Browsing Department of Economics Faculty Publications by Issue Date
Now showing items 1-20 of 20
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Market Constraints as a Rationale for the Friedman-Savage Utility Function
(University of Chicago Press, 1981-08) -
Labor Migration and Risk Aversion in Less Developed Countries
(University of Chicago Press, 1986)In this paper we question the pioneering work of Todaro, which states that rural-to-urban labor migration in less developed countries (LDCs) is an individual response to a higher urban expected income. We demonstrate that ... -
Multiple-Output Production and Pricing in Electric Utilities
(Southern Economic Association, 1986-07) -
Arbitrage, Clientele Effects, and the Term Structure of Interest Rates
(Cambridge University Press, 1991-12)This paper derives a new and intuitive estimation procedure for the term structure under potential tax arbitrage. No a priori assumptions regarding the equality of the prices and present values of bonds are made. The data ... -
Do Firms Pay Efficiency Wages? Evidence with Data at the Firm Level
(National Opinion Research Center (NORC), Society of Labor Economists: University of Chicago Press, 1993-07)This study tests the efficiency wage hypothesis by estimating wage and quit equations with data from the Employment Opportunity Pilot Project survey of firms. An efficiency wage model is derived that predicts effects of ... -
Wage Change and the Quit Behavior of Workers: Implications for Efficiency Wage Theory
(Southern Economic Association, 1994-07) -
The Determinants of Dismissals, Quits, and Layoffs: A Multinomial Logit Approach
(Southern Economic Association, 1997-04) -
The Reasons for Wage Rigidity: Evidence From a Survey of Firms
(Massachusetts Institute of Technology Press, 1997-08)A survey of 184 firms was conducted to investigate the reasons for wage rigidity. The strongest support was found for explanations based on adverse selection in quits and on the effect of wages on effort. In addition, ... -
Prevalence and Patterns of Major Depressive Disorder in the United States Labor Force
(John Wiley and Sons, 1999-09)Background and Aims of the Study: In this paper, we identify the 12-month and lifetime prevalence of major depressive disorder in and out of the labor force, and among the employed and unemployed. We examine whether ... -
The Economic Performance of For-Profit and Not-for-Profit Hospitals
(Taylor & Francis (Routledge), 2002)This research examines whether for-profit status or system membership is significantly related to the financial performance of hospitals. Panel data containing 573 observations of Florida hospitals for 1984 through 1987 ... -
Estimating Earnings Losses Due to Mental Illness: A Quantile Regression Approach
(John Wiley and Sons, 2003)In this paper, we examine the effects of mental illness on earnings by recognizing that effects may vary across the distribution of earnings. Using data from the National Comorbidity Survey, we employ a quantile regression ... -
The Effects of Parents' Psychiatric Disorders on Children's High School Dropout
(Elsevier, 2003-04)Mental illness is known to impose substantial direct costs on the ill. In this paper, we examine an indirect cost of mental illness. We investigate the effect of parents’ mental illnesses on the schooling of their children. ... -
A Model of the Determinants of Effort
(Elsevier, 2006-03)This study derives an expression for effort from utility-maximizing behavior on the part of workers, whose utility depends on consumption, effort, and the ratio between their wage and their perceived fair wage. Unlike many ... -
Do The Sick Retire Early? Chronic Illness, Asset Accumulation, and Early Retirement.
(Taylor & Francis (Routledge), 2007)Our objective is to determine how chronic illness affects asset accumulation and retirement. Previous studies have found that poor health leads to early retirement, but those studies failed to look at the indirect impact ... -
An Efficiency Wage Approach to Reconciling the Wage Curve and the Phillips Curve
(Elsevier, 2008-12)This study develops an efficiency wage model that generates a wage curve at the regional level and a Phillips curve at the national level, under the assumption that workers' efficiency depends on both regional and aggregate ... -
An Efficiency Wage - Imperfect Information Model of the Aggregate Supply Curve
(Munich Personal RePEc Archive, 2009-05)This study derives a reduced-form equation for the aggregate supply curve from a model in which firms pay efficiency wages and workers have imperfect information about average wages at other firms. If specific assumptions ... -
Deriving the Wage-Wage and Price-Price Phillips Curves from a Model with Efficiency Wages and Imperfect Information
(Elsevier, 2010-05)This study derives reduced-form equations for the wage–wage Phillips curve and the price–price Phillips curve from firms' optimizing behavior, under the assumptions that firms pay efficiency wages and that workers' ... -
Nash Bargaining Over Margin Loans to Kelly Gamblers
(Risks, 2019)I derive practical formulas for optimal arrangements between sophisticated stock market investors (namely, continuous-time Kelly gamblers or, more generally, CRRA investors) and the brokers who lend them cash for leveraged ... -
Super-Replication of the Best Pairs Trade in Hindsight
(Cogent Economics and Finance, 2019-01-11)This paper derives a robust on-line equity trading algorithm that achieves the greatest possible percentage of the final wealth of the best pairs rebalancing rule in hindsight. A pairs rebalancing rule chooses some pair ... -
Cover's Rebalancing Option With Discrete Hindsight Optimization
(2019-03-03)We study T. Cover’s rebalancing option (Ordentlich and Cover 1998) under discrete hindsight optimization in continuous time. The payoff in question is equal to the final wealth that would have accrued to a $1 deposit into ...
