Browsing Working Papers by Issue Date
Now showing items 1-20 of 319
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(Vanderbilt University, 2000)We examine the effect of "split-award" statutes (wherein the State takes a share of a punitive damages award) on equilibrium settlements and the incentives to go to trial. We find that split-award statutes simultaneously ...
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(Vanderbilt University, 2000)Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic ...
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(Vanderbilt University, 2000)This paper examines the dynamic properties of a monetary endogenous growth model in which money is introduced into the system via a transactions-cost technology. A monetary equilibrium that either satisfires the Friedman ...
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(Vanderbilt University, 2000)This paper presents an exploratory analysis of the determinants of prices in online auctions for collectible one-cent coins at the eBay Web site. Our initial dataset consists of over 20,000 auctions which took place during ...
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(Vanderbilt University, 2000)Whether rationality of economic behavior increases with expected payoffs and decreases with the cognitive cost it takes to formulate an optimal strategy remains an open question. We explore these issues with field data, ...
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(Vanderbilt University, 2000)Traditionally, a society's literacy has been measured by the 'literacy rate' or the percent of the adult population that is literate. The present paper maintains that the distribution on literates across households also ...
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(Vanderbilt University, 2000)The Panic of 1837 stands among the most severe banking crises in U.S. history, marking the start of a business downturn from which the nation would not recover for six years. Given the serious consequences of the panic for ...
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(Vanderbilt University, 2000)Fundamentally, this paper is about the value of information. Whenever a cost-benefit analysis has to be undertaken using benefits that are estimated from household survey data the size of the survey sample must be specified. ...
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(Vanderbilt University, 2000)We examine the impact of a desire for social approval on education and occupation choice and model the endogenous determination of perceptions that influence such approval. In a two-sector overlapping generations framework, ...
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(Vanderbilt University, 2000)Australia, Canada, Germany, and the United States experienced a substantial decline in undergraduate degrees in economics from 1992 through 1996, followed immediately by a modest recovery. This cycle does not conform to ...
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(Vanderbilt University, 2000)We use data from the manuscript census of manufacturing to estimate the effects of the length of the working day on output and wages. We find that the elasticity of output with respect to daily hours was positive but less ...
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(Vanderbilt University, 2000)We examine the role of visibility in influencing government resource allocation across multiple public goods. In an electoral framework, outcomes are defined to be less visible in tasks if it is harder to assess government ...
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(Vanderbilt University, 2000)This paper proposes a fully nonparametric test for cointegrating rank which does not require estimation of a vector autoregressive model. The test exploits the fact that the degeneracy in the moment matrix of the variables ...
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(Vanderbilt University, 2000)Using unpublished manuscript census data for 1869/70 and 1879/80, we estimate that manufacturing establishments in the mid/late nineteenth century averaged about 10 months of fulltime operation per year; somewhat longer ...
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(Vanderbilt University, 2000)Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find Measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the ...
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(Vanderbilt University, 2000)In this article, benchmark Taylor rules are obtained as the solution to a dynamic programming problem in which interest rates are chosen to minimize the discounted sum of observed inflation and output variations. The ...
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(Vanderbilt University, 2000)This paper develops a dynamic general-equilibrium model with production to examine the inter-relationships between the real and the financial sectors with and without credit market imperfections. Due to the moral hazard ...
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(Vanderbilt University, 2000)This paper, prepared for the Journal of Economic Perspectives, provides an overview of the economic issues arising in business-to-business (B2B) online commerce. Just as the industrial revolution mechanized firms' manufacturing ...
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(Vanderbilt University, 2000)Arrow's axioms for social welfare functions are shown to be inconsistent when the set of alternatives is the nonnegative orthant in a multidimensional Euclidean space and preferences are assumed to be either the set of ...
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(Vanderbilt University, 2000)This article examines the intellectual influences that economists exerted on Nicholas Georgescu Roegen in his formative and mature years. While these include Malthus, Marshall, Pareto and Schumpeter, attention is focused ...