Conjectural variations and the nature of equilibrium in rent-seeking models
In: Public choice, Band 60, Heft 1, S. 31-39
ISSN: 1573-7101
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In: Public choice, Band 60, Heft 1, S. 31-39
ISSN: 1573-7101
In: Public choice, Band 60, Heft 1, S. 31
ISSN: 0048-5829
In: Public choice, Band 36, Heft 1
ISSN: 1573-7101
In: Environmental claims journal, Band 29, Heft 4, S. 253-268
ISSN: 1547-657X
In: Environmental claims journal, Band 29, Heft 2, S. 115-140
ISSN: 1547-657X
In: The Antitrust bulletin: the journal of American and foreign antitrust and trade regulation, Band 39, Heft 3, S. 689-725
ISSN: 1930-7969
In: Contemporary economic policy: a journal of Western Economic Association International, Band 9, Heft 3, S. 93-105
ISSN: 1465-7287
An extensive set of self‐reported survey data exists on illegal drug use. The survey data show that drug use is quite frequent among the younger adult population, relatively infrequent among those of high‐school age, and rare among middle‐aged and older adults. Drug use varies by occupational category in ways that are difficult to rationalize. This study utilizes a model in which an individual's time is allocated among labor, non‐drug consumption, leisure, and drug use, where the individual is cognizant of the effect of drug use on his wages. The study analyzes comparative static results and then uses data from the National Longitudinal Survey of Youth to estimate a probit model of the individual decision to use drugs. The findings of the study are that non‐economic factors dominate the decision for both harder drugs and drugs more broadly defined. One must consider this finding tentative, however, since usable drug price data were not available.
In: Environmental claims journal, Band 30, Heft 4, S. 314-336
ISSN: 1547-657X
In: Contemporary economic policy: a journal of Western Economic Association International, Band 8, Heft 2, S. 142-158
ISSN: 1465-7287
Decontrol of the wellhead price of natural gas under the Natural Gas Policy Act of 1978 ended the general shortage of natural gas, which had begun in the 1960s. It also led to dislocations in gas markets because of regulatory uncertainties that created difficulties in renegotiating contracts made during the shortage period. Together, the decontrol and dislocations led to a decline in the traditional role of interstate gas pipelines as full‐requirements suppliers to local distributors, who now use pipelines primarily as transporters of gas purchased independently of the pipelines. The growth in transport transactions has increased greatly the potential scope of efficient exchanges in gas markets. Achieving efficiency gains, however, requires an underlying right of access to pipelines that is non‐discriminatory, exchangeable, and consistent with both existing regulation and pre‐existing contractual relationships. The authors define such a right, which they call exchangeable transport entitlement (ETE). They show that ETE satisfies the criteria for efficiency gains, and they examine the practical problems of the transition that a regulatory regime incorporating ETE faces. The analysis has important implications for other industries and for the economic theory of regulation. Specifically, the analysis shows that economists must realize the importance of diverse contractual relationships in both their theoretical literature and their proposals for regulatory reform.
In: Contemporary economic policy: a journal of Western Economic Association International, Band 17, Heft 1, S. 1-19
ISSN: 1465-7287
Editor's Note: This is an edited transcription from the general session of the 73rd Annual Conference of the Western Economic Association International, held in Lake Tahoe, Nevada.
In: Bulletin of the atomic scientists, Band 35, Heft 7, S. 7-64
ISSN: 1938-3282