Recently added articles from Economic Inquiry:

2006 PRESIDENTIAL ADDRESS WATER MARKETS IN THE WEST: PRICES, TRADING, AND CONTRACTUAL FORMS

Apr 01, 2008; Brewer, Jedidiah; Glennon, Robert; Ker, Alan; Libecap, Gary ... Rising urban and environmental demand for water has created growing pressure to reallocate water from traditional agricultural uses. The evolution of water markets has been more complicated than those for other resources. In this paper, we first explain these differences by examining water ...

RELIEF FOR THE ENVIRONMENT? THE IMPORTANCE OF AN INCREASINGLY UNIMPORTANT INDUSTRIAL SECTOR

Apr 01, 2008; Gassebner, Martin; Gaston, Noel; Lamla, Michael J ... Deindustrialization, stagnant real incomes of production workers, and increasing inequality are latter day features of many economies. It is common to assume that such developments pressure policymakers to relax environmental standards. However, when heavily polluting industries become less ...

STOCK RETURNS, ASYMMETRIC VOLATILITY, RISK AVERSION, AND BUSINESS CYCLE: SOME NEW EVIDENCE

Apr 01, 2008; Kim, Sei-Wan; Lee, Bong-Soo ... We study how three interrelated phenomena-excess stock returns and risk relation, risk aversion, and asymmetric volatility movement-change over business cycles. Using an asymmetric generalized autoregressive conditional heteroskedasticity in mean model and a Markov switching model, we find that ...

THE AUCTION MARKET FOR MODERN PRINTS: CONFIRMATIONS, CONTRADICTIONS, AND NEW PUZZLES

Apr 01, 2008; Pesando, James E; Shum, Pauline M ... Using a large data set with 80,214 repeat sales, we find that the real return on a diversified portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the period 1977-2004. We address several issues regarding the performance of modern prints as investments: the ...

NATURAL DISASTERS AS CREATIVE DESTRUCTION? EVIDENCE FROM DEVELOPING COUNTRIES

Apr 01, 2008; Cuaresma, Jesús Crespo; Hlouskova, Jaroslava; Obersteiner, Michael ... Recent studies found a robust positive correlation between the frequency of natural disasters and the long-run economic growth after conditioning for other determinants. This result is interpreted as evidence that disasters provide opportunities to update the capital stock and adopt new ...

INSTITUTIONAL QUALITY AND TRADE: WHICH INSTITUTIONS? WHICH TRADE?

Apr 01, 2008; Méon, Pierre-Guillaume; Sekkat, Khalid ... Using a panel of countries over 1990-2000, this paper examines the extent to which different dimensions of the institutional framework affect total exports, exports of manufactured goods, and exports of nonmanufactured goods. It is observed that exports of manufactured goods are positively ...

EFFICIENCY WAGES AND SUBJECTIVE PERFORMANCE PAY

Apr 01, 2008; Yang, Huanxing ... This paper studies optimal relational contracts in motivating workers in a market setting. We find that labor markets with higher turnover costs will use more subjective performance pay and less efficiency wages and that in those markets, the total wage payment is lower and the equilibrium ...

WHY DO EUROPEANS WORK (MUCH) LESS? IT IS TAXES AND GOVERNMENT SPENDING

Apr 01, 2008; Dhont, Tine; Heylen, Freddy ... We develop and calibrate a theoretical model that explains per capita hours worked and output growth as a function of three fiscal policy variables. Differences in income taxes, productive government expenditures, and nonemployment transfers are sufficient to answer the question why Europeans ...

TRACING THE DYNAMICS OF COMPETITION: EVIDENCE FROM COMPANY PROFITS

Apr 01, 2008; Cuaresma, Jesús Crespo; Gschwandtner, Adelina ... This article proposes a simple approach to analyzing profit dynamics, which allows for time-varying persistence of profits. The time series model is a simple autoregressive process where the dynamics of the persistence parameter follow an autoregressive process. Using the longest time series ...

THE DEMAND FOR CASINO GAMING WITH SPECIAL REFERENCE TO A SMOKING BAN

Apr 01, 2008; Thalheimer, Richard; Ali, Mukhtar M ... This study adds to the limited literature on the demand for casino gaming. The major focus is on the effect of a statewide smoking ban. A system of slot machine demand equations, one each for the three Delaware racinos (racetrack casinos), was developed. The number of slot machines at a racino, ...

ON THE SOCIAL DIMENSION OF TIME AND RISK PREFERENCES: AN EXPERIMENTAL STUDY

Apr 01, 2008; Güth, Werner; Levati, M Vittoria; Ploner, Matteo ... When explaining risk taking, intertemporal allocation, and distributing behavior, economists rely on risk, time, and other-regarding preferences but offer no guidance on how these three crucial aspects are interrelated. We report on an experiment exploring such interrelation. For this sake, we ...

DO NONPROFIT AND GOVERNMENT NURSING HOMES ENTER UNPROFITABLE MARKETS?

Apr 01, 2008; Ballou, Jeffrey P ... Using data from markets in the rural United States, this study addresses whether nonprofit and government nursing facilities locate in markets that for-profit firms cannot profitably enter, thereby expanding access to nursing care to populations that would not otherwise be served. The results ...

IS STATUS QUO BIAS CONSISTENT WITH DOWNWARD-SLOPING DEMAND?

Apr 01, 2008; Wittman, Donald ... We show that status quo bias combined with downward-sloping demand implies addictive behavior. This result does not depend on transitivity, a complete ordering, or even the existence of a preference relation that rationalizes choices. (JEL D11, D81) By now, there is a large ...