Programming models approximate market prices and quantities when regulations constrain firm choices, because market outcomes result when welfare is appropriately defined and includes performance and environmental constraints. This study discusses market operation in quality-constrained sectors,...

Programming models approximate market prices and quantities when regulations constrain firm choices, because market outcomes result when welfare is appropriately defined and includes performance and environmental constraints. This study discusses market operation in quality-constrained sectors,...

T.W. Schultz (1975) proposed that returns to human capital were highest in economicenvironments where technology, price or production shocks were common and managerial skillsto adapt resource allocations to those shocks were most in need. We hypothesize that variationin returns to human capital...

Sometimes authorities are unable to identify rapidly the origin of a tainted product.In such cases, recalls or warnings often apply to all suppliers, even to those thathad not contributed to the contamination. Traceability enables more targetedrecalls by identifying more specically the product's...