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Author: Natsuko Iwasaki
Publisher:
ISBN:
Category : Advertising
Languages : en
Pages : 208
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Book Description
This dissertation addresses issues of oligopoly markets where advertising plays a prominent role. The first study empirically investigates the effect of advertising regulations on equilibrium consumption of an addictive commodity using U.S. cigarette industry data. The results of the first study show that the advertising regulations reduced cigarette consumption by increasing the industry?s market power. In addition we find that a representative smoker is relatively impatient, an expected outcome for a commodity like cigarettes, where physical dependence, procrastination, and cognitive dissonance would lead to a high rate of time preference. In the second study, by using the same data set, we look at the effect of advertising regulations on the supply side of firm?s cost minimization behavior. Economic theory provides two alternative hypotheses, which are investigated empirically. According to the LeChatelier principle, regulations that limit substitution possibilities among inputs will reduce efficiency. Alternatively, a prisoner?s dilemma game in advertising suggests that advertising regulations may have a coordination effect which leads to higher efficiency. We use Data Envelopment Analysis to determine which effect is dominant. The results show that the Broadcast Advertising Ban in 1971 improved the industry?s cost efficiency, implying that the coordination effect dominates the LeChaterlier effect. The third study addresses the effect of advertising on the market structure and performance using U.S. brewing industry data. The results indicate that an increase in the minimum efficient scale and a high advertising intensity are primal causes of rising concentration in the U.S. brewing industry. This finding is consistent with Sutton?s (1992) prediction. We also find empirical evidence of market power at very high levels of concentration.
Author: Natsuko Iwasaki
Publisher:
ISBN:
Category : Advertising
Languages : en
Pages : 208
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Book Description
This dissertation addresses issues of oligopoly markets where advertising plays a prominent role. The first study empirically investigates the effect of advertising regulations on equilibrium consumption of an addictive commodity using U.S. cigarette industry data. The results of the first study show that the advertising regulations reduced cigarette consumption by increasing the industry?s market power. In addition we find that a representative smoker is relatively impatient, an expected outcome for a commodity like cigarettes, where physical dependence, procrastination, and cognitive dissonance would lead to a high rate of time preference. In the second study, by using the same data set, we look at the effect of advertising regulations on the supply side of firm?s cost minimization behavior. Economic theory provides two alternative hypotheses, which are investigated empirically. According to the LeChatelier principle, regulations that limit substitution possibilities among inputs will reduce efficiency. Alternatively, a prisoner?s dilemma game in advertising suggests that advertising regulations may have a coordination effect which leads to higher efficiency. We use Data Envelopment Analysis to determine which effect is dominant. The results show that the Broadcast Advertising Ban in 1971 improved the industry?s cost efficiency, implying that the coordination effect dominates the LeChaterlier effect. The third study addresses the effect of advertising on the market structure and performance using U.S. brewing industry data. The results indicate that an increase in the minimum efficient scale and a high advertising intensity are primal causes of rising concentration in the U.S. brewing industry. This finding is consistent with Sutton?s (1992) prediction. We also find empirical evidence of market power at very high levels of concentration.
Author: Jerome Adda
Publisher: MIT Press
ISBN: 0262547880
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers. This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics. In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation. The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.
Author: Benjamin A. Koskinen
Publisher:
ISBN:
Category : Decision making
Languages : en
Pages : 102
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Book Description
The author studies the long-term effects of decisions that occur in early stages of various processes: "Many static economic problems are the effect of compounded sub-optimal actions through the dynamic process, and ... the most efficient fix lies in understanding the optimal process from the beginning."--Introduction
Author: M. Hashem Pesaran
Publisher: Wiley-Blackwell
ISBN: 9781557862099
Category : Business & Economics
Languages : en
Pages : 453
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Book Description
This Handbook focuses on specific microeconomics applications, rather than on conventional econometric theory. It covers the econometric issues involved in a variety of applied microeconomic problems.
Author: Rosemary Clarke
Publisher: Philip Allan
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
Author: Aviva Aron-Dine
Publisher:
ISBN:
Category :
Languages : en
Pages : 154
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Book Description
This dissertation consists of three chapters on topics in applied microeconomics. In the first chapter. I investigate whether voters are more likely to support additional spending on local public services when they perceive current service quality to be high. My empirical strategy exploits discontinuities in the Texas school ratings formula that create quasi-random variation in perceptions about school quality. I find that receiving an "exemplary" versus a "recognized" rating increases support for a school district's bond measures by about 10 percentage points. Voters respond to the level of a district's rating. not just to whether the district has improved or slipped. I develop and implement a test for whether these patterns of voter behavior lead to efficient outcomes; however, the results are inconclusive. The second chapter. written jointly with Liran Einav, Amy Finkelstein, and Mark Cullen. investigates whether individuals exhibit forward looking behavior in their response to the nonlinear pricing common in health insurance contracts. Our empirical strategy exploits the fact that employees who join an employer-provided health insurance plan later in the calendar year face the same initial price of medical care but a higher expected end-of-year price than employees who join the same plan earlier in the year. Our results reject the null of completely myopic behavior; medical utilization appears to respond to the future price, with a statistically significant elasticity of medical utilization with respect to the future price of -0.4 to -0.6. To try to quantify the extent of forward looking behavior., we develop a stylized dynamic model of individual behavior and calibrate it using our estimated behavioral response and additional data from the RAND Health Insurance Experiment. Our calibration suggests that the elasticity estimate may be substantially smaller than the one implied by fully forward-looking behavior, yet it is sufficiently high to have an economically significant effect on the response of annual medical utilization to a non-linear health insurance contract. Overall. our results point to the empirical importance of accounting for dynamic incentives in analyses of the impact of health insurance on medical utilization. In the third chapter. I exploit a discontinuity in federal financial aid rules at age 24 to estimate the effect of financial aid on college enrollment. school choice. and persistence and degree completion rates. Undergraduate students who are not married and do not have children are classified as "dependent" or "independent" for purposes of federal financial aid based on whether they have turned 24 as of January 1 of the "award year." Independent students qualify for additional grant aid and are eligible to take out much larger federal loans. Using data from the National Postsecondary Student Aid Study and the Beginning Postsecondary Students Longitudinal Study. I show that average grant aid per student increases by about $1.100. or 55%. at age 24. while 12% of students take advantage of the higher federal loan limits. Estimates of the effects of additional aid on enrollment, persistence. and degree completion are inconclusive; while not statistically significant. they do not allow me to rule out sizable effects. I do find evidence of an increase in enrollment at for-profit colleges. concentrated among students whose parents are not college graduates.
Author: Juan Pantano
Publisher:
ISBN:
Category : Criminal behavior
Languages : en
Pages : 258
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Book Description
Author: Mukul Majumdar
Publisher: World Scientific
ISBN: 9811210225
Category : Business & Economics
Languages : en
Pages : 331
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Book Description
The book, Sustainability and Resources: Theoretical Issues in Dynamic Economics, presents a collection of mathematical models dealing with sustainability and resource management.The focus in Part A is on harvesting renewable resources, while Part B explores the optimal extraction of exhaustible resources. Part C introduces models dealing with uncertainty. Some are descriptive models; others have deep roots in intertemporal welfare economics. The tools of dynamic optimization developed in the 1960s are used in a formal, rigorous presentation to address wide-ranging issues that have appeared in academic research as well as policy debates on the world stage.The book also provides a self-contained treatment that is accessible to advanced undergraduate and graduate students, who are interested in dynamic models of resource allocation and social welfare, resource management, and applications of optimization theory and methods of probability theory to economics. For researchers in dynamic economics, it will be an invaluable source for formal treatment of substantive macroeconomic issues raised by policymakers. The part dealing with uncertainty and random dynamical systems (largely developed by the author and his collaborators) exposes the reader to contemporary frontiers of research on stochastic processes with novel applications to economic problems.
Author: John Robert Stinespring
Publisher: Gulf Professional Publishing
ISBN: 9780126709612
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Accompanying CD-ROM contains ... "the Mathematica programs discussed in the book and MathReader software (a viewing program from Wolfram, Inc.)."--Page 4 of cover.
Author: Schmalensee Lee)
Publisher: Hardpress Publishing
ISBN: 9781314797848
Category :
Languages : en
Pages : 152
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Book Description
Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
