Regulatory programs that restrict output levels often impose restrictions on the transfer of rights to produce or to use particular inputs. In this paper, the authors use a unique cross-section, time-series data set from North Carolina to quantify the welfare effects of transfer restrictions for...

The powers of Wu-Hausman endogeneity tests are related to the normalization d ecision in estimating demand equations. Power is not invariant to the choice bet ween quantity and price as the dependent variable. A theoretical result due to N akamura and Nakamura_(1984) is used to explore the...

Broiler chickens are raised by contract growers whose rewards depend explicitly upon relative performance. The authors use data on the performance of broiler producers facing both tournament and linear performance evaluation compensation structures to test three predictions from the theory of...

At sales of breeding bulls, prospective buyers have strong incentives to undertake presale measurement activities. To reduce these transaction costs, sellers often provide information on sale bulls. We examine the information content of two measures of the expected performance of the bulls and...

Economists have studied the environmental consequences and competitiveness of alternative sales techniques for publicly-owned na tural resources. Little attention has been paid, however, to fluctuat ions in revenues resulting from the "option" nature of public resourc e sales. This paper...

A transaction costs framework is developed to explain the choice between lump-sum and per unit payment provisions in private timber-harvesting contracts. Predictions about which contract type minimizes the transaction costs of presale measurement and contract enforcement and monitoring are...

Measurement efforts to reduce the uncertainty concerning the attributes of heterogeneous goods may simply redistribute wealth and result in social waste. Individuals bearing the cost of such distributional measurement have incentives to develop buying and selling practices that limit such...