Pub Date : 2005-01-07DOI: 10.1111/J.1467-9957.2005.00423.X
M. I. Maldonado, S.Carbó Valverde, Miguel Angel Fortes Escalona
In this paper we develop a Cournot competition model between two firms located in a two-dimensional circular city. This city consists of a circumference and all the points in its interior for which movement between any two points can be made in a straight line. Firms have zero costs and market demand is symmetrically linear. We show that there exists a single state of equilibrium in which the firms agglomerate in the centre of the circle.
{"title":"Cournot Competition In A Two-Dimensional Circular City","authors":"M. I. Maldonado, S.Carbó Valverde, Miguel Angel Fortes Escalona","doi":"10.1111/J.1467-9957.2005.00423.X","DOIUrl":"https://doi.org/10.1111/J.1467-9957.2005.00423.X","url":null,"abstract":"In this paper we develop a Cournot competition model between two firms located in a two-dimensional circular city. This city consists of a circumference and all the points in its interior for which movement between any two points can be made in a straight line. Firms have zero costs and market demand is symmetrically linear. We show that there exists a single state of equilibrium in which the firms agglomerate in the centre of the circle.","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"181 4 1","pages":"40-49"},"PeriodicalIF":0.0,"publicationDate":"2005-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77532005","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}
This paper surveys the theoretical literature on the timing of new technology adoption. It presents the state of the art as it falls into two major categories, depending on whether the particular model deals with uncertainty regarding the arrival and value of a new technology and/or strategic interaction in the product market. Empirical evidence is reviewed, and recommendations are given for future research.
{"title":"The Timing of New Technology Adoption: Theoretical Models and Empirical Evidence","authors":"Heidrun C. Hoppe","doi":"10.1111/1467-9957.00283","DOIUrl":"https://doi.org/10.1111/1467-9957.00283","url":null,"abstract":"This paper surveys the theoretical literature on the timing of new technology adoption. It presents the state of the art as it falls into two major categories, depending on whether the particular model deals with uncertainty regarding the arrival and value of a new technology and/or strategic interaction in the product market. Empirical evidence is reviewed, and recommendations are given for future research.","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"37 1","pages":"56-76"},"PeriodicalIF":0.0,"publicationDate":"2002-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76054372","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}
This paper presents a very simple characterization of the technological choices underlying M-form and U-form organizations. We first show that the externalities within a function favour the M-form, which gives higher profit, higher output level and lower prices than the U-form. The major innovation of the paper consists in the analysis of communication flows that constitute a positive externality on demand schedules. When these information flows are introduced, we find conditions under which the U-form gives output and communication flows higher than the M-form. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Firms’ Organization and Efficient Communications Networks","authors":"A. Créti","doi":"10.1111/1467-9957.00236","DOIUrl":"https://doi.org/10.1111/1467-9957.00236","url":null,"abstract":"This paper presents a very simple characterization of the technological choices underlying M-form and U-form organizations. We first show that the externalities within a function favour the M-form, which gives higher profit, higher output level and lower prices than the U-form. The major innovation of the paper consists in the analysis of communication flows that constitute a positive externality on demand schedules. When these information flows are introduced, we find conditions under which the U-form gives output and communication flows higher than the M-form. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"29 1","pages":"77-102"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81412265","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}
This paper makes a positive contribution to Cowling and Sugden's recent work on the theory of the firm. We focus on their novel definition of the firm as a "means of coordinating production from one centre of strategic decision-making". We extend this definition to account for the fact that strategic decision-makers engaged in the coordination of production operate under conditions of "fundamental uncertainty". The significance of such an extension is that it avoids many of the problems associated with Cowling and Sugden's framework while reinforcing their main conclusions and providing a technical definition of the concept of strategy. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Uncertainty, Strategic Decision-making and the Essence of the Modern Corporation: Extending Cowling and Sugden","authors":"S. Dunn","doi":"10.1111/1467-9957.00233","DOIUrl":"https://doi.org/10.1111/1467-9957.00233","url":null,"abstract":"This paper makes a positive contribution to Cowling and Sugden's recent work on the theory of the firm. We focus on their novel definition of the firm as a \"means of coordinating production from one centre of strategic decision-making\". We extend this definition to account for the fact that strategic decision-makers engaged in the coordination of production operate under conditions of \"fundamental uncertainty\". The significance of such an extension is that it avoids many of the problems associated with Cowling and Sugden's framework while reinforcing their main conclusions and providing a technical definition of the concept of strategy. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"33 1","pages":"31-41"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73444510","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}
One of the basic tenets of UK industrial policy, that attracting inward investment into the UK stimulates domestic productivity growth, is examined. A model of productivity growth is developed for the indigenous sector of UK manufacturing, linking domestic productivity growth to theoretical explanations of inward investment. The paper demonstrates that inward investment does stimulate productivity growth in the domestic sector of around 0.75 per cent per annum. However, this cannot be attributed to investment or output spillovers, but is a result of the productivity advantage exhibited by the foreign firms.
{"title":"The Impact on Domestic Productivity of Inward Investment in the UK","authors":"N. Driffield","doi":"10.1111/1467-9957.00237","DOIUrl":"https://doi.org/10.1111/1467-9957.00237","url":null,"abstract":"One of the basic tenets of UK industrial policy, that attracting inward investment into the UK stimulates domestic productivity growth, is examined. A model of productivity growth is developed for the indigenous sector of UK manufacturing, linking domestic productivity growth to theoretical explanations of inward investment. The paper demonstrates that inward investment does stimulate productivity growth in the domestic sector of around 0.75 per cent per annum. However, this cannot be attributed to investment or output spillovers, but is a result of the productivity advantage exhibited by the foreign firms.","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"19 1","pages":"103-119"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85120916","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}
Using monthly, semi-annual and annual sampling frequencies from February 1974 to June 1996, we reject the mean-variance efficiency of the Australian stock market while supporting the view that conditional variances are not constant in time. Results indicate that unexpected movements in key aggregate factors have added value in explaining industrial sector conditional volatility, particularly at horizons of six months and greater. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"MEAN-VARIANCE EFFICIENCY, AGGREGATE SHOCKS AND RETURN HORIZONS","authors":"P. Fraser, N. Groenewold","doi":"10.1111/1467-9957.00235","DOIUrl":"https://doi.org/10.1111/1467-9957.00235","url":null,"abstract":"Using monthly, semi-annual and annual sampling frequencies from February 1974 to June 1996, we reject the mean-variance efficiency of the Australian stock market while supporting the view that conditional variances are not constant in time. Results indicate that unexpected movements in key aggregate factors have added value in explaining industrial sector conditional volatility, particularly at horizons of six months and greater. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"32 1","pages":"52-76"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73936966","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}
Previous research has identified non-diversifiable risk and a preference for "being one's own boss" as key determinants of participation in self-employment. Using a simple model of occupational choice, I show how both factors can cause efficiency losses in a free market economy, and how linear differential occupational taxation can improve on the market outcome. A simulation exercise calibrated with UK data advocates a tax premium on employment incomes and a tax cut for the self-employed, in order to generate an efficiency gain of around a third of one per cent of GDP. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Risk, Self‐Employment and Differential Income Taxation","authors":"S. Parker","doi":"10.1111/1467-9957.00231","DOIUrl":"https://doi.org/10.1111/1467-9957.00231","url":null,"abstract":"Previous research has identified non-diversifiable risk and a preference for \"being one's own boss\" as key determinants of participation in self-employment. Using a simple model of occupational choice, I show how both factors can cause efficiency losses in a free market economy, and how linear differential occupational taxation can improve on the market outcome. A simulation exercise calibrated with UK data advocates a tax premium on employment incomes and a tax cut for the self-employed, in order to generate an efficiency gain of around a third of one per cent of GDP. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"42 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81542541","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}
The growth implications of a nonlinear tax structure are investigated. The interest here is on the distortionary not the redistributive effects of taxation on economic growth. The study finds two results. First, the inclusion of a nonlinear tax structure into an Ak growth model introduces the convergence behavior of the neoclassical growth model while retaining the steady-state growth properties of the Ak model. Second, a tax structure that is more progressive through time will lower the transitional growth rate and raise the speed of convergence. Therefore, it is suggested that the tax structure may be another source of observed differences in per capita growth rates. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Nonlinear Tax Structures and Endogenous Growth","authors":"Steven Yamarik","doi":"10.1111/1467-9957.00232","DOIUrl":"https://doi.org/10.1111/1467-9957.00232","url":null,"abstract":"The growth implications of a nonlinear tax structure are investigated. The interest here is on the distortionary not the redistributive effects of taxation on economic growth. The study finds two results. First, the inclusion of a nonlinear tax structure into an Ak growth model introduces the convergence behavior of the neoclassical growth model while retaining the steady-state growth properties of the Ak model. Second, a tax structure that is more progressive through time will lower the transitional growth rate and raise the speed of convergence. Therefore, it is suggested that the tax structure may be another source of observed differences in per capita growth rates. Copyright 2001 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"22 1","pages":"16-30"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84258304","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}
To what extent can financing constraints, which have been so central to foreign debt related explanations of investment decline in heavily indebted economies, account for low investment rates in Mexico after 1982? In order to investigate the implications of financing constraints hypothesis on investment decisions, this study employs a cost-of-adjustment model of investment and annual panel data of Mexican manufacturing industries covering the period 1970 to 1990. It is found that part of the debt crisis effects on investment, identified in the earlier literature, may be due to binding financing constraints in Mexico.
{"title":"Financing Constraints and Investment Decline in Mexico","authors":"T. Işcan","doi":"10.1111/1467-9957.00180","DOIUrl":"https://doi.org/10.1111/1467-9957.00180","url":null,"abstract":"To what extent can financing constraints, which have been so central to foreign debt related explanations of investment decline in heavily indebted economies, account for low investment rates in Mexico after 1982? In order to investigate the implications of financing constraints hypothesis on investment decisions, this study employs a cost-of-adjustment model of investment and annual panel data of Mexican manufacturing industries covering the period 1970 to 1990. It is found that part of the debt crisis effects on investment, identified in the earlier literature, may be due to binding financing constraints in Mexico.","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"28 1","pages":"24-43"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80027825","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}
Four cases of a selection problem are examined where knowledge of the distributions from which project returns are drawn is private to entrepreneurs with projects. Diagrammatic analysis is used to determine the contract form offered by funding banks which choose between debt, equity or a more general contract. Two variants of the problem are novel. One new case indicates that some projects will receive equity finance and others debt finance, the other that the choice between debt or equity depends upon the level of the deposit interest rate. The efficiency of the level and composition of investment is examined. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of Manchester
{"title":"Equity or Debt? Contracts in Markets with Asymmetric Information","authors":"Frédérique Bracoud, B. Hillier","doi":"10.1111/1467-9957.00179","DOIUrl":"https://doi.org/10.1111/1467-9957.00179","url":null,"abstract":"Four cases of a selection problem are examined where knowledge of the distributions from which project returns are drawn is private to entrepreneurs with projects. Diagrammatic analysis is used to determine the contract form offered by funding banks which choose between debt, equity or a more general contract. Two variants of the problem are novel. One new case indicates that some projects will receive equity finance and others debt finance, the other that the choice between debt or equity depends upon the level of the deposit interest rate. The efficiency of the level and composition of investment is examined. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"37 1","pages":"1-23"},"PeriodicalIF":0.0,"publicationDate":"2000-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75630496","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}
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