Showing papers in "Quarterly Journal of Economics in 1970"
TL;DR: In this paper, the authors present a struggling attempt to give structure to the statement: "Business in under-developed countries is difficult"; in particular, a structure is given for determining the economic costs of dishonesty.
Abstract: This paper relates quality and uncertainty. The existence of goods of many grades poses interesting and important problems for the theory of markets. On the one hand, the interaction of quality differences and uncertainty may explain important institutions of the labor market. On the other hand, this paper presents a struggling attempt to give structure to the statement: “Business in under-developed countries is difficult”; in particular, a structure is given for determining the economic costs of dishonesty. Additional applications of the theory include comments on the structure of money markets, on the notion of “insurability,” on the liquidity of durables, and on brand-name goods.
17,764 citations
TL;DR: In this paper, a simple model of job search and a more general model for job search are presented, and an adaptive search model is presented for adaptive job search, based on a simple and general model of search.
Abstract: I. Introduction, 113. — II. A simple model of job search, 115. — III. A more general model of job search, 123. — IV. An adaptive search model, 125.
1,203 citations
TL;DR: In this article, a static stochastic model and a dynamic model are presented for the instrument problem and the combination policy, respectively, and concluding observations are given for both models.
Abstract: I. Introduction, 197. — II. The instrument problem, 199. — III. A static stochastic model, 203.— IV. The combination policy, 208. — V. A dynamic model, 209. — VI. Concluding observations, 214. — Appendix, 215.
1,056 citations
TL;DR: An ultra-Keyniesian model, 303 as discussed by the authors, and a Friedman model, 310, were used to compare timing implications, and they showed that timing implications are strongly correlated.
Abstract: An ultra-Keyniesian model, 303. — A Friedman model, 310. — Comparisons of timing implications, 314.
301 citations
TL;DR: In this article, the authors proposed a production function and producer equilibrium under laissez-faire, and analyzed consumers' surplus in terms of consumers' goods and services, and dynamic stability of the adjustment process.
Abstract: I Introduction, 347 — II Production functions and producer equilibrium, 352 — III Demand functions and supply of labor, 356 — IV Equilibrium under laissez-faire, 358 — V Ideal output, 362 — VI Taxes, bounties, and optimality rules, 366 — VII Analysis in terms of consumers' surplus, 373 — VIII Dynamic stability of the adjustment process, 381
236 citations
TL;DR: In this article, a neoclassical macro theory for money wage changes is presented, with spontaneous wage change and additional wage determinants, and the derivation of the Phillips relation is discussed.
Abstract: I. A neoclassical macro theory for money wage changes, 2. — II. Neoclassical wage theory with spontaneous wage change and additional wage determinants, 3 — III. Vacancies and unemployment and excess demand, 5. — IV. The derivation of the Phillips relation, 8. — V. The form of the Phillips relation, 11. — VI. The cyclical characteristics of unemployment and vacancies, 17. — VII. Vacancies, unemployment, and equilibrium, 21.
197 citations
TL;DR: A geometrical analysis, 540.A numerical analysis, 547.A model with two types of labor, 558 as mentioned in this paper, and a model with monopoly elements, 559.
Abstract: A geometrical analysis, 540. — A numerical analysis, 547. — A model with two types of labor, 558. — Monopoly elements, 559. — Concluding remarks, 560.
145 citations
TL;DR: In the previous chapter we illustrated some of the ways that Bayesian analysis can be used in duopoly theory as mentioned in this paper, which is characterized by the fact that an infinite number of models can be generated by assuming different values for the conjectural variations term (Cohen and Cyert 1975; Kamien and Schwartz 1983).
Abstract: In the previous chapter we illustrated some of the ways that Bayesian analysis can be used in duopoly theory. Duopoly and oligopoly theory is characterized by the fact that an infinite number of models can be generated by assuming different values for the conjectural variations term (Cohen and Cyert 1975; Kamien and Schwartz 1983). No general solution exists and there is no basis, either empirical or theoretical, for preferring one of the models over the other.
91 citations
TL;DR: In this paper, the need for a study based on wage contracts was discussed, and a study of structural differences between different types of wage contracts were presented, based on a series of General Motors wage changes.
Abstract: I. The need for a study based on wage contracts, 601. — II. Hypotheses on structural differences, 503. — III. Data and methodology, 505. — IV. Estimates of the wage equations, 510. — V. Negotiated wage increases and the guideposts, 513. — VI. Conclusions, 516. — Appendix: calculation of the wage changes series for General Motors, 517.
87 citations
TL;DR: The pure theory of discrimination and economic welfare is discussed in this article, where it is shown that the pure theory can be used to derive product differentiation and product differentiation can be seen as an indicator of economic welfare.
Abstract: I. Introduction, 268. — II. Discrimination and its degrees, 269. — III. The pure theory of discrimination and economic welfare, 271. — IV. Product differentiation, 275. — V. Conclusions, 277.
81 citations
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TL;DR: In this article, the influence of money on business is investigated and evidence for independent influence on business, and Tobin's two models, 322 and 325, are presented, respectively.
Abstract: I. The influence of money on business, 318. — II. Evidence for the independent influence of money on business, 320. — III. Tobin's two models, 322. — IV. The Friedman model, 325. — V. Conclusion, 326.
TL;DR: In this paper, the monopoly and purely competitive decisions are discussed, and the generality of the results are discussed as well as some concluding remarks about the results and their application in the real world.
Abstract: I. Introduction and summary, 627. — II. Assumptions, 629. — III. The monopoly and purely competitive decisions, 631. — IV. The generality of the results, 633. — V. Some concluding remarks, 635. — Appendix (to Section III), 636.
TL;DR: In this article, the authors discuss the implications of alternative assignments of liability in the context of product liability, and propose an alternative assignment of liability for each class of products. But,
Abstract: Introduction, 611.--I. Developments concerning products liability, 612.--II. Implications of alternative assignments of liability, 616.
TL;DR: In this paper, the utility of wealth in the model of assumptions and notation is discussed. But the model does not consider borrowing constraints, as in this paper, and the model is based on the assumption and notation of the model.
Abstract: I. Introduction, 472. — II. The model: assumptions and notation, 474. — III. Derivation of the model, 477. — IV. The utility of wealth, 478. — V. Borrowing constraints: an example, 480. — VI. Concluding remarks, 486.
TL;DR: In this article, the basic model is described and empirically evaluated using the Poliep's implications, and the model is used to estimate the probability of a given model being true.
Abstract: I. Introduction, 175. — II. The basic model, 177. — III. Empirical specification, 179. — IV. Empirical estimation, 187. — V. Poliep' implications, 193.— Appendix: Symbols, definitions, and data sources, 195.
TL;DR: In this paper, empirical observation and hypothesis are used for finding and implications of the proposed hypothesis, and the results are presented in a quantitative manner. But they are not presented in an experimental setting.
Abstract: I. Empirical observation and hypothesis, 564. — Quantitative analysis, 574. — III. Findings and implications, 579.
TL;DR: In this paper, the effects of monetary policy changes on the distribution of interest rates and national income are analyzed. But the authors focus on the effect of monetary policies on economic growth.
Abstract: I. Introduction, 288. — II. Monetary changes, interest rates, and national income, 288. — III. Lag in effect of monetary policy, 291. — IV. Measurement of effects of monetary policy changes, 292.
TL;DR: The paradox of voting under uncertainty: a special case, 706 as discussed by the authors, and the unconstrained case and the importance of strategy constraints, 708, 710, 711.
Abstract: I. Introductory remarks, 705. — II. The paradox of voting under uncertainty: a special case, 706. — III. The unconstrained case and the importance of strategy constraints, 708.
TL;DR: In this article, the authors consider the effects of industrial development on the allocation of resources and the effect of foreign trade on economic growth, and conclude that industrial development has a negative effect on economic development.
Abstract: I. Inward- and outward-looking strategies of industrial development, 24. — II. Effects on the allocation of resources, 28. — III. Large-scale economies and technological change, 32. — IV. Effects on foreign trade, 38. — V. Effects on economic growth, 43. — VI. Conclusion, 44.
TL;DR: In this article, the authors compare absolute firm size and research intensity in France and the United States, 391 and 391, respectively, and conclude that France is the best performing country in the world.
Abstract: I. Introduction, 386. — II. Comparative concentration of research activity in France and the United States, 388. — III. Comparative absolute firm size and research intensity in France and the United States, 391. — IV. Comparative seller concentration and research intensity in France and the United States, 400. — V. Firm size and research intensity in France, 403. — VI. Study of other industrial economies, 407. — VII. Conclusions, 408.
TL;DR: In this paper, the authors present the "homemade leverage theorem" and the effect of no default risk on corporate investment in option-financing, and the corporate investor: long-, margin-, and short-risk positions.
Abstract: I. Debt versus equity financing, 452: Investor portfolio choice, 454; Fundamental leverage theorem, 456; Leverage as an externality 456; Effect of no default risk: the "homemade leverage theorem," 457; Corporate management and the capital markets, 458; Corporate capital budgets as a "public good," 460. — II. The corporate investor: long-, margin-, and short-risk positions, 462. — Appendix: option financing, 467.
TL;DR: In this article, the opportunity cost of capital and the internal rates of return of a project were compared, and the ranking of projects based on the opportunity costs of capital was proposed.
Abstract: I. Introduction, 430. — II. Internal rates of return and the ranking of projects, 434. — III. Calculating the opportunity cost of capital, 440. — IV. Conclusions, 449.
TL;DR: In this paper, two alternative interpretations of the stylized facts are presented, and the influence of supply on demand on demand is discussed. And Say's law in reverse is considered.
Abstract: I. Introduction, 48. — II. Two alternative interpretations of the stylized facts, 49. — III. The influence of supply on demand, 53. — IV. The influence of demand on supply, 56. — V. Growth and transformation, 60. —VI. Say's law in reverse, 65. — VII. Summary, 68.
TL;DR: In this article, the authors present a tax model for relative prices and tax incidence, and the analysis of the model is presented. But the analysis is limited to a single tax bracket.
Abstract: I. Introduction, 254. — II. The model, 255. — III. Relative prices and tax incidence, 257. — IV. The analysis of the model, 259. — V. Concluding remarks, 265.
TL;DR: X-Efficiency, 236.5%, Incentive pricing applied to regulated utilities, 244, and Calibration, 247; the regulatory lag, 251.
Abstract: X-Efficiency, 236. — Incentive pricing, 243. — Incentive pricing applied to regulated utilities, 244. — Calibration, 247. — The regulatory lag, 251. — Conclusion,
TL;DR: The economic setting, 71. as mentioned in this paper The human capital model, 73 The factors inhibiting human capital development, 79 The human resource model, 80 Secular trends in the parameters, 80.
Abstract: The economic setting, 71. — The human capital model, 73. — Factors inhibiting human capital development, 79. — Secular trends in the parameters, 80. — Conclusions, 83.
TL;DR: In this article, effective tariff rates and regression studies are used to evaluate the effectiveness of a trade agreement between the United States and China. But they do not consider the impact of different types of tariffs.
Abstract: I. Introduction, 590. — II. Effective tariff rates, 591. — III. Regression studies, 600. — IV. Summary, 603. — Appendix, 604.