposition inequality in u s consumption expenditures is examined using the lerman and yitzhaki covariance method for decomposing the gini coefficient by factors from the decomposition nonparametric estimates of elasticities with respect to total expenditures are derived using data from the 1987 u s consumer expenditure interview survey the overall gini based on total annual consumption expenditures is 0 33 consistent with parametric expenditure elasticities the gini expenditure elasticities for household operations apparel and services and entertainment are relatively high an implication of this result is that taxing such goods and services will increase the progressivity or reduce the regressivity of the tax system copyright 1993 by mit press

exports and labor demand searching for functional structure in multi output multi skill technologies to simplify the representation of a technological relationship between inputs and outputs a production unit s technology must typically satisfy some restrictive conditions some of them being well known in the literature this article presents new results for aggregating labor inputs and outputs in terms of restrictions on elasticities of scale and substitution these conditions are then empirically investigated in a framework that is flexible and does not lose its flexibility after separability being imposed the empirical findings of the exact approach to aggregation are found to be rather pessimistic on the possibility of providing a simplified representation

from bottom of the barrel to cream of the crop sequential screening with positive selection in a number of interesting environments dynamic screening involves positive selection in contrast with coasian dynamics only the most motivated remain over time the paper provides conditions under which the principal s commitment optimum is time consistent and uses this result to derive testable predictions under permanent or transient shocks it also identifies environments in which time consistency does not hold despite positive selection and yet simple equilibrium characterizations can be obtained

variation in retail costs for fresh vegetables and salty snacks across communities in the united states abstract households living in different communities pay different amounts of money for food food costs depend on whether a household lives in an urban community or in a locality with a high incidence of poverty among other factors this study focuses on spatial variation across the united states in the retail costs for fresh vegetables and salty snacks findings reveal that the major economic and demographic characteristics of a household s community affect its costs for these two types of foods differently however households are likely to pay more money for salty snacks in communities where fresh vegetables also cost more

an empirical comparison of flexible demand system functional forms this paper compares the performance of eight frequently used flexible forms that are either 1 locally flexible 2 effectively globally regular or 3 asymptotically globally flexible results show that the functions with global properties generally perform better particularly those models having asymptotic properties results using us consumption data indicate substitutability among the components of consumption at most data points there is also some interesting substitution volatility around the time of recessions in the usa copyright 2001 john wiley sons ltd

demand systems with and without errors revealed preference theory assumes that each consumer has demands that are rational meaning that they arise from the maximization of his or her own utility function in contrast econometric or statistical demand models assume that each consumer s demands equal a rational systematic component derived from a common utility function plus an individual specific additive error term this paper reconciles these differences by providing necessary and sufficient conditions for rationality of statistical demand models given individual consumer rationality

manipulation through bribes we consider allocation rules that choose outcomes and transfers based on agents reported valuations of the outcomes a bribing situation exists when one agent could pay another to misreport his valuations resulting in a net gain to both a bribe proof rule eliminates such opportunities we show that under a bribe proof rule each agent s payoff is a continuous function of other agents reported valuations furthermore on connected domains if the set of outcomes is finite or the domain is smoothly connected each agent s payoff is a constant function of other agents reports finally under a domain richness condition a bribe proof rule must be constant the results apply to a broad class of economies journal of economic literature classification numbers c70 d70

know how and asset complementarity and dynamic capability accumulation the case of r d dynamic capabilities enable firms to create new products and processes and respond to changing market conditions this empirical investigation of dynamic r d capabilities deals with the role of complementary know how and other assets in the context of changing conditions in the u s petroleum industry during the 1970s and early 1980s the analysis suggests that in response to rising oil prices firms with larger amounts of complementary technological knowledge and physical assets also undertook larger amounts of r d on coal conversion a synthetic fuels process 1997 by john wiley sons ltd

aggregation without separability composite commodity theorems in quantity space abstract in this paper we provide an obvious extension of the composite commodity theorems to the case of inverse demands where quantities and not prices can be used for aggregation first the hicks leontief commodity theorem is extended to the quantity space and then its generalised stochastic version is presented

centralized and decentralized contracts in a moral hazard environment we study the optimal allocation of the contracting capacity in a moral hazard environment centralizing is superior when the principal is able to establish all the contracts with the agents simultaneously and she is able to monitor side contracting between the agents otherwise decentralizing can be a superior strategy we apply our results to a firm s decision on which outlets to franchise they suggest that franchising is more likely to occur the further the store is from headquarters the more isolated it is and in those activities where the risk is low this conclusion is consistent with empirical studies

unobserved preference heterogeneity in demand using generalized random coefficients we model unobserved preference heterogeneity in demand systems via random barten scales in utility functions these barten scales appear as random coefficients multiplying prices in demand functions consumer demands are nonlinear in prices and may have unknown functional structure we therefore prove identification of generalized random coefficients models defined as nonparametric regressions where each regressor is multiplied by an unobserved random coefficient having an unknown distribution using canadian data we estimate energy demand functions with and without random coefficient barten scales we find that not accounting for this unobserved preference heterogeneity substantially biases estimated consumer surplus costs of an energy tax jel codes c14 d12 d13 c21 keywords unobserved heterogeneity nonseparable errors random utility parameters random coefficients equivalence scales consumer surplus welfare calculations the authors wish to thank jinyong hahn richard blundell stefan hoderlein rosa matzkin and anonymous referees for helpful discussions and suggestions earlier versions of this paper were circulated under the

latent separability grouping goods without weak separability this paper develops a new concept of separability with overlapping groups latent separability this is shown to provide a useful empirical and theoretical framework for investigating the grouping of goods and prices it is a generalization of weak separability in which goods are allowed to enter more than one group and where the composition of groups is identified by the choice of group specific exclusive goods latent separability is shown to be equivalent to weak separability in latent rather than purchased goods and provides a relationship between separability and household production theory for the popular class of linear almost ideal and translog demand models and their generalizations we provide a method for choosing the number of homothetic separable groups a detailed method for exploring the composition of the separable groups is also presented these methods are applied to a long time series of british individual household data on the consumption of twenty two nondurable and service goods

market imperfections opportunity and sustainable entrepreneurship this research develops the argument that four types of market imperfections i e inefficient firms externalities flawed pricing mechanisms and information asymmetries at once contribute to environmental degradation and that they also provide significant opportunities for the creation of radical technologies and innovative business models we show that these opportunities establish the foundations for an emerging model of sustainable entrepreneurship one which enables founders to obtain entrepreneurial rents while simultaneously improving local and global social and environmental conditions to advance this new field we offer suggestions for a research agenda focusing on two areas the relationship between market imperfections and entrepreneurial opportunities and the emerging field of sustainable entrepreneurship

aggregation without separability a generalized composite commodity theorem this paper provides general conditions for aggregating commodities without separable utility these conditions impose weaker and more empirically plausible restrictions on price movements than the currently existing alternative to separability the hicks leontief composite commodity theorem the idea is to allow departures from hicks leontief that take the form of well behaved error terms utility functions that permit generalized composite commodity aggregation include the aids model the translog all homothetic utility functions and any utility function when demands are aggregated to two groups of goods implications of empirical nonstationarity of relative prices for aggregation and demand estimation are considered copyright 1996 by american economic association

an inverse demand analysis with introduction of quality effects an application to spanish consumption of fruit and vegetables this article analyzes consumer preference for fruit and vegetables when by using time series with socioeconomic characteristics of households there can be seemingly unobserved quality effects which are increased by aggregation the changes in spanish demand for fresh and processed fruit and vegetables over the period 1987 2000 are discussed following previous tests and analyses quantities are taken as predetermined and prices as matching the offer conditions thus quality effects based on the nutritional and or health value of the product are estimated from the error terms associated with the functions of the unit values quality variables are introduced as taste shifters in the inverse demand system laitinen theil model the results show the positive effects of quality differences on the normalized price for the group of products through own quality flexibilities and the negative effects between fresh and processed products through cross quality flexibilities

trade liberalization and agricultural chemical use united states and mexico to anticipate the likely effects of recent trade agreements with mexico on the environment and food safety this paper examines changes in agricultural chemical use econometric estimation and simulation suggest that the combined effects of the north american free trade agreement nafta economic growth research investment and farm policy are expected to increase chemical usage substantially in the united states and undoubtedly lead to greater groundwater contamination in mexico the expected effects are a substantial increase in fertilizer use but a decrease in pesticide use increases in private research investment are expected to increase the use of both types of chemicals but increases in public research investment in the united states are not

demographic variables in demand analysis in this paper the authors discuss five procedures for incorporating demographic variables into theoretically plausible demand systems translating scaling and the gorman reverse gorman and implicit prais houthakker procedures these five procedures are used to incorporate a single demographic variable the number of children in a household into the generalized ces demand system using household budget data for the united kingdom for the period 1966 1972 excerpt

international evidence on aggregate short run and long run interfuel substitution in this paper we build on recent work by serletis et al 2010 in press and report short and long run estimates of aggregate interfuel substitution for a number of oecd and non oecd countries in doing so we use recent pooled intercountry data since 1980 and state of the art advances in microeconometrics including duality theory and flexible functional forms also motivated by the widespread practice in the empirical energy demand literature of ignoring theoretical regularity we estimate our model subject to global curvature but not monotonicity using methods developed by diewert and wales 1987 we provide inference and also a policy perspective using parameter estimates that are consistent with the theoretical regularity conditions of neoclassical microeconomic theory

size distortions of tests of the null hypothesis of stationarity evidence and implications for the ppp debate abstract tests of the null hypothesis of stationarity against the unit root alternative play an increasingly important role in empirical work in macroeconomics and in international finance we show that the use of conventional asymptotic critical values for stationarity tests may cause extreme size distortions if the model under the null hypothesis is highly persistent this fact calls into question the use of these tests in empirical work we illustrate the practical importance of this point for tests of long run purchasing power parity ppp under the recent float we show that the common practice of viewing tests of stationarity as complementary to tests of the unit root null will tend to result in contradictions and in spurious rejections of long run ppp while the size distortions may be overcome by the use of finite sample critical values the resulting tests tend to have low power under economically plausible assumptions about the half life of deviations from ppp thus the fact that stationarity is not rejected cannot be interpreted as convincing evidence in favor of mean reversion only in the rare case that stationarity is rejected do size corrected tests shed light on the question of long run ppp

modeling u s households demands for liquid wealth in an era of financial change money demand models overpredicted m2 growth in the united states from 1990 to 1993 the authors examine this overprediction using a model of households demands for liquid wealth the model is a dynamic generalization of the aids model of angus deaton and john muellbauer 1980 the authors find that the own price elasticity of money rose substantially after 1990 they also find important cross price elasticities of money with respect to other liquid financial assets notably with respect to mutual funds incorporating these and other features helps explain nearly 50 percent of the shortfall in m2 growth over the period in question

the sale of alcohol in denmark recent developments and dependencies on prices taxes how do prices affect the choice of types of alcohol in denmark we study the danish sale of alcoholic beverages in a time series framework first we look at annual data from 1980 investigating the hypothesis of a fairly stable level of sales we conclude stationarity of sales and we also find that the income elasticity of total sales has been zero second we analyse the composition of the alcohol sale between beer wine and spirits in a multivariate model conditional on the development in prices for this analysis we use johansen cointegration techniques again we test that income can be omitted from the model and we use the model to derive the effects on the composition of alcohol sales of three different sets of changes in the alcohol taxation

the effects of price aggregation bias in systems of demand equations this article illustrates the importance of maintaining consistent levels of aggregation between prices and quantities when estimating consumer demand functions the impact of violating this condition is quantified by using summary performance measures and estimates of demand elasticity biases results derived from an application of 1972 1973 consumer expenditure survey data and supported with a quasi monte carlo experiment consistently indicate that the point estimates of demand elasticities are significantly biased thus the study indicates the importance of developing and maintaining price indexes disaggregated to the same level as the expenditure data in consumer expenditure and budget surveys

group strategy proofness in private good economies many salient rules to allocate private goods are not only strategyproof but also group strategy proof in appropriate domains of definition hence diminishing the traditional conflict between incentives and efficiency that is so for solutions to matching division cost sharing house allocation and auctions in spite of the substantive disparity between these cases in a general framework encompassing all of them we prove that the equivalence between the two forms of strategy proofness is due to an underlying common structure that transcends the many differences between the contexts and the mechanisms for which it holds jel c78 d44 d63 d71 d82

dynamic capabilities what are they this paper focuses on dynamic capabilities and more generally the resource based view of the firm we argue that dynamic capabilities are a set of specific and identifiable processes such as product development strategic decision making and alliancing they are neither vague nor tautological although dynamic capabilities are idiosyncratic in their details and path dependent in their emergence they have significant commonalities across firms popularly termed best practice this suggests that they are more homogeneous fungible equifinal and substitutable than is usually assumed in moderately dynamic markets dynamic capabilities resemble the traditional conception of routines they are detailed analytic stable processes with predictable outcomes in contrast in high velocity markets they are simple highly experiential and fragile processes with unpredictable outcomes finally well known learning mechanisms guide the evolution of dynamic capabilities in moderately dynamic markets the evolutionary emphasis is on variation in high velocity markets it is on selection at the level of rbv we conclude that traditional rbv misidentifies the locus of long term competitive advantage in dynamic markets overemphasizes the strategic logic of leverage and reaches a boundary condition in high velocity markets copyright 2000 john wiley sons ltd

testing for homogeneity in demand systems when the regressors are nonstationary an implication of optimizing theory is that demand functions are homogeneous of degree zero in prices and nominal income evidence based on estimations of demand systems has repeatedly found this restriction to be rejected by the data however the hypothesis is often formulated in terms of regressors that are non stationary this paper re examines the evidence for homogeneity in light of recent developments in time series econometrics with special emphasis on the treatment of trends we find the demand system to be stochastically but not deterministically cointegrated using techniques developed for estimating cointegrating vectors in the presence of deterministic trends we re estimate the demand system and find that homogeneity holds in many cases

aggregation of price risk over commodities an economic index number approach this article extends the economic theory of index numbers to the aggregation of price risk over commodities in production superlative indexes of aggregate price risk are related to tornqvist and fisher type output quantity indexes an application to major crops in manitoba illustrates the empirical importance of the analysis

competition between farmed and wild salmon the japanese salmon market this article examines the japanese market for salmon this market is of interest since it is the largest and most diversified salmon market in the world with wild and farmed species from europe and south and north america competing in the same market in contrast to the european union eu and u s markets there have been neither trade conflicts nor trade restrictions the japanese market can hence provide information about the impact of bringing substantial quantities of a new product into a market and the effect of large scale aquaculture on traditional fisheries in this article market integration between wild and farmed salmon on the japanese market is examined using both bivariate and multivariate cointegration analysis tests for the law of one price are also conducted the results indicate that the species are close substitutes on the market and that the expansion of farmed salmon has resulted in price decreases for all salmon species

individual dynamic managerial capabilities influence over environmental and social commitment under a gender perspective abstract the current business market is characterized by rapid and continuous changes companies should adapt to new situations to guarantee sustainable development managers need to have capabilities to understand the new environment s requirements managers individual dynamic capabilities idc help them face these unpredictable changes in the market however few authors have analysed individual dynamic capabilities to ensure business sustainability this study aims to shed light on the relationship between a manager s idc and business sustainability from a gender perspective a survey of 339 managers was conducted and structural equation modelling sem was applied to study the impact of the relationship the results show that managers individual dynamic capabilities help them detect changes in the market earlier and promote a greater social and environmental commitment from those managers in addition significant differences in the environmental and social commitment between men and women were found therefore this paper first provides advice for developing business sustainability to provide an advantage for organizations second individual dynamic managerial capabilities appear to be important for promoting sustainability finally another step in the construction of gender and sustainability is provided thus this paper provides useful empirical evidence for managerial practice from a strategic management viewpoint

non stationarity and the import demand for virgin olive oil in the european union the aim of this study is to analyse the importation of virgin olive oil to european union countries paying special attention to the spanish export contribution the method used is based on the estimation of an imports demand system the novelty of the paper lies not in the modelling approach but in the explicit consideration of the univariate characteristics of series that is included in the analysis since prices are non stationary cointegration among them has been tested results indicate that they are cointegrated and that homogeneity holds as a result relative prices are included in the imports demand system structural change is also considered so as to account for the entrance of both spain and greece into the eu during the period studied results demonstrate the leadership of spain within the eu virgin olive oil market as well as the increasing competitiveness of greek oil

the generalized composite commodity theorem and food demand estimation this article reports tests of aggregation over consumer food products and estimates of aggregate food demand elasticities evidence that food demand variables follow unit root processes leads us to build on and simplify existing tests of the generalized composite commodity theorem we compute food demand elasticities using a method of cointegration that is shown to apply to a convenient but nonlinear functional form estimates are based on consumer reported expenditure data rather than commercial disappearance data appropriately specified models of consumer demand are central to market analysis it has been established that a valid equilibrium for markets characterized by diverse firms or diverse consumer products depends on downward sloping composite demand curves heiner braulke wohlgenant or on valid indirect utility functions chavas and cox given the large number of consumer food products food demand and price analysis must be implemented at some level of product aggregation improper aggregation can lead to biased estimates of welfare loss associated with public policies biased estimates of consumer and derived demand elasticities and misleading tests of market power testing for consistent aggregation over food products and estimating aggregate consumer food demand elasticities are the subjects of this article by far the most common justification for aggregation has been separable preferences one reason for its popularity has been the lack of a viable alternative tests of the composite commodity theorem hicks leontief lewbel are always rejected because it restricts relative prices within a group to remain fixed over time on the other hand aggregation based on weak separability is often rejected diewert and wales eales and unnevehr

hicksian separability does not hold over space implications for the design of household surveys and price questionnaires abstract if relative prices of goods within a commodity group are constant hicksian separability lets the price of a single good represent the group price level this is relied on by price questionnaires used with household surveys in developing countries and when constructing temporal and spatial deflators methods of estimating demand systems from household survey data also rely on hicksian separability yet this restriction remains untested in cross sections we use unique data from vietnam with multiple specifications from within the same food groups to test if within group relative prices are constant over space the data firmly reject these restrictions some guidelines for survey design are discussed in terms of the characteristics of commodity groups that should be disaggregated and those that should have more elementary goods added to their linked price questionnaire

working for the woman female managers and the gender wage gap most previous research on gender inequality and management has been concerned with the question of access to managerial jobs and the glass ceiling we offer the first largescale analysis that tur

resource rent in individual quota fisheries traditional fisheries management schemes generate incentives for vessels to maximize catch resulting in rent dissipation and overcapacity individual vessel quota management schemes change the incentives to maximize profit and have the potential to generate resource rent and reduce capacity an interesting question is whether it is the changed incentives due to individual quota or the capacity reduction due to transferability of individual quota that is most important in generating rent in this study a cost function approach is used to model and measure rent generated and potential rent in a fishery managed with individual vessel quotas

agricultural trade restrictiveness in the european union and the united states the article provides a summary measure of the uruguay round tariff reduction commitments in the european union and the united states using the mercantilistic trade restrictiveness index mtri as the tariff aggregator we compute the index for agricultural commodity aggregates assuming a specific constant elasticity of substitution functional form for import demand the levels of the mtri under the actual commitments of the uruguay round are computed and compared with two hypothetical cases a deeper cut in higher tariffs and a uniform reduction of each tariff both leading to the same average reduction as in the uruguay round this makes it possible to infer how reducing tariff dispersion will help improve market access in future trade agreements and provides some guidelines for aggregating detailed tariffs in trade models

estimation of complete demand systems from household budget data the linear and quadratic expenditure systems in this paper we explore two issues in empirical demand analysis the estimation of complete systems of demand equations using household budget data section i and the incorporation of demographic characteristics into such systems section ii although there are numerous studies which use time series data to estimate complete demand systems and many which estimate engel curves from household budget data there are virtually none which combine budget data from different periods to estimate complete systems since each budget study corresponds to a single price situation one might conjecture that estimation of complete systems would not be possible unless budget studies were available from a large number of periods this is incorrect in section i we argue that interesting complete demand systems can be estimated from a small number of budget studies despite the limited price variability represented in such data to demonstrate this we use budget study data for two periods to estimate a pair of related demand systems the familiar linear expenditure system les and a quadratic expenditure system qes a generalization of les in which the demand equations are quadratic in total expenditure the inclusion of demographic variables in the analysis of household consumption patterns is desirable because there are likely to be systematic differences in the consumption behavior of households with different demographic characteristics but the effects of demographic characteristics have seldom been studied within the framework of complete demand systems in section ii we propose translating as a general method for incorporating demographic variables into complete systems of demand equations this method has not previously been discussed as a general technique for bringing demographic variables into demand systems although it has been employed in several studies to improve the estimates of the les and the qes presented in section i we reestimate these two systems using translating to incorporate family size

estimating long run economic equilibria with stochastic trends an asymptotic theory is provided to analyze a menu of currently existing estimators of cointegrated systems we study in detail the single equation ecm seecm approach of hendry our theoretical results lead to prescriptions for empirical work such as specifying seecm s nonlinearly and including lagged equilibrium relationships rather than lagged differences of the dependent variable as covariates simulations support these prescriptions and point to problems of overfitting not encountered in the semiparametric approach of phillips and hansen 1990

gender differences in customer expectations and perceptions of corporate social responsibility abstract the literature on business ethics corporate social responsibility and sustainability includes many studies on gender differences however the results are often contrasting in particular there has not yet been full agreement on the role and significance of gender differences in customer expectations and perceptions of responsible corporate conduct an extensive review of the research on the subject reveals that the published studies have not dealt with the substantive significance of gender differences and as a result the size of such differences is unknown the current study analyses both the statistical and the substantive significance of gender differences in customer expectations and perceptions of corporate responsibility also examining the influence of age and education the analysis is carried out on a remarkably large sample of 908 clients pertaining to 12 of the largest italian banks the overall results show that there is a small substantive difference between women s and men s average expectations with women showing higher average values than men this result holds generally true with variation of education levels and age groups young females show the highest average values of expectations and the significance of gender differences decreases with age in contrast the perception of corporate social responsibility does not show significant gender differences either at the general level or when the analyses are repeated by education levels and age groups the paper introduces the use of a standardized measure of effect size for analysing the substantive significance of gender differences in customer expectations and perceptions of corporate social responsibility this novel approach increases results reliability and accordingly the effectiveness of company or policy maker strategies in designing planning implementing and assessing sustainability initiatives

robustly collusion proof implementation a contract with multiple agents may be susceptible to collusion we show that agents collusion imposes no cost in a large class of circumstances with risk neutral agents including both uncorrelated and correlated types in those circumstances any payoff the principal can attain in the absence of collusion including the second best level can be attained in the presence of collusion in a way robust to many aspects of collusion behavior the collusion proof implementation generalizes to a setting in which only a subset of agents may collude provided that noncollusive agents incentives can be protected via an ex post incentive compatible and ex post individually rational mechanism our collusion proof implementation also sheds light on the extent to which hierarchical delegation of contracts can optimally respond to collusion

aggregation of data and profit maximization in mexican agriculture nonparametric support for two important hypotheses relevant to econometric model specification is examined results of various nonparametric tests for behavioural objective and aggregation level of mexican agricultural production data are reported the evidence does not refute the hypothesis that producers behave collectively as though they are a price taking profit maximizing firm the empirical results also support exhaustive aggregation of input categories aggregation possibilities among outputs are fewer and are highly sensitive to the rejection criterion