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Factor price

About: Factor price is a research topic. Over the lifetime, 2764 publications have been published within this topic receiving 86176 citations.


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TL;DR: The authors developed a methodology for identifying departures from relative factor price equality across regions that is valid under general assumptions about production, markets and factors, and applied this methodology to the United States to reveal substantial and increasing deviations in relative skilled wages across labour markets in both 1972 and 1992.
Abstract: We develop a methodology for identifying departures from relative factor price equality across regions that is valid under general assumptions about production, markets and factors. Application of this methodology to the United States reveals substantial and increasing deviations in relative skilled wages across labour markets in both 1972 and 1992. These deviations vary systematically with labour markets’ industry structure both in cross section and over time.

33 citations

Journal ArticleDOI
TL;DR: In this paper, a simple test that distinguishes between the two leading theories based on economically rational behavior: price as signal of quality and price as a predictor of future prices is proposed.
Abstract: A large literature demonstrates the empirical importance of internal reference price effects. There are several theories regarding how and why these effects arise. We offer a simple test that distinguishes between the two leading theories based on economically rational behavior: price as a signal of quality and price as a predictor of future prices. Our test builds on differences in how past consumer purchases interact with internal reference prices. We first validate the reliability of our test by applying it to synthetic data. We then apply our test to purchases of ketchup and diapers and find: (1) quality signaling is the dominant mechanism behind reference price effects in both categories; (2) consistent with the quality-signaling theory, reference price effects diminish as various measures of consumer experience increase; but (3) in both categories there are many individuals for whom price-prediction effects dominate quality-signaling effects.

33 citations

Journal ArticleDOI
TL;DR: For example, this paper showed that if unions appropriate quasi-rents from relation-specific capital, observed factor prices no longer reflect effective costs, and that unionism has effects akin to a partial factor tax on capital.

33 citations

Journal ArticleDOI
TL;DR: In this article, conditions are derived which describe the international allocation of machines under perfect competition with international factor price differentials, under fairly weak and plausible assumptions and in a wide variety of models, a high wage country specialises in the use of new machines, and a low wage country uses second-hand machines and some new machines peculiar to itself.

33 citations

Journal ArticleDOI
TL;DR: In this paper, the authors used time series data on domestic paddy price, cost of domestic rice production, rice world market price, and the government-determined price according to its policy, in multiple regression analysis.
Abstract: In the context of globalisation, states are insinuated as little homes in the global village. Although arguments on change of powers in the current situation are widely made qualitatively, quantitative analysis by empirical information is still minimal. This study, therefore, chose an advanced quantitative methodology, using time series data on domestic paddy price, cost of domestic rice production, rice world market price, and the government-determined price according to its policy, in multiple regression analysis.The research findings show that, as the cost of domestic rice production does not influence domestic paddy price, at statistical significance of .05, the domestic paddy price is in fact more affected by the rice world market price, which represents the power of globalisation, than by the price determined by the government, which represents the power of the state, at statistical significance of .05, for approximately 4.78 times, indicating that state power in this context is no longer in the position to bargain with the power of globalisation. Hence, policy recommendations continue to be regarded with the adjustments of economic management, in which the current Thai government still chooses to utilise great amount of its budget to intercept the market price of rice.

33 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20236
20227
202115
202017
201919
201816