Do countries that are more open achieve higher growth rates than countries which are less open? With the same degree of openness do poor countries tend to grow faster than rich countries? If they do, the poor countries will move toward equalizing the level of per capita income and there will be...

Cooperatives are unique among agribusiness firms because their owners are also their customers. This dual nature of patrons means that maximizing profit is one of several optimal strategies the cooperative may pursue. Using a survey of marketing cooperative managers, we examine how membership...

Careful studies of the distribution of income in nineteenth-century United States have been hampered by a paucity of available data. This study undertakes the analysis of factors influencing the distribution of personal income in communities in the Great Basin region of the western United States...

In this paper we have examined optimal tariffs for non-renewable natural resources in the setting of imperfect competition. We do this because Larry Karp (1984, p. 74) states that, “If the buyer attempts to exert market power, he is constrained by the dynamic optimization behavior of the...

Arbitration is a growing method of resolving disputes in varied settings. While two specific arbitration rules dominate in practice, other procedures have been hypothesized to better promote voluntary settlement. Such hypotheses require theoretical assumptions of identical bargainer expectations...

This paper analyzes a two-country general equilibrium model with multiple stages of production and sticky prices. Working through the cross-country input-output relations and endogenous price stickiness, the model generates the observed patterns in international aggregate comovements following...

This paper presents results from a controlled laboratory study of bargaining behavior and dispute rates under three types of arbitration procedures. Two of these—conventional and final-offer arbitration—are commonly used in practice, while an innovative procedure called “Combined...

Traceability poses market opportunities and threats for U.S. red meat producers for at least two reasons. First, consumers are becoming more concerned about the inputs and practices used to produce food and the ability to trace red meat to its source is an essential step in providing information...

We show that Arrow-Debreu equilibria with countably additive prices in infinite-time economy under uncertainty can be implemented by trading infinitely-lived securities in complete sequential markets under two different portfolio feasibility constraints: wealth constraint, and essentially...