A direct consequence of restricting the price of a good for which secondary markets do not exist is that, in the presence of excess demand, the good will not be allocated to the buyers who value it ...the most. We demonstrate the empirical importance of this allocative cost for the U.S. residential market for natural gas, which was subject to price ceilings during 1954–89. Using a household-level, discrete-continuous model of natural gas demand, we estimate that the allocative cost in this market averaged $3.6 billion annually, nearly tripling previous estimates of the net welfare loss to U.S. consumers.
Beyond the divide Mikkonen, Simo; Koivunen, Pia
2015., 2015, 2015-10-15
eBook
Cold War history has emphasized the division of Europe into two warring camps with separate ideologies and little in common. This volume presents an alternative perspective by suggesting that there ...were transnational networks bridging the gap and connecting like-minded people on both sides of the divide. Long before the fall of the Berlin Wall, there were institutions, organizations, and individuals who brought people from the East and the West together, joined by shared professions, ideas, and sometimes even through marriage. The volume aims at proving that the post-WWII histories of Western and Eastern Europe were entangled by looking at cases involving France, Denmark, Poland, Romania, Switzerland, and others.
Creolized Sexualities: Undoing Heteronormativity in the
Literary Imagination of the Anglo-Caribbean draws attention to
a wide, and surprising, range of writings that craft inclusive and
pluralizing ...representations of sexual possibilities within the
Caribbean imagination. Reading across an eclectic range of writings
from V.S. Naipaul to Marlon James, Shani Mootoo to Junot Diaz,
Andrew Salkey to Thomas Glave, Curdella Forbes to Colin Robinson,
this bold work of literary criticism brings into view fictional
worlds where Caribbeanness and queerness correspond and reconcile.
Through inspired close readings Donnell gathers evidence and
argument for the Caribbean as an exemplary creolized ecology of
fluid possibilities that can illuminate the prospect of a
non-heteronormalizing future. Indeed, Creolized
Sexualities hows how writers have long rendered sexual
plasticity, indeterminacy, and pluralism as an integral part of
Caribbeanness and as one of the most compelling if unacknowledged
ways of resisting the disciplining regimes of colonial and
neocolonial power.
Understanding Predictability Menzly, Lior; Santos, Tano; Veronesi, Pietro
The Journal of political economy,
02/2004, Letnik:
112, Številka:
1
Journal Article
Recenzirano
We propose a general equilibrium model with multiple securities in which investors’ risk preferences and expectations of dividend growth are time‐varying. While time‐varying risk preferences induce ...the standard positive relation between the dividend yield and expected returns, time‐varying expected dividend growth induces anegativerelation between them. These offsetting effects reduce the ability of the dividend yield to forecast returns and eliminate its ability to forecast dividend growth, as observed in the data. The model links the predictability of returns to that of dividend growth, suggesting specific changes to standard linear predictive regressions for both. The model’s predictions are confirmed empirically.
We have seen the emergence of three major innovations in the econometrics of structural change in the past fifteen years: (1) tests for a structural break of unknown timing; (2) estimation of the ...timing of a structural break; and (3) tests to distinguish unit roots from broken time trends. These three innovations have dramatically altered the face of applied time series econometrics. In this paper, we review these three innovations, and illustrate their application through an empirical assessment of U.S. labor productivity in the manufacturing/durables sector.
In addition to standard trade gains, regional trade agreements (RTAs) can promote peaceful relations by increasing the opportunity cost of conflicts. Country pairs with large trade gains from RTAs ...and a high probability of conflict should be more likely to sign an RTA. Using data from 1950 to 2000, we show that this complementarity between economic and politics determines the geography of RTAs. We disentangle trade gains from political factors by a theory-driven empirical estimation and find that country pairs with higher frequency of past wars are more likely to sign RTAs, the more so the larger the trade gains.
Big moves Perl, Anthony; Hern, Matt; Kenworthy, Jeffrey R
Big moves,
2020, 20200923, 2020, 2020-09-23, Letnik:
13., 13
eBook
"All countries have distinctive urban regions, but Canadian cities especially differ from one another in culture, structure, and history. Anthony Perl, Matt Hern, and Jeffrey Kenworthy reveal that ...despite the peculiarities and singular traits that each city embodies, a common logic has guided the development of transportation infrastructure across the country. Big Moves analyzes how Canada's three largest urban regions--Toronto, Montreal, and Vancouver-- have been shaped by the interplay of globalized imperatives, aspirations, activism, investment, and local development initiatives, both historically and in a contemporary context. Canadian urban development follows a distinct pattern that involves compromise between local viewpoints and values and the pursuit of global capital at particular historical junctures. As the authors show, the success or failure of each city to construct major mobility infrastructure has always depended on the timing of investments and the specific ways that cities have gained access to necessary capital. Drawing on urban mobility history and global city theory, this book delves into the details of the big moves that have affected transport infrastructure in major Canadian cities. Knowing where urban development will head in the twenty-first century requires understanding how cities' major mobility infrastructures were built. Big Moves explains the shape of Canada's three biggest cities and how their mix of expressways and rapid transit emerged."--
Recent research of complex networks has significantly contributed to the understanding how networks can be classified according to its topological characteristics. However, transport networks ...attracted less attention although their importance to economy and daily life. In this work the development of the Swiss road and railway network during the years 1950–2000 is investigated. The main difference between many of the recently studied complex networks and transport networks is the spatial structure. Therefore, some of the well-established complex network measures may not be applied directly to characterise transport networks but need to be adapted to fulfil the requirements of spatial networks. Additionally, new approaches to cover basic network characteristics such as local network densities are applied. The focus of the interest hereby is always not only to classify the transport network but also to provide the basis for further applications such as vulnerability analysis or network development. It could be showed that the proposed measures are able to characterise the growth of the Swiss road network. To proof the use of local density measures to explain the robustness of a network however needs further research.
Danish Modern explores the development of mid-century modernist design in Denmark from historical, analytical and theoretical perspectives. Mark Mussari explores the relationship between Danish ...design aesthetics and the theoretical and cultural impact of Modernism, particularly between 1930 and 1960. He considers how Danish designers responded to early Modernist currents: the Stockholm Exhibition of 1930, their rejection of Bauhaus aesthetic demands, their early fealty to wood and materials, and the tension between cabinetmaker craft and industrial production as it challenged and altered their aesthetic approach. Tracing the theoretical foundations for these developments, Mussari discusses the writings and works of such figures as Poul Henningsen, Arne Jacobsen, Hans Wegner, Nanna Ditzel, and Finn Juhl.
Postcolonial London McLeod, John
2004, 20040802, 2004-07-30, 2004-08-02, 20040101
eBook
London's histories of migration and settlement and the resulting diverse, hybrid communities have engendered new forms of social and cultural activity reflected in a wealth of novels, poems, films ...and songs. Postcolonial London explores the imaginative transformation of the city by African, Asian, Caribbean and South Pacific writers since the 1950s. John McLeod engages freshly with the work of both well-known and emergent writers, including Sam Selvon, Doris Lessing, V. S. Naipaul, Salman Rushdie, Hanif Kureishi, Colin MacInnes, Bernardine Evaristo, Linton Kwesi Johnson and Fred D'Aguiar. In reading a select body of writing in its social contexts and exploring contrasting attitudes to London's diasporic transformation, he traces an exciting history of resistance to the prejudice and racism that have at least in part characterised the postcolonial city. Rewritings of London, he argues, bear witness to the determination, imagination and creativity of the city's migrants and their descendants. This is a superb study of the ways in which 'imperial centre' might be rewritten as postcolonial metropolis. It represents essential reading for those interested in British or postcolonial literature, or in theorisations of the city and metropolitan culture.
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