Book•
Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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Dissertation•
01 Jan 2012
TL;DR: In this paper, the authors analyse the existing port regulatory framework against a theoretical framework, considering the theories of competition, equilibrium, market failure and regulation, and make an assessment of the current regime can be made.
Abstract: As an island nation, Australia is heavily dependent on its ports. Ports are essential infrastructure, acting as a gateway connecting domestic and international markets. However, the resources boom has highlighted significant bottlenecks in the supply chain. Port regulation has at times been criticised for impeding port development and investment. There are concerns that the level of investment in port infrastructure in Australia is insufficient to sustain the increase in trade we will see in the future. It therefore seems an appropriate time to review port regulation in Australia. This paper seeks to analyse the existing port regulatory framework against a theoretical backdrop. By considering the theories of competition, equilibrium, market failure and regulation, it is hoped an assessment of the current regime can be made.
1 citations
TL;DR: A secure and practical double auction protocols based on a hybrid trust model, where computation load is distributed to buyers and sellers while a semi-trusted manager handles the registration phase, achieved by using a publicly verifiable secret sharing scheme with threshold access structure.
Abstract: Recently, Wang et al. proposed a set of double auction protocols with full privacy protection based on distributed ElGamal encryption. Unfortunately, their protocols are expensive in computation, and are not robust in dealing with system malfunction or user misbehavior. In this paper, we propose a secure and practical double auction protocols based on a hybrid trust model, where computation load is distributed to buyers and sellers while a semi-trusted manager handles the registration phase. A prominent feature of the proposed protocol is its high robustness, achieved by using a publicly verifiable secret sharing scheme with threshold access structure.
1 citations
TL;DR: In this paper, the authors respond to a comment by Lee (2009) and clarify certain results in Barros, del Corral and Garcı́a-del-Barrio (2008), hereinafter referred to as BCG.
Abstract: This note responds to a comment by Lee (2009) and clarifies certain results in Barros, del Corral and Garcı́a-del-Barrio (2008), hereinafter referred to as BCG. From our point of view, Prof. Lee’s comment makes several unfounded criticisms to BCG. Anyway, the observations made by Prof. Lee deal with several questions of relevance in sports efficiency and productivity literature. Besides, the way in which latent class models could be relevant to this area of research is also illustrated. Lastly, his comment highlights problems of (a) specification errors; (b) small sample problem, and (c) misinterpretation of the estimates because in the words of Prof. Lee ‘‘their interpretation of the estimates does not consider the advantage of translog function.’’ We demonstrate that Prof. Lee is wrong in the interpretation of the estimates. The first area of concern for Lee (2009) is about specification errors. Lee (2009) pointed out several criticisms: the price of labor used in BCG is inadequate, the estimates of BCG are not legitimate for a cost function, and lastly BCG did not take into account the peculiar characteristics of a sports team production. With regard to the inappropriate use of the labor price, Prof. Lee cited several articles that have adopted alternative specifications. However, the articles that he cited (i.e., Frick & Simmons, 2008; Haas, 2003; Kahane, 2005) use the primal approach (i.e., production function) instead of the dual one (i.e., cost function) that we used. Thus, these articles are not strictly comparable to that of ours. However, to estimate cost functions input prices
1 citations
Cites background from "Intermediate microeconomics : A mod..."
...The specification of the cost function follows microeconomic theory (Varian, 1987)....
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Posted Content•
TL;DR: In this article, the authors provide an assessment of the broader variety of existing theories and develop a new theoretical account which integrates these different views, drawing on an evolutionary economic concept: a micro-meso-macro framework.
Abstract: When discussing the employment effects of minimum wages, mainstream economic discussion as well as mainstream economics textbooks mainly center around two variations of the neoclassical model: the model of the competitive and the monopsonistic labor market. The current paper offers a different perspective: it provides an assessment of the broader variety of existing theories and develops a new theoretical account which integrates these different views. For the comparison as well as for the later integration of these theories, it draws on an evolutionary economic concept: a micro-meso-macro framework. Here it shows that due to its simple structure and conceptual flexibility, the micro-meso-macro framework is very well suited to the task of integrating these different theoretical visions as well as assessing their evolutionary features. It follows from the analysis that from a theoretical viewpoint, the effect of the minimum wage on employment is indeed ambiguous, which is perfectly in line with the existing empirical evidence.
1 citations
Additional excerpts
...8For a more detailed discussion see e.g. Pindyck and Rubinfeld (2013) and Varian (2010)....
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...From a dynamic point of view, a higher minimum wage means that the firm has to pay higher 14See again e.g. Pindyck and Rubinfeld (2013) or Varian (2010)....
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...13See again e.g. Pindyck and Rubinfeld (2013) or Varian (2010). them with other workers....
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Posted Content•
TL;DR: In this article, four types of non-monotonic utility functions that suit the sufficiency economy are presented, and the authors show that an individual requires an optimal level of income rather than a maximized level to achieve the highest utility.
Abstract: This study invents four types of non-monotonic utility functions that suit the sufficiency economy. With these utility functions, an individual may not get higher utility when consume more goods. Therefore, an individual requires an optimal level of income rather than a maximized level of income to achieve the highest utility.
1 citations