In this paper, a two-stage model is presented in which firms chose market structure in stage one and play a Cournot game in the second stage. In a one-period game, if a single firm is given a choice in stage one, it will chose to from independent rival divisions rather than remained as a unified...

I analyze oligopoly equilibrium in a non-renewable resource market where firms can argue their initial resource endowment. I use the model to generate two testable implications. First, given the existing distribution of reserves across firms, firms with small reserves will extract a larger...

We analyze the welfare effects of horizontal mergers in the context of a Counot oligopoly model in which firms have different marginal costs of production. A merger may allow for a shift from less efficient more efficient producers (rationalization of production). A merger may increase social...

In this paper we analyze a model in which initially there is a single firm that harvests from a common property resource. The firm faces potential entry of a rival in the future. The costs of harvest from the resource is a function of the stock size. By drawing down the initial population, the...

This paper presents a comprehensive economic framework for the conservation of biological diversity. This framework combines a simple model for valuing different sets of species with a decision theoretic model involving extinction probabilities to identify the optimal conservation strategy....

Research by Chirinko (1982,1985,1987) makes a convincing argument that Q theory is unlikely to provide a satisfactory investment model. However, Klock Thies, and Baum (1991) show that Q is commonly mismeasured. The finding is applicable to Chirinko’s empirical research and raises the question...

By 1989 the Michigan Panel Study on Income Dynamics (PSID) had experienced approximately 50 percent sample loss from cumulative attrition from its initial 1968 membership. We study the effect of this attrition on the unconditional distributions of several socioeconomic variables and on the...

This tutorial will discuss a number of elementary Stata programming constructs and discuss how they may be used to automate and robustify common data manipulation, estimation and graphics tasks. Those used to the syntax of other statistical packages or programming languages must adopt a...

Using comparable micro-level data from three countries, we ask what type of person works in the informal sector and whether informal workers earn lower wages than observationally equivalent workers in the formal sector. The characteristics of informal workers are similar across countries....

This paper provides estimators of discrete choice models, including binary, ordered, and multinomial response (choice) models. The estimators closely resemble ordinary and two stage least squares. The distribution of the model's latent variable error is unknown and may be related to the...