5,458 research outputs found

    Bank Credit Cards and the Uniform Commercial Code

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    Experiments with the Traveler's Dilemma: Welfare, Strategic Choice and Implicit Collusion

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    This paper investigates behavior in the Traveler's Dilemma game and isolates deviations from textbook predictions caused by differences in welfare perceptions and strategic miscalculations. It presents the results of an experimental analysis based on a 2x2 design where the own and the other subject's bonus-penalty parameters are changed independently. We find that the change in own bonus-penalty alone entirely explains the effect on claims of a simultaneous change in one's own and the other's bonus-penalty. An increase in the other subject's bonus-penalty has a significant negative effect on claims when the own bonus-penalty is low, whereas it does not have a significant effect when the own bonus-penalty is high. We also find that expected claims are inconsistent with actual claims in the asymmetric treatments. Focusing on reported strategies, we document substantial heterogeneity and show that changes in choices across treatments are largely explained by risk aversion.

    Experiments with the Traveler's Dilemma: Welfare, Strategic Choice and Implicit Collusion

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    This paper investigates behavior in the Traveler's Dilemma game and isolates deviations from textbook predictions caused by di®erences in welfare perceptions and strategic miscalculations. It presents the results of an experimental analysis based on a 2x2 design where the own and the other subject's bonus-penalty parameters are changed independently. We ¯nd that the change in own bonus-penalty alone entirely explains the e®ect on claims of a simultaneous change in one's own and the other's bonus-penalty. An increase in the other subject's bonus-penalty has a signi¯cant negative e®ect on claims when the own bonus-penalty is low, whereas it does not have a signi¯cant e®ect when the own bonus-penalty is high. We also ¯nd that expected claims are inconsistent with actual claims in the asymmetric treatments. Focus- ing on reported strategies, we document substantial heterogeneity and show that changes in choices across treatments are to a large extent explained by risk aversion.

    Problems of Excess Capacity

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    The problems of excess capacity in the airline industry are discussed with focus on the following topics: load factors; fair rate of return on investment; service-quality rivalry among airlines; pricing (fare) policies; aircraft production; and the impacts of excess capacity on operating costs. Also included is a discussion of the interrelationships among these topics

    Monetary Perspective On Underground Economic Activity In The United States

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    There are widespread reports of a growing underground, or unobserved, economy in the United States and in other countries. The unobserved economy seems to develop principally from efforts to evade taxes and government regulation. Although no single definition of such activity has been universally accepted, the term generally refers to activity – whether legal or illegal – generating income that either is underreported or not reported at all (see Chapter 1 in this volume). Some authors narrow the definition to cover income produced in legal activity that is not set down in the recorded national income statistics. Recent discussion of underground economic activity was stimulated by publication of two estimates, one by Gutmann (1977) and the other by Feige (1979), of the size of the underground economy in the United States; these estimates were derived from aggregate monetary statistics. In the ensuing years, numerous other estimates have been made of the underground economy in the United States and in other countries. The magnitude of some of these estimates has prompted congressional hearings and various government studies. In 1979, the Internal Revenue Service (IRS, 1979) estimated that, for 1976, individuals failed to report between 75billionand75 billion and 100 billion in income from legal sources and another 25billionto25 billion to 35 billion from three types of illegal activity – drugs, gambling, and prostitution. In a more recent study, the IRS estimated that unreported income from legal sources rose from 93.9billionin1973to93.9 billion in 1973 to 249.7 billion in 1981 whereas unreported income from these same three illegal activities rose from 9.3billionto9.3 billion to 34 billion (IRS, 1983)

    Barnes Hospital Bulletin

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    https://digitalcommons.wustl.edu/bjc_barnes_bulletin/1265/thumbnail.jp

    Barnes Hospital Bulletin

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    https://digitalcommons.wustl.edu/bjc_barnes_bulletin/1276/thumbnail.jp

    Small V/STOL aircraft analysis, volume 1

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    A study has been made of the economic viability of advanced V/STOL aircraft concepts in performing general aviation missions. A survey of general aviation aircraft users, operators, and manufacturers indicated that personnel transport missions formulated around business executive needs, commuter air service, and offshore oil supply are the leading potential areas of application using VTOL aircraft. Advanced VTOL concepts potentially available in the late 1970 time period were evaluated as alternatives to privately owned contemporary aircraft and commercial airline service in satisfying these personnel transport needs. Economic analysis incorporating the traveler's value of time as the principle figure of merit were used to identify the relative merits of alternative VTOL air transportation concepts
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