As the practice of a firm in one country owning production facilities in another has increased, several theories have developed to explain why production facilities do not always have local owners who would presumably be more familiar with local business conditions. A transaction cost...

A production function highly concave in inputs will have a dual profit function less convex in prices. Even large variations in prices will cause little variation in input usage and output, resulting in poor profit function estimates. This is demonstrated using Monte Carlo simulation with...

In recent years there has been much discussion of the difference between Inequality and Polarization. The vast literature on inequality is held to miss out key features of distribution change, which are better described as changes in the polarization. Axioms have been proposed which capture some...

Valuation of electricity generating assets is of central importance as utilities are forced to spin-off generators with the introduction of competitive markets. A continuous-time mean reverting price path with stochastic upward jumps is proposed as an appropriate model for long-run competitive...

In a departure from past contingent valuation research of groundwater quality, this paper estimates a damage function for nitrate exposures based on actual water test results of individual wells. From the perspective of reliability, it is argued that such a full information approach more closely...

This paper analyzes the dynamic effects of the acreage restrictions and land diversion requirements that are characteristic of the farm subsidy programs in the United States. The subsidy payments a farmer receives are based upon historical base acreage, and it 1s sometimes optimal for a farmer...