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The Bell Journal of Economics最新文献

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Warranties, Performance, and the Resolution of Buyer-Seller Disputes 保证、履行和解决买卖双方争议
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003540
T. Palfrey, T. Romer
{"title":"Warranties, Performance, and the Resolution of Buyer-Seller Disputes","authors":"T. Palfrey, T. Romer","doi":"10.2307/3003540","DOIUrl":"https://doi.org/10.2307/3003540","url":null,"abstract":"Many disputes between buyers and sellers concern product quality and whether a claim of poor product performance is covered by a warranty issued by the seller. We develop an analytical framework in which average product quality, buyer preferences, production and transaction costs, and the extent to which \"true\" quality can be observed by buyer and seller interact to determine warranties, product price, and the likelihood of disputes. Using this framework, we examine the impact of various types of dispute resolution mechanisms (DRM's) on these outcomes. We relate features of DRM's such as cost and accuracy, to prices, warranties, and allocative efficiency of the market in which disputes arise.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129398935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 47
Behavior of a monopoly offering interruptible service 垄断者提供可中断服务的行为
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003329
J. Tschirhart, F. Jen
{"title":"Behavior of a monopoly offering interruptible service","authors":"J. Tschirhart, F. Jen","doi":"10.2307/3003329","DOIUrl":"https://doi.org/10.2307/3003329","url":null,"abstract":"A monopoly offering service to its customers on an interruptible basis has the option of curtailing delivery of this service when available supply falls short of demand. Shortages occur because of the stochastic nature of demand. To do this the monopolist divides the customers into classes based on some observable characteristics, and then determines the order in which service to these classes is interrupted. The order is a decision variable that influences profits and is relevant only in the stochastic framework. In addition, the monopolist discriminates among the classes on the basis of price and reliability of service. These decision variables, in turn, influence demands. An optimum policy for any ordering is one where prices, capacity, and quoted reliabilities of service maximize expected profit, and at the same time are compatible with the actual reliabilities of service. We derive some conditions for which an ordering yields the greatest profit.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129445565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 44
Leff's Swindling and Selling: The Spanish Prisoner & Other Bargains 《莱夫的欺骗与贩卖:西班牙囚犯与其他便宜货
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003313
R. Solow, A. A. Leff
{"title":"Leff's Swindling and Selling: The Spanish Prisoner & Other Bargains","authors":"R. Solow, A. A. Leff","doi":"10.2307/3003313","DOIUrl":"https://doi.org/10.2307/3003313","url":null,"abstract":"","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129487389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Relative Prices on Regulated Transactions of the Natural Gas Pipelines 天然气管道管制交易的相对价格
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003145
P. Macavoy, R. Noll
{"title":"Relative Prices on Regulated Transactions of the Natural Gas Pipelines","authors":"P. Macavoy, R. Noll","doi":"10.2307/3003145","DOIUrl":"https://doi.org/10.2307/3003145","url":null,"abstract":"As in many regulated industries, jurisdiction of the commission regulating the natural gas pipelines does not encompass all transactions of the regulated companies. The Federal Power Commission does not regulate direct sales of the pipelines to industry, while it does set profit limits on sales to retail gas utilities companies. If regulation is effective, the prices on the regulated sales should be different from those on the unregulated industrial transactions, all else being equal. A model is constructed here of the behavior of the firm with split regulated-unregulated sales. Thenceforth, the model is tested against a sample of paired transactions. Thenceforth, the model is tested against a sample of paired transactions in the late 1960s. The findings are that price levels on regulated sales would not appear to have been different from those on unregulated sales, after account has been taken of cost and demand differences. The effects of regulation, while in the expected direction, were insubstantial. Moreover, the differences in the institution of price setting under regulation -- in particular, the widespread use of two-part tariffs -- if anything, enhanced the ability of the pipelines to charge identical regulated and unregulated prices.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129523165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Resource Allocation and the Regulated Firm: Comment 资源配置与受监管企业:评论
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003149
A. Atkinson, L. Waverman
{"title":"Resource Allocation and the Regulated Firm: Comment","authors":"A. Atkinson, L. Waverman","doi":"10.2307/3003149","DOIUrl":"https://doi.org/10.2307/3003149","url":null,"abstract":"This comment presents an analysis of the effect of regulation on the sales-maximizing firm, and shows that the models used in earlier works have been incorrectly specified. It is demonstrated that under relatively weak conditions, regulation via a \"fair\" rate of return constraint has no influence on the behavior of the firm, and that any tendency to under-or overcapitalization would be present even if there were no regulation.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128192539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
A Further Analysis of Provincial Trucking Regulation 省级货车运输管理进一步分析
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003058
J. Palmer
{"title":"A Further Analysis of Provincial Trucking Regulation","authors":"J. Palmer","doi":"10.2307/3003058","DOIUrl":"https://doi.org/10.2307/3003058","url":null,"abstract":"Forcing what is essentially a hyperbolic relationship into a linear regression model can create a \"hyperbolic bag.\" This bag takes on importance if it is systematically related to other variables in the regression model. For the case at hand, it appeared that using a linear model might overstate the effects of regulation on trucking rates because the provinces which regulate rates have either relatively short or relatively long average distances, while those which do not regulate rates have intermediate distances falling at the bottom of such a bag. The regression model was respecified to correct for this problem, and while the respecification appears unimportant, other questions are raised.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128649896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Competitive equilibria in markets for heterogeneous goods under imperfect information: a theoretical analysis with policy implications 不完全信息下异质商品市场的竞争均衡:具有政策含义的理论分析
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003439
Alan L. Schwartz, Louis L. Wilde
{"title":"Competitive equilibria in markets for heterogeneous goods under imperfect information: a theoretical analysis with policy implications","authors":"Alan L. Schwartz, Louis L. Wilde","doi":"10.2307/3003439","DOIUrl":"https://doi.org/10.2307/3003439","url":null,"abstract":"This article characterizes necessary and sufficient conditions for heterogeneous search goods to trade at their competitive prices, and derives policy implications from these conditions. The model differs from earlier search equilibrium models in that it allows the existence of product heterogeneity. Our principal conclusions are that markets for heterogeneous search goods tend rather easily to segment into homogeneous subsets; when they do not, heterogeneity can work against the existence of competitive equilibria because it dilutes the effectiveness of search. Nevertheless, the likelihood of competitive equilibria obtaining in heterogeneous search goods markets can often be increased by reducing the costs to consumers of directly comparing purchase alternatives.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129588172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
The Demand for Brokers' Services: The Relation Between Security Trading Volume and Transaction Cost 券商服务需求:证券交易量与交易成本的关系
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003195
T. W. Epps
{"title":"The Demand for Brokers' Services: The Relation Between Security Trading Volume and Transaction Cost","authors":"T. W. Epps","doi":"10.2307/3003195","DOIUrl":"https://doi.org/10.2307/3003195","url":null,"abstract":"In this paper a probability model with links to portfolio theory is constructed which, for any security, implies (1) that the expected number of transactions per unit time is a decreasing linear function of the ratio (r) of transaction cost to the security's price per share; and (2) that both the expected number of shares exchanged on any single transaction and the expected trading volume over any fixed time interval are decreasing -- but more complicated -- functions of r. The last function represents a demand function for brokers' services in the market for some security. Such functions are estimated for each of 20 common stocks, and it is found that volume is indeed measurably responsive to changes in transaction cost. The elasticity of the overall demand for brokers' services in the market for common stocks is estimated to be approximately -0.25.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127105643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 79
Industrial Research and Development, Intangible Capital Stocks, and Firm Profit Rates 产业研发、无形资本存量与企业利润率
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003585
Henry G. Grabowksi, D. Mueller
{"title":"Industrial Research and Development, Intangible Capital Stocks, and Firm Profit Rates","authors":"Henry G. Grabowksi, D. Mueller","doi":"10.2307/3003585","DOIUrl":"https://doi.org/10.2307/3003585","url":null,"abstract":"This paper performs a cross sectional analysis of firm profitability to determine whether firm investments in research and development (R&D) are a source of above-average returns. Accounting profit rates are adjusted to take account of firm capital outlays on R&D and advertising (i.e., investments in intangible capital). Then, with the use of a structure-performance regression model, these adjusted profit rates are regressed on various determinant variables including a measure of the firm's stock of R&D capital. This analysis indicates that firms in research-intensive industries earn significantly above-average returns on their R&D capital. These results are robust to alternative assumptions concerning depreciation rates and other model specification changes.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127249896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 255
On the Nonexistence of Pareto Superior Outlay Schedules 论帕累托优支出计划的不存在性
The Bell Journal of Economics Pub Date : 1900-01-01 DOI: 10.2307/3003419
J. Ordover, J. Panzar
{"title":"On the Nonexistence of Pareto Superior Outlay Schedules","authors":"J. Ordover, J. Panzar","doi":"10.2307/3003419","DOIUrl":"https://doi.org/10.2307/3003419","url":null,"abstract":"Willig demonstrated that in a model in which user demands are independent, a uniform price greater than marginal cost can be Pareto dominated by a nonlinear outlay schedule. However, when users are firms of different sizes which compete in final product markets, their demands must be interrelated. In such cases it may be impossible to achieve any such Pareto improvement.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127463869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 29
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