bluuebunny/crossref_metadata_2025_split huggingface dataset:
THE SPATIAL STRUCTURE OF HIERARCHICAL INTER‐URBAN SYSTEMS: EQUILIBRIUM AND OPTIMUM*
Authors: Zheng Xiao‐Ping 
Published: July 2006

ABSTRACTIn this paper, I model a simple hierarchical inter‐urban system in which the location of business firms is considered together with the determination of residential land‐use patterns. By supposing a spatial externality between the business firms and all the residents of the region, three spatial structures are obtained: monocentricity, multicentricity, and a separate pattern where cities are spatially split with an agricultural land existing between them. It is also shown that the spatial structures of monocentric and multicentric patterns formed by the market principle tend to be more concentrated than the optimum.
A NOTE ON TRANSPORTATION RATES AND LOCATION OF THE FIRM IN A TWO‐DIMENSION, n‐INPUT SPACE*
Authors: Olson Dennis O. , Shieh Yeung‐Nan 
Published: July 2006

ABSTRACTThis paper examines the theoretical implications of quantity‐discounted transportation rates on the optimum location decision of the firm. It shows that the linearly homogeneous or homothetic production function is not a sufficient condition for the independence between the optimum location and the output level, unless (i) the elasticities of transportation rates with respect to quantity shipped are constant and identical, and (ii) the ratios of marginal products 60 the marginal transportation costs are equal for each input.
DO PRODUCER SERVICES INDUCE REGIONAL ECONOMIC DEVELOPMENT?*
Authors: Hansen Niles 
Published: July 2006

ABSTRACTGoods production and services have become increasingly integrated within a flexible, information‐oriented system of production organization. In this context, it is argued here that producer services–carried out both within manufacturing firms and by “independent” enterprises–play a pivotal role in expanding the division of labor, productivity, and per capita income. This proposition is supported by results of an empirical analysis of metropolitan areas in major U.S. regions and in the nation as a whole.
A NOTE ON BILATERAL MONOPOLY AND THE OPTIMUM LOCATION OF VERTICALLY RELATED FIRMS*
Authors: Cheng Doris , Shieh Yeung‐Nan 
Published: July 2006

ABSTRACTThis note considers Blair, Kaserman, and Romano's conclusion (1989) that the only optimal solution in the case of bilateral monopoly is the joint profit maximization solution and examines the pattern of industrial location under joint profit maximization.
NESTED FISCAL IMPACT MEASURES USING THE NEW THEORY OF LOCAL PUBLIC GOODS*
Authors: Heikkila Eric J. , Craig Steven G. 
Published: July 2006

ABSTRACTIn this paper, we use recent advances in the theory of local public goods to develop more‐complete measures of the fiscal impacts of population change. Each fiscal impact measure extends the average‐cost‐based simple multiplier. The service‐based impact measure accounts for the public service production function. The local welfare measure further allows the size of the public budget to vary. The global welfare measure additionally introduces interneighborhood substitution of public services. These four nested measures are calculated for police servims in Vancouver. We demonstrate that the commonly used simple multiplier is an unreliable estimator of fiscal impacts.
COMPENSATION FOR COMMUTES IN THE LAND AND LABOR MARKETS: SOME EVIDENCE FROM THE TOKYO METROPOLITAN AREA*
Authors: Merriman David , Hellerstein Daniel 
Published: July 2006

ABSTRACT. Recent research suggests that in nonmonocentric cities compensation for commutes takes the form of both lower housing prices and higher wages. This paper develops a random utility model that predicts the probability of an actor choosing to commute between each residence and job in a metropolitan area conditional on the observed location of housing units and job sites. The model allows commuting time, origin‐specific amenities, land prices, destination‐specific amenities and wages to influence actors' choices. We estimate the model using maximum likelihood and generalized least squares techniques and data on commuting between each of 38 origin and 15 destination jurisdictions in the Tokyo metropolitan area.The empirical results show that, all else equal, a one percent increase in commuting time reduces the probability that a route (origin‐destination combination) will be chosen by almost five percent. Origin‐specific amenities are not completely capitalized into land prices and destination‐specific amenities are not completely capitalized into wages. Desirable residential amenities include school quality and a low ratio of day to night population. Desirable workplace amenities include a large share of white collar jobs and a high density of employment.
COMPETITIVE FACILITIES: MARKET SHARE AND LOCATION WITH RANDOM UTILITY*
Authors: Drezner Tammy , Drezner Zvi 
Published: July 2006

ABSTRACT. A new approach is proposed for calculating the expected market share. It is assumed that consumers patronize a facility according to a utility function, selecting the facility with the highest utility value. However, consumers'ratings of the utility components are stochastic by some random distribution. Therefore, the buying power of customers located at the same point is divided among several facilities. A probability that a consumer patronizes a certain facility can be calculated. Consequently, the expected market share by competing facilities can be estimated. This calculation is more than 1,000 times faster than repeating a simulation enough times to achieve a reasonable accuracy.The distance decay calculated using the new approach is approximately exponential. A procedure for finding the optimal location anywhere in the plane for a new facility that maximizes the market share is also introduced.
VARIANCES AND STABILITY IN LINEAR DYNAMIC MODELS
Authors: van de Panne C. 
Published: July 2006

SUMMARYA derivation is presented of the variance‐covariance matrix of endogenous variables in a linear dynamic system, given the variances and covariances of exogenous variables and disturbances. A general formulation of the stabilization problem for linear systems is proposed, using as a measure for stability a function variances and covariances of the endogenous variables.
A NOTE ON APPROXIMATION OF FULL INFORMATION MAXIMUM LIKELIHOOD ESTIMATES
Authors: Ramasastry M. V. 
Published: July 2006

SummaryThe method of scoring introduced by R. A. Fisher and C. R. Rao is useful to find solutions from complicated maximum likelihood equations. The purpose of this note is to indicate the implications of this technique in econometrics. For example the linearized maximum likelihood LML estimates of Rothenberg and Leenders (1) are only special values of Rao's estimates.
SIZE‐CHANGES AMONG BUSINESS FIRMS
Authors: Engwall Lars 
Published: July 2006

SummaryThis paper deals with transition‐matrices as a tool to describe the changes within size‐distributions of firms. In a theoretical section the estimation technique is discussed and further uses of the matrices are described. The latter means derivation of steady‐state distributions and measures for mobility.The theoretical part is followed by another section, where empirical results are given. The approach has been applied to data concerning the largest firms with respect to sales within five areas, viz.:

The United States
Countries outside the United States
Europe
Scandinavia
Sweden.

In this section it can be seen that the probability of staying within a certain class is the largest followed in size by the probability of a transition to an adjacent class. Other probabilities are mostly estimated as zero.During the investigated period 1956–1965 movements towards a steady‐state can be seen. There still exist, however, some differences between actual and theoretical distributions.The average time spent in the different classes varies about 10 years. An index for mobility shows values, which mean mobilities, which are 10–20% of the mobilities of a perfect mobile industry. The indices follow fairly well a ranking based on Gini's coefficient of concentration.It is most necessary to obtain further knowledge concerning the process. Thus one extension of this study would be a study using the approach of Monte‐Carlo simulation.
THE OPTIMAL CAPACITY EXPANSION POLICY FOR A MULTI‐PRODUCT FIRM UNDER A DYNAMIC FRAMEWORK *
Authors: Sengupta J. K. , Sen A. 
Published: July 2006

Abstract.An optimal capacity policy model for a multi‐product firm is constructed in a dynamic programming framework, which assumes the following: all current inputs have a perfectly competitive market, all capital resources are limitational, though capable of being utilized in more than one production line and there is a marketing cost function of a specified type for the outputs sold.
SCARCE NATURAL RESOURCES AND INCOME DISTRIBUTION*
Authors: Montani Guido 
Published: July 2006

Summary: Introduction. SECTION I: Differential
rent ‐ 1. The production system with lands of different qualities; 2. Relations between the rates of profit, wage and rent; 3. Order of fertility and income distribution. SECTION II: Rent on land of a single quality ‐ 1. The production system with land of the same quality; 2. Relations between the rates of profit, wage and rent; 3. Possibility of an upward‐sloping wage‐profit frontier
A GENERALIZED MODEL FOR THE CES‐VES FAMILY OF PRODUCTION FUNCTION*
Authors: Tsang Herbert H. 
Published: July 2006

AbstractFour types of relationships constituting an economic model of production are specified in order to deduce the mathematical form of the production function. A technical equation restricts the production function to be a member of the homogeneous class. A behavioral equation describes the profit‐maximizing character of the producer. An empirical equation attempts to explain the average productivity of labor. Finally a demand function reflects the structure of the output market. The derived production function is seen to fall into the widely discussed CES‐VES family. The economic model thus in a sense provides a theoretical basis for the CES‐VES production functions. The economic properties of the derived production function are also studied in detail and alternative estimation procedures are reviewed critically.
THE OPEN‐ECONOMY PHILLIPS CURVES AND THE WELFARE GAINS FROM TRADE*
Authors: Ip Pui Chi 
Published: July 2006

ABSTRACTBy postulating convex‐to‐origin Phillips curves and a concave‐to‐origin indifference map in the unemployment‐inflation space, we find that, the pure gains from trade aside, the post‐trade equilibrium under flexible exchange rates cannot be superior to that under autarky because a variable exchange rate generates no countercyclical forces. Under a fixed exchange rate regime, a country can be better off (worse off) after trade than before trade if the foreign rate of inflation is lower (higher) than that prevailing in autarkic equilibrium. If countries co‐operate and jointly reduce their rates of inflation, they can improve their welfare and yet maintain balance of payments equilibrium. If the rate of profit is a variable determining the position of the Phillips relationship, international trade improves the welfare of the labour‐abundant and worsens that of the capital‐abundant country.
A MODEL OF THE FIRM'S DEMAND FOR MONEY UNDER UNCERTAINTY
Authors: Rozek R. P. , Wu S. Y. 
Published: July 2006

ABSTRACTRecently, economists have centered their explanation of the demand for money balances on the transactions motive. The roles of precautionary and speculative motives remain ambiguous. The purpose of this paper is to fill this void. We develop a static model of the individual firm's demand for money in which prices and the interest rate are assumed to be random variables. In this model, the entrepreneur must decide his money holdings ex ante, and both capital and labor inputs are determined ex post. The demand for money corresponding to the various motives is a consequence of analyzing the ex ante profit function. Implications for monetary policy are derived from this analysis.
THE EXPLORATION AND PRODUCTION OF A LONG‐LIVED NATURAL RESOURCE(*)
Authors: Stewart Marion B. 
Published: July 2006

ABSTRACTThis paper, a synthesis of previous work by the author, examines both the exploration and the production decisions of a firm in a durable natural resource industry, and finds that monopoly power leads to a slowing in the rate of extraction and a reduction in the exploration rate. Thus in a durable resource industry such as gold, the effect of monopoly is multi‐plied: less of the resource will be « discovered », and the stock of the re‐source will be extracted more slowly so that early‐period prices may be kept above the competitive level.
THE WAGE‐PROFIT RELATION WITHOUT CONSTANT RETURNS(1)
Authors: Mainwaring L. 
Published: July 2006

ABSTRACTIt is shown that well‐known propositions of Sraffa concerning the relation between the wage and the rate of profits are not valid without the assumption of constant returns or some other restrictive assumption. The paper recognises a distinction between classical and marginalist methods of analysis but disputes the view that the pursuit of the classical method in value theory obviates the need to assume constant returns. It is argued, on the contrary, that the assumption of constant returns is necessary to the fruitful application of the classical method.
ON A GENERALIZED VON NEUMANN MODEL
Authors: Salvadori Neri 
Published: July 2006

SUMMARYThe main aim of the paper is to give a constructive proof to an existence theorem concerning the generalized von Neumann model à la Morishima in a particular case which arises by dropping and replacing a strong continuity assumption of Morishima, whose existence theorem does not work (as the appendix example shows) when all of Morishima's other assumptions but that continuity assumption hold.In particular, the paper proves that the generalized von Neumann model à la Morishima has a solution when all people consume the same commodities in the same proportions, with a substitution effect equal to zero, even if some commodities are never consumed and not all processes require labour. Moreover, it shows a way to construct a solution by solving a Linear Complementarity Problem with Lemke's complementarity pivot algorithm.
INFORMATION AND INTERRELATIONS BETWEEN THE DEALER AND PRIVATE MARKETS
Authors: Kim Jae‐Cheol 
Published: July 2006

ABSTRACTA competitive equilibrium model of the dealer and private markets is constructed where buyers in the private market obtain some but imperfect information about quality by observing some characteristic of the good while those in the dealer market have perfect information. Under some conditions, there may exist two equilibria. It is shown that one equilibrium is unstable and Pareto inferior to the other. Comparative static analysis are made in the Pareto superior equilibrium to conclude that the size of the dealer market is inversely related to the amount of information about quality contained in the observable characteristic.
THE EFFECT OF THE TRANSFER IN A TWO‐CLASS MODEL
Authors: Kawano Masamichi 
Published: July 2006

ABSTRACTHamada showed that the income transfer from capitalists to workers does not increase the income of workers in the long run. His result is based on the nonlinearity of the saving functions. If the saving function of capitalists is concave (or convex), the maximum of workers' income is attained by the positive (or the negative) transfer. There exists a case where the after‐tax income of capitalists increases by a positive transfer. The global maximum of capitalists' income is attained when workers' income is all transferred to capitalists, while the global maximum of workers' is attained when capitalists enjoy positive income.
SHAPE OF A WAGE‐PROFIT CURVE, SOME METHODOLOGY AND EMPIRICAL EVIDENCE
Authors: Petrović P. 
Published: July 2006

ABSTRACTLinear wage‐profit curve supports quite diverse theoretical propositions: Ricardo's treatment of distribution apart from theory of value, Marx's equivalence of unpaid labour and appropriated profits and neoclassical parables in capital theory. It has been known that the curve should deviate from a straight line, but an expression derived in this paper indicates that the deviations might be insignificant in any actual economy. Empirical evidence obtained, employing the Leontief‐Sraffa model with durable capital, strongly supported the previous conjecture. The evidence refers to a single economy, while its general relevance is approved by comparisons with other economies.
CHOICE OF TECHNIQUES AND THE THEOREM OF OKISHIO
Authors: Warskett G. 
Published: July 2006

ABSTRACTThis paper discusses the sufficiency of the »viability condition« of Okishio's theorem for signalling profit improving choice of techniques. Some counter‐examples are given for linear technologies with joint production. Technological change which conform to the prediction of the theorem ‐ choices made on the basis of the viability condition lead to higher average rate of profit ‐ is called regular, and sufficient conditions for regularity are specified.
NORMS, SOVEREIGNTY AND REGULATION
Authors: Cowling Keith , Naylor Robin 
Published: July 2006

ABSTRACTIn orthodox economic theory individuals are modelled as rational economic consumers maximising their utilities given their preferences and the market prices of the commodities over which preferences are defined. This paper challenges the validity of such an approach. Commercial forces originating in the objectives of producers are likely to exert an influence on preferences and the choice set open to the individual is restricted by the requirements of the market system. Once it is established that the wants to which production is responding are determined, at least in part, within the system of production, then the whole structure of the system is invertible: adjustments can be brought about just as easily by the manipulation of preferences as by the reallocation of the budget by the individual. One implication of our analysis is that there are likely to be a wide range of contexts in which conventional market structures do not provide the most efficient form of resource allocation. The paper concludes by drawing out the implications of the analysis for the design of industrial policy.
MONEY AND GROWTH IN A RICARDO‐VON NEUMANN‐LEWIS WORLD
Authors: Rao Milind 
Published: July 2006

ABSTRACTIt is well known (Tobin (1965)) that in a monetary economy with full employment the monetary growth rate uniquely determines the steady‐state capital intensity of the economy. This paper demonstrates that portfolio balance in a Ricardo‐Von Neumann‐Lewis world implies that the steady‐state growth rate of the economy (the rate of capital accumulation) is uniquely determined by the rate of monetary growth. An increase in the monetary growth rate increases the steady‐state inflation rate which, through its effect on savings, increases the equilibrium growth of the economy.
RICARDO'S THEOREMS ON RELATIVE PRICES A NOTE ON PROF. MORISHIMA
Authors: Plasmeijer Henk W. 
Published: July 2006

ABSTRACTIt is argued that Prof. Morishima's treatment of Ricardo's theorems concerning relative price movements following changes in income distribution cannot count as a reasonable interpretation of Ricardo. Firstly, Ricardo linked up these price movements not only to diverging capital intensities, but also to diverging depreciation rates. Secondly, Prof. Morishima's proof seems to depend on a technology specification which is also characteristic of Sraffa's nonbasic commodity. A more reasonable interpretation seems to be that Ricardo tried to investigate a number of modifications on the ‘principle’ that relative prices are regulated by labour values. It is shown that Ricardo's theorems were, as first approximations, not at all bad.
REDUCIBLE VON NEUMANN MODELS AND UNIQUENESS
Authors: Móczár József 
Published: July 2006

ABSTRACTThis paper can be regarded as a result of basic research on the technological characteristics of the von Neumann models and their consequences. It introduces a new taxonomy of reducible technologies, explores their key distinguishing features, and specifies which ones ensure the uniqueness of von Neumann equilibrium. A comprehensive comparison is also given between the familiar (in)decomposability ideas and the reducibility concepts suggested here. All these are carried out with a modern approach. Simultaneously, the reader may also acquire a complete picture of and guidance on the fundamental von Neumann models here.
INTERNAL FINANCE AND MONOPOLY POWER IN CAPITALIST ECONOMIES: A REFORMULATION OF STEINDL'S GROWTH MODEL
Authors: Dutt Amitava Krishna 
Published: July 2006

ABSTRACTThis paper develops a formalization of the model of growth developed by Steindl in chapter XIII of his Maturity and Stagnation in American Capitalism in order to examine the interaction of real and financial factors in capitalist economies. It will look at the short‐and long‐run behaviour of the economy in which firms have monopoly power, hold excess capacity, and finance a part of their investment spending out of internal savings. The analysis shows the possibility of instability in the economy due to financial and goods market considerations and their interaction, and considers the implications of financial factors for the long‐run effects of the rise of oligopoly.
PRICE DETERMINATION IN POLYPOLISTIC MARKETS AND EXCHANGE RATE CHANGES
Authors: Tamborini Roberto 
Published: July 2006

ABSTRACTA number of extensions of monopolistic competition to international trade have proved able to account for observed deviations from models of perfect competition. New fundamental research has questioned the concept of perfect competition by investigating firms’ decisions directly, with results quite similar in spirit to Kahn's idea of a “polypolistic market”. This paper follows this latter route; it presents a model of a firm's price and output decisions under uncertainty which produces the typical behavior of monopolistic competition even in a homogeneous industry. The model yields insights into the issue of the price and quantity effects of nominal changes in exchange rates.
WAGE FLEXIBILITY AND THE STABILITY ARGUMENTS OF THE NEOCLASSICAL SYNTHESIS
Authors: Flaschel Peter , Franke Reiner 
Published: July 2006

ABSTRACTThis note fills a lacuna in the neoclassical synthesis and completes its dynamic disequilibrium processes by including adjustments of the money wage rate in response to excess demand on the labour market. A Walrasian and a Keynesian variant are distinguished. While in the first case local asymptotic stability is always ensured, the equilibrium is unstable in the Keynesian case if money wages are too flexible relative to the adjustment speeds on the product and money markets.
ENTRY AND EXIT OF FIRMS AND UNDEREMPLOYMENT EQUILIBRIUM
Authors: Ohyama Michihiro 
Published: July 2006

ABSTRACTThis paper extends the standard Keynesian model of aggregate demand and supply allowing for imperfect competition, variable returns to scale, and entry and exit of firms. It distinguishes three phases of macroeconomic equilibria, stagnant, expansive and contractive, according to whether the number of firms is fixed or endogenously determined by the position of the aggregate demand curve. Using this model we show that a large shift in the aggregate demand affects the structure of the economy irreversibly and that the real wage or labor productivity may move procyclically rather than anticyclically. We also elucidate the asymmetric effects of fiscal and monetary policies on the entry of firms and employment.