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We analyze the activities of an entrepreneur who must, at each date, decide whether to search for a new production technique or to produce output with an extant technique. Our analysis leads to four results. First, we show that if our entrepreneur rejects a particular production technique at a...
This note shows that the well-known Hotelling rule holds for a wider class of capital investment projects satisfying the property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.
Using two separate data sets a disaggregate (multi-industry) economic base model is estimated for the nonmetropolitan U.S. in 1980, 1990, and 2000. One data set is comprised of 196 small towns located in four Southwestern states; the other is comprised of 577 micropolitan counties located across...
This paper examines the theoretical implications of quantity-discounted transportation rates on the output effect of spatial price discrimination. Assume that the plant location of a monopoly is predetermined and demand curves are linear at two separate markets. It shows that total output under...
We study a regional economy with a large number of entrepreneurs who own firms and who want to go public. Specifically, our analysis focuses on the contractual interaction between a representative risk averse entrepreneur who owns a firm and a risk neutral monopolistic investment bank that...
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