estimates of the returns to quality and coauthorship in economic academia salaries of academic economists are studied to determine if individuals receive differential returns to publishing articles of varying quality and to coauthored versus single authored articles estimates based on detailed data and a flexible nonlinear least squares procedure indicate that substantial returns to quality exist and that an individual s return from a coauthored paper with n authors is approximately 1 n times that of a single authored paper

patterns of co authorship among economics departments in the usa given the steady increase in co authored papers in economics journals this paper reports a study of the patterns of co authorship between us universities and colleges a majority of institutions produce more co authored than single authored papers contacts with researchers from the same institution are still an important source of co authored papers even though slightly decreasing in frequency the determinants of co authorship outside the own institution are tested in a gravity model and it is found that distance and other geographical variables do not matter however the quality of co authors institutions measured by rankings of institutions has a significant impact on the number of co authored papers in top economics journals

credible collusion in spatially separated markets in an infinitely repeated game sellers employ a trigger strategy of mutual forbearance from invasion of each other s markets stabilized against invasion by the threat of bertrand pricing contrary to conventional static models this article shows stability for a wide range of transportation costs and present value parameters and that increases in transportation costs tend to destabilize the collusive agreement

spatial price discrimination in agricultural product procurement markets a computational economics approach significant transport costs and spatially distributed supply and processing create oligopsony power in agricultural markets price discrimination expressed in the form of partial or complete absorption of freight charges by processors is often observed in these environments but we understand little about how these pricing decisions are made analytical approaches are often intractable as an alternative we propose a computational economics approach to analyze a general spatial competition model and study firms choices of spatial pricing policy instead of the commonly presumed free on board pricing we find that buyers choose price discrimination either through uniform delivered pricing or through partial freight absorption

a few goodmen surname sharing economist coauthors we explore the phenomenon of coauthorship by economists who share a surname prior research has included at most three economist coauthors who share a surname ours is the first paper to have four economist coauthors who share a surname as well as the first where such coauthors are unrelated by marriage blood or current campus jel y9

the secular inflation term in open economy phillips curves abstract robert flood has compared three alternative specifications for the secular inflation term in an open economy phillips curve attributed respectively to buiter miller and frankel and mussa we point out 1 an arithmetic error 2 the equivalence of the frankel and mussa versions and 3 some arguments against the buiter miller version

money and economic activity inventories and business cycles abstract incomplete information is a necessary condition for any real effects produced by monetary impulses an alternative to the local global inference problem is explored in this paper agents are confronted with permanent and transitory shocks even with full knowledge about the stochastic structure their best perception at any particular time will usually be erroneous prices for each period are set at the beginning of the period on the basis of market conditions the realization of the shock process thus creates a short run disequilibrium absorbed by inventory adjustments this adjustment translates perceived transitory monetary shocks into serially correlated output movements the analysis proceeds within the context of rational expectations it offers a generalization of equilibrium analysis in two respects prices are always in equilibrium relative to perceived conditions but they do not reflect all ongoing shocks quantity adjustments reflect the perceived transitory shocks the framework used involves moreover a stock flow interaction operated by inventory adjustments the stock flow interaction imposes at any time a future expected adjustment path for price level and quantities to the system s unique stock equilibrium a major implication of the analysis resolves a puzzle experienced in a recent paper by robert hall it reconciles intertemporal substitution with lagged effects of monetary impulses it also reconciles small and inconclusive cyclic movements in real wages with the occurrence of production function and large variations in unemployment lastly the nature of the inference problem determined by the pattern of incomplete information produces serially correlated movements conditioned on large permanent shocks

trends in rankings of economics departments in the u s an update economics departments in the u s are ranked based on 1 the number of pages published in thirty six economics journals 2 publications in five of the top journals 3 output per faculty member and 4 an index of the concentration of research in a department evidence shows that the top twenty departments have generally retained their positions since the 1970s but rather large changes have occurred in departments ranked from 240 to 100 an economists hall of fame is developed listing the top fifty individual producers of research in the thirty six journal set and the top five journals

price discrimination in free entry markets using a spatial model of monopolistic competition we investigate price discrimination in free entry zero profit markets we show that when brands are heterogeneous competition does not prevent discrimination the power to earn economic profits is not necessary for a firm to maintain discriminatory prices our model treats formally the fact that consumers difer not only in the utility they derive from a good but also in how strongly they prefer one brand over all others in markets where firms are very competitive sorting consumers on the strength on brand preference produces larger price differentials between groups than sorting on the basis of consumers reservation prices for the good when firms sort customers on the basis of strength of brand preference however we find that the output and welfare effects are generally less favorable than when sorting is more closely related to consumers reservation prices

an economics journals ranking that takes into account the number of pages and co authors in this article i examine whether the academics reward policy must correlate positively with the published number of articles per co author number of pages and journals reputation this is accomplished by estimating a nonlinear model with a panel data from 168 economics journals covered in the isi web of knowledge database 58 825 articles the data reinforces the conjecture that published article value is slightly increasing with the number of co authors and is proportional to the number of pages the data also suggests that there are four distinct groups related to journal quality that i name a b b and b

delivered versus mill nonlinear pricing with endogenous market structure abstract this paper discusses a model where consumers differ according to one unobservable preference for quality and one observable characteristic location with nonlinear prices arising in equilibrium the main question addressed is whether firms should be allowed to practice different nonlinear prices at each location delivered nonlinear pricing or should be forced to set a unique nonlinear contract mill nonlinear pricing assuming that firms can costless relocate we show that the free entry long run number of firms may be smaller equal or higher under delivered nonlinear pricing moreover delivered nonlinear pricing yields higher long run welfare when i fixed costs are low and when ii fixed costs are intermediate and consumer types are not very similar

what s an economics seminar worth information authors and organizers should know es de lille abstract this paper is an empirical study of the publication records of communications to a weekly seminar continued from 1997 we look at the quality of publications and also at the determinants of publications our results offer lessons for both presenters and organizers of research seminars in academia

evaluating the integration of contiguous discontinuous markets this paper applies the concepts of structural models of markets market integration and market discontinuity to show that discontinuous markets alter the integration characteristics of continuous markets when analyzing systems of contiguous markets some of which are discontinuous it appears that the continuous markets are less well integrated when the discontinuous markets are operating than when they are not operating

reliability of policy announcements and the effects of monetary policy abstract monetary authorities regularly announce targets for monetary growth but the market may not completely trust these announcements because they may not always be truthful hence the market does not have perfect knowledge about future monetary policy and must form its expectations on the basis of information it can extract from the announcements and its observations of the actual money supply this paper asks how the macroeconomic effect of monetary policy might be altered by more reliable policy announcements in the setting of a medium sized open economy it is found that contrary to the full information case a reduction in monetary growth of 1 may lead on impact to a reduction in inflation of much less than 1 if the announcements are not very credible the output costs of lowering inflation are smaller both in the short run and the long run the more reliable the announcements however the plausibility of announcements does not affect the output loss for a given appreciation of the currency fluctuations in the exchange rate that are attributable to monetary disturbances beyond the policy makers control can nonetheless be dampened by making announcements that are more highly correlated with the truth

first author conditions evidence from finance journal coauthorship we study the trend and the author name ordering rule in finance publication using the publication records of 21 core finance journals during the period from 1990 to 2004 we empirically model the underlying factors that affect the alphabetical ordering rule among multi authored finance articles we find that the choice of alphabetical ordering is based on the quality of the article institutional heterogeneity team size and cultural factors the central argument rests upon the need to signal and the importance of signalling within the context of bargaining behaviour among coauthors the probability of choosing alphabetical name ordering rule is associated with high article quality higher ranked institutions smaller research team and the presence of european authors

collaboration incentives endogenous selection into single and coauthorships by surname initial in economics and management many prior studies suggest that default alphabetical ordering of coauthors in economicsconfers disproportionate professional advantages on those with an early surname initialbecause of the greater prominence it gives to the first author however these studies do notconsider that authors select into coauthorships according to the incentives identified wedevelop a model of endogenous selection into single and coauthorships around the principlethat no one wants to be second author when they expect to provide the larger contribution i e are of higher quality we test it with authorship data from economics with man agement which does not use default alphabetical ordering as a benchmark we predict foreconomics that lower quality authors with an early surname initial would be less desirablecoauthors whereas higher quality authors with a late initial would have a lower desire tocoauthor most desired are early initial authors of high quality who are therefore advan taged in forming high quality collaborations the combined effect predicts citation rankincreases with surname initial for single authored papers and decreases for coauthored we find both effects for economics when compared to management and absolutely ourfindings indicate that part of the advantage enjoyed by early surname initial authors in eco nomics could be due to the higher ability among them having more incentive compatiblecollaborators rather than merely to greater prominence

the effect of gender sorting on propensity to coauthor implications for academic promotion a cohort sample of ph d economists indicates a significant propensity for researchers to select coauthors of the same sex this gender sorting contributes to lower article production for women further we find evidence of bias in academic promotion when single authored and coauthored articles carry the same weight in promotion and salary decisions the evidence explains in part why women academics wait longer for promotion and are not as likely to be promoted as men among the effects of gender sorting is self selection of women into larger departments where they are more likely to find colleagues of the same sex

how do journal quality co authorship and author order affect agricultural economists salaries utilizing an original data set containing annual salaries and peer reviewed publication histories for 326 faculty members from top ranked ph d granting programs we examine the labor market for academic agricultural economists the results suggest that higher quality publications have a greater impact on annual earnings that sole authored articles have a higher return than multi authored articles and that no wage premium exists for being the lead author of a non alphabetic article

spatial pricing with differentiated products this paper generalizes analysis of spatial pricing policies to cases in which oligopolists produce differentiated products it is shown that spatial price discrimination through freight absorption is affected by the number of competitive firms the extent to which their products are substitutes and by the locations such firms adopt in the market it is further shown however that spatial price discrimination may be the consequence of collusive agreements or of attempts to anticipate competitors actions the simple spaceless foundations of current policies on spatial pricing need to be reexamined but this reexamination must take into account interconnections between producers the extent to which their products are differentiated and their locations

research productivity over the life cycle evidence for academic scientists the relationship between age and the publishing productivity of ph d scientists is analyzed using data from the survey of doctorate recipients national research council and the science citation index the longitudinal nature of the data allows for the identification of pure aging effects in five of the six areas studied life cycle aging effects are present only in particle physics where scientists often speak of being on a religious quest is the indication that scientific productivity is not investment motivated vintage effects are also considered the expectation that the latest educated are the most productive is not generally supported by the data copyright 1991 by american economic association

spatial competition and spatial price discrimination the analysis of spatial competition under conditions of free entry which derives its major impetus from the seminal work of losch 1954 has been conducted in general on the assumption that the competitive firm will adopt an f o b pricing scheme see for example capozza and van order 1978 and holahan 1978 greenhut 1956 does consider some of the implications of discriminatory pricing within competitive markets but his analysis adopts an essentially short run view and provides little rationale for the choice of such a pricing policy by competitive firms this is in contrast with developments in the analysis of spatial monopoly the early work of singer 1937 and hoover 1937 and subsequent developments by for example greenhut 1956 beckmann 1976 beckmann and ingene 1976 greenhut and greenhut 1977 holahan 1975 and norman 1977 indicate that the spatial monopolist should adopt a discriminatory spatial pricing policy where spatial price discrimination is taken conventionally to mean that delivered prices do not follow an f o b scheme but that all concumers equidistant from a particular supplier pay the same price it is rarely however that the results generated by the analysis of spatial monopoly are reconsidered in the analysis of spatial competition in particular although we know that spatial price discrimination will in general increase a monopolist s profit the assumption that profit maximising spatially competitive firms will adopt f o b pricing schemes has rarely been questioned and has not been questioned within the loschian competitive framework greenhut and ohta 1975a chapter 8 and chapter 8 appendix i are notable exceptions but in both cases they depart from the loschian scheme the first objective of this paper is therefore to show that when loschian competitive firms are allowed the option of discriminatory pricing i e are free of institutional constraints which require f o b pricing they will be forced to exercise that option in order to maintain normal profits secondly we shall show that if competitive conditions change the form of price discrimination will also change and that under certain competitive conditions the degree of discrimination will increase with the degree of competition leading eventually to uniform pricing thirdly we compare two competitive cases with multi plant monopoly and derive the spatial analogue of the conventional spaceless monopoly perfect competition comparison the monopolist s plants will be larger in area and total output than each competitive firm but will supply less per consumer at a higher average price welfare comparisons are less clear cut in that they are dependent upon the type of competition we assume we show however that welfare maximisation requires marginal cost pricing where marginal cost includes transport costs and so requires f o b pricing if there are economies of scale to production it follows that welfare maximisation will require production subsidy

scholarships citations and salaries economic rewards in economics while substantial attention has been paid to the determinants of academics earnings 5 7 8 14 15 this literature has by implication suggested that the mere fact of having spent more time in the profession and the publication of more scholarly articles and books are the major determinants of salary differences our purpose here is to introduce a new determinant the quality of one s scholarly research measured by the frequency of references to that work as an additional objective measure of productivity we expect that this proxy for the extent of a scholar s influence on the work of other researchers is rewarded by the market in addition to giving a more complete picture of the determination of salaries in academic labor markets our approach should be useful in establishing a better framework for the evaluation of issues of discrimination in such markets than has been presented before 2 9

recognition for group work gender differences in academia abstract how is credit for group work allocated when individual contributions are not observed i use data on academics publication records to test whether demographic traits like gender influence how credit is allocated under such uncertainty while solo authored papers send a clear signal about ability coauthored papers are noisy providing no specific information about each contributor s skills i find that men are tenured at roughly the same rate regardless of coauthoring choices women however are less likely to receive tenure the more they coauthor the result is much less pronounced among women who coauthor with other women

reputational capital and academic pay geoffrey k turnbull i introduction economists continue to have a strong interest in academic labor markets as the steady stream of earnings studies over the past several decades readily attests the academic labor market draws the attention of economists not only because it is a topic of direct personal interest but also because it presents an opportunity to examine general theories of labor markets in a context with which the researcher has intimate experience nonetheless important questions about how the market values research teaching and service remain unanswered to what extent does the market reward quality versus quantity of published research or team production in the form of co authorship furthermore how durable is reputational capital for individuals whose research productivity diminishes during their career ultimately these questions relate in one way or another to the nature of the incentive structure faced by academic economists we provide new evidence concerning the role of research quality co authorship administrative service and teaching performance in the production of reputational capital in addition we explore the question of the durability of reputational capital once some of these activities cease we assume that the quantity and quality of published research largely determines an individual s reputational capital in the external market to help us sort out the separate effects on reputational capital of both the quality and quantity of research activity we measure research quality by both journal quality and career citations employing an interactive quantity quality term a related question concerns the role of team production in building an individual s reputational capital do individuals receive differential returns to publishing single authored versus co authored research papers this is an interesting question in light of the substantial increase in co authorship over the last few decades 1 one explanation of this trend is that the academic market has presented scholars with increasing opportunities for specialization in the production of knowledge and that team production involves the combination of complementary skilled researchers if team production reflects complementarities in the production of research we should observe little difference in the returns to single versus co authored work another explanation is that co authorship involves the combination of substitute skilled researchers so that co authorship presents a way for individuals to reduce their research efforts without reducing their individual measured research output to the extent that co authorshi p represents such substitution the market should fully discount the returns to multiple authored papers in this article we also move beyond identifying the factors that enhance an individual s reputation in the market to study the question of the durability of reputational capital some individuals quit publishing once they are tenured or promoted while others experience lengthy but temporary breaks in their flow of research output we examine the potential penalties associated with gaps in research output providing the first empirical evidence concerning the durability of reputational capital for academic economists in order to ensure that our analysis deals with these issues in a way that is most relevant to a large portion of the market for academic economists we use data from several research universities but restrict the sample frame to a single discipline economics much of the previous work estimating how publications or other factors affect academic salaries typically use data from a single university with earnings equations estimated across disciplines restricting the sample to a single discipline has the additional advantage of reducing potential heterogeneity problems associated with measuring productivity across disciplines in addition our data enable us more thoroughly to explore the empirical issues in the debate since they permit more precise measures of the past and current productivity of individuals engaged in comparable work

the relative impacts of economics journals 1970 1990 our data collection and database assembly efforts were assisted by john p sophocleus mark gwartney michele butler and scott ralston we received extremely valuable computer programming assistance from jon brunson and edward novak constructive comments were receivedfrom two anonymous reviewers financial supportfrom the faculty development committee at salisbury state university is gratefully acknowledged

the institutional concentration of authors in top journals of economics during the last two decades this paper addresses the institutional concentration of authors in 15 top economics journals from 1977 to 1997 the concentration of authors phd affiliations is substantially higher than the concentration of authors current affiliations relating input indicators such as population number of universities with economics departments or manpower in economics to publication output reduces the us dominance considerably whereas israel and the united kingdom come out excellently exporters and importers of phds among universities are identified concentration ratios like the herfindahl index lack a clear time trend nevertheless the position of the united states has been weakening in recent years

first author conditions this paper provides a theoretical explanation for the persistent use of alphabetical name ordering on academic papers in economics in a context in which market participants are interested in evaluating the relative individual contribution of authors it is an equilibrium for papers to use alphabetical ordering moreover it is never an equilibrium for authors always to be listed in order of relative contribution in fact we show via an example that the alphabetical name ordering norm may be the unique equilibrium althoug multiple equilibria are also possible finally we charaterize the welfare properties of the noncooperative equilibrium and show it to produce research of lower quality than is optimal and than would be achieved if coauthors were forced to use name ordering to signal relative contribution

profit maximizing vs optimal behavior in a spatial setting summary and extensions there exists a rapidly growing body of literature concerning the behavior of firms in a spatial setting to a large extent this work has involved discovering the relationships among monopoly competitive and optimal welfare maximizing behavior in the present paper several aspects of these relationships are discussed the first section presents the underlying assumptions the second summarizes the comparisons that have been made between optimal behavior and various types of profitmaximizing behavior in addition the welfare effect of allowing spatial competitors to earn positive profits is discussed the third section of the paper turns from optimality to efficiency here the efficiency of profit maximizing behavior in a spatial setting is evaluated the last section turns to the question of defining social welfare the effect of the type of welfare function on the distribution of welfare among individuals is examined

whence exchange rate overshooting money stock or flow abstract money stock innovations have two principal impact effects on the exchange rate one is the direct effect as captured by the overshooting hypothesis the second is the result of the change in money growth rate expectations induced by the stock innovation simulations using a stylized monetary process verify that the front end loading of the growth rate effect is potentially much more important that the direct effect additional simulations using a calibrated monetary process demonstrate that growth rate effects are on average about twice the magnitude of stock innovation effects

inventorship and authorship as attribution rights an enquiry into the economics of scientific credit abstract authorship and inventorship are attribution rights upon which individual scientists build their reputation and career social and legal norms concerning their distribution within research teams are currently criticized for failing to inform third parties on individual contributions we examine the case of teams engaged in the double disclosure of their research results through both publications and patents and model the negotiation process taking place between junior or female team members and the senior male ones we suggest that the former may give up inventorship in order to secure authorship even when entitled to the both based on a sample of 680 patent publication pairs related sets of patents and publications we show that very frequently one or more authors of a publication do not appear as inventors of a related patent this is less likely to happen for first and last authors which is in accordance both with our model and the prevailing legal norms on inventorship however the probability of exclusion from inventorship also declines with seniority and increases for women which is compatible with our model only

fame and the fortune of academic economists how the market rewards influential research in economics we analyze the pay and position of 1 009 faculty members who teach in doctoral granting economics departments at fifty three large public universities in the united states using the web of science we have identified the journal articles published by these scholars and the number of times each of these articles has been subsequently cited in published research articles we find that research influence as measured by various measures of total citations is a surprisingly strong predictor of the salary and the prestige of the department in which professors are employed we also examine how coauthorship is rewarded by the market

are you too young for the nobel prize abstract although age is not supposed to be a criterion for the award of the nobel prize it is commonly believed that it does play a role indeed econometric evidence in this paper also suggests such a role however the paper finds that if there is a preference for older nobel candidates this is introduced during the nomination process the paper actually finds that the nobel committee does not favor older nominees and that if anything it seems to partially offset the age premium introduced by the nominators

the boundaries of firms as information barriers when contracts are incomplete the property rights theory of firms suggests that ownership of physical assets provides better outside options which in turn strengthen the owner s incentives to invest in the enterprise this approach is less suitable for human capital firms such as management consulting that lack physical assets this article develops an alternative theory for integration that sheds light on the boundaries of human capital firms in particular when a relationship between parties includes large potential externalities reducing the outside option of each party will be beneficial integration provides this reduction by blurring the contribution of individual parties within the firm and thus lowering their independent market valuation unlike some results in the property rights literature the results here are robust to variations in ex post bargaining solution

trends in co authorship in economics since 1985 it has been often noted mcdowell and melvin 1983 barnett et al 1988 piette and ross 1992 sutter and kocher 2004 that the share of co authored papers in economics has been increasing steadily the purpose of this study is to investigate some of the theories as to why co authorship has been increasing in the economics profession using data on the publication records of faculty at 129 us colleges and universities that offer doctoral degrees in economics poisson and logit regression models are estimated to explain co authorship results indicate that the likelihood of co authorship is greater for papers that combine quantitative analysis with another field and for papers published in higher quality journals further co authorship appears to differ in the many subfields of economics with the field of economic history and history of thought journal of economic literature jel categories n and b to be the least likely to co author and the fields of financial economics jel category g and agricu

research note the researcher as a consumer of scientific publications how do name ordering conventions affect inferences about contribution credits when researchers from different fields with different norms collaborate the question arises of how name ordering conventions are chosen and how they affect contribution credits in this paper we answer these questions by studying two disciplines that exemplify the two cornerstones of name ordering conventions lexicographical ordering i e alphabetical ordering endorsed in economics and nonlexicographical ordering i e ordering according to individual contributions endorsed in psychology inferences about credits are unambiguous in the latter arrangement but imperfect in the former because alphabetical listing can reflect ordering according to individual contributions by chance we contrast the fields of economics and psychology with marketing a discipline heavily influenced by both based on archival data consisting of more than 38 000 journal articles we show that the three fields have different ordering practices in two empirical studies with 351 faculty and graduate student participants from all three disciplines as well as in a computer simulation we show that ordering practices systematically affect and shape the allocation of perceived contributions and credit whereas strong disciplinary norms in economics and psychology govern the allocation of contribution credits a more heterogeneous picture emerges for marketing this lack of strong norms has detrimental effects in terms of assigned contribution credits

regional trading arrangements natural or supernatural members of the customs union the potential unfavorable effects arise from the introduction of distortions in the relative price between the goods of members and nonmembers in terms of classic customs union theory the trade off is between trade creation and trade diversion the entire exercise assumes that the firstbest solution of worldwide free trade is not attainable for political reasons thus the choice between a status quo of nondiscriminatory most favored nation mfn tariffs and a move to preferential trading arrangements pta s is an exercise in the theory of the second best this paper summarizes recent research by the authors we make an evaluation of the

willful blindness the inefficient reward structure in academic research this article examines how economics departments judge research articles and assign credit to authors it begins with a demonstration that only strictly prorated author credit induces researchers to choose e cient sized teams nevertheless survey evidence reveals that most economics departments only partially prorate authorship credit implying excessive coauthorship indeed a half century increase in coauthorship may be better explained by incomplete proration than by any increased specialization among authors a possible explanation for the reliance on incomplete proration is the self interest of economists who are more likely to engage coauthorship full professors the self interest of senior faculty may also explain the relatively small role given to citations in senior promotions a rational response by economists to the under proration of author credit is to engage in false authorship although false authorship is of dubious ethical status it may have the perverse impact of improving the e ciency of team production grossly excessive coauthorship where little attention is paid to most authors listed on a paper as found in some other academic disciplines may be the path down which economics is headed if the reward structure is not altered jel a14 o30 i23

dynamic market strategy under threat of competitive entry an analysis of the pricing and production policies open to the multinational company there is extensive evidence indicating that firms price discriminatorily over their market areas where price discrimination is defined to exist when the pattern of delivered prices departs from that which would be generated by f o b pricing see greenhut greenhut and li 8 hwang 10 phlips 16 underlying this evidence is an equally extensive body of theory which attempts to explain why such discriminatory pricing rules should be adopted both in competitive and monopolistic markets see capozza and van order 3 greenhut and greenhut 7 norman 15 one limitation of this theory is that it is essentially static even when competitive reactions and interdependencies are introduced there is no truly dynamic analysis rather the theory concentrates on comparing long run equilibria with perhaps some limited comment on how those equilibria might be achieved the analysis of price changes over time has received some attention notably by gaskins 6 jacquemin and thisse 11 and phlips 17 in these cases however analysis is spaceless while some analogies are drawn between intertemporal and spatial price discrimination these analogies are inevitably weak the major objective of this paper is to treat the spatial and temporal problems simultaneously we ask whether the pricing rules and market choice of a firm operating over a spatially extensive market area will vary when it is placed in a dynamic setting in particular we investigate the pricing behaviour of a firm to which we shall refer as the leading firm when it is subject to the threat of competitive entry in certain of its markets our model owes much to the analysis by gaskins 6 but we show that gaskins analysis applies to only part of the spatial market area once we allow for the costs of distance in particular we show that if the firm enjoys a substantial long run cost advantage in particular markets it will adopt a pricing rule identical to that derived in the static monopolistic case this can be expected to be a very

a model of exchange rate dynamics this model treats the exchange rate as an asset price that depends on expectations concerning exogenous real and monetary factors that will affect relative prices and absolute price levels in future periods changes in exchange rates reflect both expected changes in these exogenous factors and changes in expectations occasioned by new information the model explains the random component in exchange rate behavior the source of divergences from purchasing power parity the anticipatory response of exchange rates to future expected disturbances and the causes of exchange rate overshooting

mill pricing versus spatial price discrimination under bertrand and cournot spatial competition this paper asks two questions about spatial competition first does spatial price discrimination lead to lower prices and higher welfare than mill pricing if firms hold the bertrand conjecture the answer is yes for most values of fixed cost but for the cournot conjecture the opposite is true second does the introduction of space into the oligopoly models of bertrand and cournot change their results the answer is generally no however spatial bertrand prices exceed marginal cost unlike their spaceless counterparts these answers are obtained using models of spatial competition of which the cournot mill pricing models are new in spatial competition significant transport costs and economies of scale bestow market power upon firms this paper addresses two questions about spatial competition first does spatial price discrimination yield lower prices and higher social welfare producer plus consumer surplus than fo b mill pricing under spatial price discrimination differences in the delivered prices charged by a firm bear no necessary relationship to differences in transport costs in contrast a mill pricing firm sets a single price at its plant and customers bear the cost of transport this paper answers this question for the cases in which firms adopt the bertrand or cournot conjectures concerning how rivals will react to price and output changes this question is important because of the superficial appeal of mill pricing which stems from its imitation of the spatial structure of marginal costs the presence of spatial price discrimination by contrast is often considered to be evidence of the presence of market power at least in part for these reasons the us robinson patman antitrust act and great britain s price commission favor mill pricing nevertheless spatial price discrimination remains ubiquitous in the us europe and japan greenhut 1981 the second question is how does the introduction of space into the original oligopoly models of cournot and bertrand change their results cournot

real exchange rate overshooting and the output cost of bringing down inflation implementing a gradualist policy of monetary contraction in an open economy with a freely floating exchange rate but with nominal inertia in domestic labor costs can lead to prompt and substantial changes in the nominal and real exchange rate one of the virtues claimed for such exchange rate overshooting however is its immediate effect on the price level and so on domestic wage and price inflation in this paper we show that in a model which is super neutral and has nominal inertia in both the level of labor costs and their trend or core rate of growth this early overshooting of the exchange rate does not succeed in cutting the output costs of reducing steady state inflation those output and unemployment costs which are initially avoided by over valuing the currency have to be paid later when this overvaluation is corrected relative to other policies which achieve the same effect on steady state inflation exchange rate overshooting brings inflation down more quickly this abstract was borrowed from another version of this item

citations in economics measurement uses and impacts i describe and compare sources of data on citations in economics and the statistics derived from them constructing data sets of the post publication citation histories of articles published in the top five journals in the 1970s and 2000s i examine distributions and life cycles of citations compare citation histories of articles in different subspecialties in economics and present evidence on the history and heterogeneity of those journals impacts and the marginal citation productivity of additional coauthors i use a new data set of the lifetime citation histories of over 1 000 economists from thirty universities to rank economics departments by various measures and demonstrate the importance of intra and interdepartmental heterogeneity in productivity throughout the discussion summarizes earlier work including the impacts of citations on salaries and nonmonetary rewards and how citations reflect judgments about research quality in economics and the importance of economic ideas