Institutional Affiliation: University of Texas at Austin
|Avoiding Traffic Congestion Externalities? The Value of Urgency|
with , : w26956
In Becker (1965) and neoclassical microeconomic theory the value of time is a constant fraction of the hourly wage. When taken to data, however, this value departs from theoretical predictions, and appears to vary with the amount of time saved. By observing drivers on freeways opting to enter toll lanes with high-frequency, time-varying prices that secure a minimum level-of-service, we uncover a new and fundamental aspect of preferences for travel time savings related to urgency. The presence of preferences for urgency, which reflect the fact that individuals often face discrete penalties for being late, allows us to reconcile the pattern observed in the data with neoclassical theory. Using a rich, repeated-transaction data and individual-level hedonic estimation, we show that the value of...
|Profit Sharing Between Governments and Multinationals in Natural Resource Extraction: Evidence From a Firm-Level Panel|
with : w13332
The "fairness" of negotiations between countries and resource extracting firms is subject to many accusations and counter-accusations and may be argued, in many instances, to impact the subsequent economic benefit to a host country from extraction. This paper examines the role of host country governance on the share of government take from extraction revenue. We attempt to disentangle a number of competing hypotheses regarding the relationship between governance and government take using panel data for US resource extracting multinational corporations (MNCs) operating abroad from the Bureau of Economic Analysis of the US Department of Commerce over 1982-1999. Using fixed effects regression, we find a statistically significant positive impact of institutional quality on government take. The...
Published: Brookings Trade Forum Coverage: 1998-2008/2009 Publication of this title ceased in 2009. JSTOR Subjects(s): Business, Economics JSTOR Collection(s): Arts & Sciences VI Collection, Business II Collection, For-Profit Academic Arts & Sciences VI Collection, For-Profit Academic Business II Collection Published by: Brookings Institution Press ISSN: 15205479