Showing papers in "Quarterly Journal of Economics in 1967"
TL;DR: The Prisoners' dilemma game is an extension of the zero zero-sum game known as the prisoner's dilemma game as discussed by the authors, which has a very different logical structure and involves different policies.
Abstract: SOME OF THE RECENT DISCUSSIONS ON THE RELATIONSHIP BETWEEN PRIVATE AND SOCIAL RATES OF DISCOUNT HAVE BEEN CONCERNED WITH A SPECIAL INSTANCE OF A VERY GENERAL PROBLEM BEING AN EXTENSION OF THE TWO-PERSON NON-ZERO-SUM GAME KNOWN AS THE PRISONERS' DILEMMA. IN THE FIRST SECTION OF THIS PAPER THE GENERAL NATURE OF THIS PROBLEM IS STUDIED, AND IT IS SHOWN THAT THERE IS ANOTHER PROBLEM CLOSE TO THIS ONE WITH WHICH IT IS SOMETIMES CONFUSED, BUT WHICH HAS A VERY DIFFERENT LOGICAL STRUCTURE AND INVOLVES DIFFERENT POLICY IMPLICATIONS. IN THE REMAINING THREE SECTIONS THE APPLICATION OF THIS GENERAL FRAMEWORK TO THE QUESTION OF OPTIMUM SAVINGS AND THE SOCIAL RATE OF DISCOUNT IS EXAMINED. /AUTHOR/
565 citations
TL;DR: In this article, the general rivalry problem and the N-firm problem are discussed. But the authors focus on the nonrivalrous case, and do not consider the general duopoly model.
Abstract: I. Returns and costs in the nonrivalrous case, 359. — II. The general rivalry problem, 363. — III. Specific duopoly models, 367. — IV. Solution concepts, 371. — V. Specific Cournot reaction patterns, 377. — VI. The N-firm problem, 389. — VII. Welfare implications, 392. — VIII. Conclusion, 394.
353 citations
TL;DR: In this paper, the optimal tax policy with free trade and optimal tariff policy with mobile capital is presented. But the model is not complete and full optimization and complete specialization is not considered.
Abstract: I. Introduction, 1. — II. The model, 3. — III. Full optimization and complete specialization, 8. — IV. Full optimization and incomplete specialization, 10. — V. Optimal tax policy with free trade, 16. — VI. Optimal tariff policy with mobile capital, 23. — VII. Summary and conclusions, 31.
325 citations
TL;DR: Research elasticities and average firm size, 644. as mentioned in this paper The role of technical entry barriers and the level of research, 645 The role and role of entry barriers, 652.
Abstract: Research and firm size within industries, 640. — Research elasticities and average firm size, 644. — Market structure and the level of research, 645. — The role of technical entry barriers, 652. — Conclusions, 656.
229 citations
TL;DR: In this article, the paradox of voting and its significance was discussed, and voting in simple and realistic models was discussed in a simple model, and in a more realistic model, respectively.
Abstract: Aggregation of preferences, 256. — The paradox of voting and its significance, 257. — Voting in a simple model, 258. — Some complications, 260. — Unimportance of the paradox, 263. — Voting in a more realistic model, 264. — Conclusion, 270.
197 citations
TL;DR: In this paper, the authors present the one-sector two-capital model with dynamic analysis and rationality and irrationality, and conclude that the two-sector model is the best one-and two-class model.
Abstract: I. Introduction and summary, 592. — II. The one-sector two-capital model, 593. — III. Dynamic analysis, 597. — IV. Market structure, 603.— V. Rationality and irrationality, 607. — VI. Concluding comments, 609.
145 citations
TL;DR: In this article, a general formulation of the model was presented, and the choice of dependent variables was also discussed, including the R&D equation, the advertising equation and the capital investment equation.
Abstract: I. A general formulation of the model, 59. — II. The choice of dependent variables, 61. — III. The capital investment equation, 64. — IV. The R & D equation, 71. — V. The advertising equation, 74. — VI. The dividends equation, 75. — VII. An appraisal of the model, 77. — VIII. Policy implications of the results, 81. — IX. Conclusion, 84. — Appendix, 84.
142 citations
TL;DR: In this article, the conceptual framework is presented, and the model is analyzed in a model-based manner, and some extensions of the analysis are discussed. And the authors conclude that the model can be used for empirical application.
Abstract: I. The conceptual framework, 396. — II. The model, 402. — III. Empirical application, 406. — IV. Some extensions of the analysis, 411. — V. Conclusion, 421.
79 citations
TL;DR: In this article, the learning model, demand, cost, and environmental feedback are combined with Satisficing's convergence to marginalism, and a simple example of a simple instance is given.
Abstract: Introduction, 302. — The learning model, 304. — Demand, cost, and environmental feedback, 307. — Satisficing's convergence to marginalism, 308. — A simple example, 310.
75 citations
TL;DR: In this article, the authors present a diagrammatic approach to cost of capital, and a few comments on the opportunity loci, 559, 561, 562, 564, 565, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24
Abstract: I. The problem, 547. — II. Cost of capital: whose opportunity cost? 548. — III. A few formal relationships, 549. — IV. A diagrammatic approach to cost of capital, 552. — V. Transactions costs and taxes in practice, 555. — VI. A few comments on the opportunity loci, 559. — VII. Characteristics of an optimal financial structure, 561. — VIII. The real marginal cost of debt and equity, 564. — IX. A measure of the cost of capital, 567. — X. Capital as a weighted average, 569. — XI. Conclusion, 571. — Appendix A, 571. — Appendix B, 575.
67 citations
TL;DR: In this paper, a transformation analysis with fixed coefficient production functions is presented, along with some numerical examples with Cobb-Douglas production functions, and Appendix, 674, 675, 676, 677.
Abstract: I. Introduction, 658. — II. General methodology, 659. — III. Transformation analysis with fixed coefficient production functions, 663. — IV. Numerical examples with Cobb-Douglas production functions, 666. — V. Conclusions, 673. — Appendix, 674.
TL;DR: In this article, the relative effectiveness of both monetary and fiscal policies is compared, and an alternative definition of fiscal policy is proposed, along with a comparison of relative effectiveness between the two policies.
Abstract: Introduction, 515. — Constant exchange rates, 518. — Flexible exchange rates, 519. — Comparison of the relative effectiveness of fiscal and monetary policies, 520. — An alternative definition of fiscal policy, 523.
TL;DR: In this article, the authors present time pattern and output per head, 579, 581, 582, 583, 584, 585, 586, 587, 588, 589, 590, 591, 592, 593, 594, 595, 596, 597, 598, 599, 510, 511, 512, 513, 514, 515, 516, 517, 518, 519, 520, 521, 522, 523
Abstract: Time pattern and output per head, 579. — Forward and backward switching of techniques, 580. — Capital and output, 580. — Capital value and switching, 581. — Diagrams, 582. — Input-output relations, 585. — Conclusion, 591.
TL;DR: A sentence in King's working-journal is found in this paper, where he describes Davenant's role as a mediator between King's law and the demand schedule of the King's Law.
Abstract: I. A sentence in King's working-journal, 483. — II. Some previous statements about King's law, 485. — III. Davenant's role, 488. — IV. Early variations of the demand schedule, 491. — V. Conclusion, 492.
TL;DR: The poverty model, 40. as mentioned in this paper The poverty model is used to measure the economic status of families in the United States and states of Alaska, Hawaii and Alaska and Hawaii, respectively.
Abstract: The poverty model, 40. — Farmers, 43. — Families with no one in the labor force, 44. — Education, 46. — Alaska and Hawaii, 47. — Full-time employment, 47. — Industrial structure, 48. — Nonwhites, 51. — Principal component analysis, 52. — Implications, 56.
TL;DR: In this paper, the effect of indirect taxes on the price structure of a product has been investigated, and some implications of these indirect taxes have been discussed, e.g., in terms of their effect on price structure.
Abstract: I. Introduction, 125. — II. The effect of indirect taxes upon the price structure, 126. — III. Some implications, 134. — IV. Summary and Conclusions, 138.
TL;DR: In this article, the authors discuss the causes and effects of export stagnation and the possibilities for change and conclude that there is a potential for change in the export market and propose a solution.
Abstract: I. Data on export stagnation, 286. — II. Causes of export stagnation. 287. — III. Effects of export stagnation, 292. — IV. Possibilities for change, 296. — V. Conclusions, 299.
TL;DR: In this paper, the United States and European industries compared with the world industry as a whole, 461, 471, 473, and 474, respectively, for 1962.
Abstract: I. The basic issue, 457. — II. Status of the United States industry compared with the world industry as a whole, 458. — III. The United States and European industries compared, 461. — IV. Technological and economic complications in the decision process, 465. — V. The United States and Japanese industries compared, 470. — VI. The significance of 1962, 471. — VII. Conclusions, 473.
TL;DR: The question at issue, 241. The premises, 242. as discussed by the authors The path to equilibrium, 245 The profit motive, 248 The profit mechanism, 256 The profit incentive, 256 Dividends, 251 The profit motivation, 252 Reconciliation with standard theory, 252
Abstract: The question at issue, 241. — The premises, 242. — The path to equilibrium, 245. — The profit motive, 248. — Bank loans, mortgage bonds, and equity capital, 250. — Dividends, 251. — Reconciliation with standard theory, 252.
TL;DR: In this article, training costs and "unemployables", 675, 678, 679, 681, 682, 683, 684, 685, 686, 687, 688, 689, 690, 691, 692, 693, 694, 695, 696, 697
Abstract: I. Training costs and "unemployables," 675. — II. Solution, 678. — III. Assessment, 679. — Appendix, 680.
TL;DR: In this article, the authors present the right combination of food policy measures, including price control, rationing, and food price mechanism, to achieve a balanced food policy, and evaluate the effects of price control.
Abstract: I. Introduction, 271. — II. Food and the price mechanism, 272. — III. — Effects of price control, 276. — IV. Rationing, 279. — V. The right combination of food policy measures, 281.
TL;DR: The demand for international reserves under the gold exchange system, 630; adjustment to asset preferences, 634; changes in asset attributes, 636; and the crisis in gold exchange standard, 631 as discussed by the authors.
Abstract: Introduction, 628. — I. The demand for international reserves under the gold exchange system, 630; adjustment to asset preferences, 630; crisis in the gold exchange standard, 631. — II. The demand for reserves in the IMF system, 631; attributes of reserve assets, 632; ranking of reserve assets, 633 adjustment to asset preferences, 634; changes in asset attributes, 636. — III. Conclusion, 638.
TL;DR: In this article, the authors studied the long-run trends and structural shifts in the postwar mortgage market and found that financial intermediary investment behavior was highly correlated with long-term trends in the mortgage market.
Abstract: I. Financial intermediary investment behavior, 494. — II. Long-run trends and structural shifts in the postwar mortgage market, 500. — III. Financial intermediary mortgage investment behavior, 503. — IV. Conclusions, 513.