This paper demonstrates that the results recently presented by Shogren et al (1994) are insufficient to reject the endowment effect as a significant cause of the divergence between willingness to pay (WTP) and willingness to accept (WPA) values. A more transparent means of testing for the...

Over the last decade, evidence has accumulated in the mainstream economics literature indicating that, contrary to economic theory, indifference curves are irreversible. The methods in question - willingness to pay versus willingness to accept and standard gamble versus certainty equivalence -...

Prescriptions account for around 10% of UK National Health Service (NHS) expenditures. In an effort to control costs and to recoup expenditures government imposed prescription charges in 1951. Before their temporary abolition in 1965, charge income covered about 20% of costs. But both the charge...

This paper demonstrates that the HYE procedure yields health status values, not utilities as its creators claim. The difference between results from HYEs and the TTO technique is merely a product of the Standard Gamble/Certainty Equivalence disparity noted elsewhere in the literature. If utility...

Duopoly competition can take different forms: Bertrand, Cournot, Bertrand-Stackelberg, Cournot-Stackelberg and joint profit maximization. In comparing these market structures this paper make three contributions. First, we find a clear price (output) ranking among these five markets when goods...

Utilizing panel data for 19 OECD countries we find support for the hypothesis that a greater degree of product variety relative to the US helps to explain relative per capita GDP levels. The empirical work relies upon some direct measures of product variety calculated from 6-digit OECD export...

This paper tests for the presence of non-linear dependence in the black- market Polish zloty-dollar exchangeg rate. Using the GARCH-M model, we illustrate use of the Marquardt (1963) alternative to the Berndt, Hall and Hausman (1974) iterative nonlinear algorithm for estimation of such models,...

This paper presents an analysis of gender effects in intra-household allocation of resources among children over the life-cycle in India. We present a simple three-period model that considers two possible motives for differential allocation of resources: parental preferences (in favour of male...

Western advisors of Eastern reform favour outside, stock-market ownership and control of large privatized enterprise. However, Japanese firms and their Western transplants are dominated by employee stakeholders as implicit residual owners. Their success, and political contraints, suggest a...

We present a new model of employee involvement with incomplete contracts and uncertain monitoring. Distributional considerations limit productivity and generate excessive monitoring under employee control, so co-determination can increase both efficiency and labour's share of the enterprise...