Previous studies on the price and time trade-off in real estate focused primarily on the real estate traded in the secondary market. This relation, however, depends rather critically on seller motivations. This study examines the price and time trade-off for new residential developments where developer motivations differ substantially from individual seller motivations. In addition, by using th...

This paper extends previous works that view transit systems as minimizing their after-subsidy costs. The paper uses the expense preference behavior model in economics and derives ®rst-order conditions for the manager. From the ®rst-order conditions, the paper formally shows that the decomposition of relative price ineciency between management behavior and subsidies found in the work of Sakano ...

This paper investigates an optimal capacity expansion policy for innovative product in a context of one supplier and one retailer. With a fully deductible contract, we employ the Stackelberg game model to examine the negotiation process of capacity expansion in a single period. We first derive the retailer’s optimal reservation strategy and then characterize the optimal capacity expansion polic...

The rent of shelter accounts for approximately a third of the Consumer Price Index (CPI). Using a new housing rent index (RRI) developed by Ambrose, Coulson, and Yoshida (2014), we modify the CPI and compute the Taylor rule for the period from 2000 to 2010. With this timely rent index, Taylor rule becomes more consistent with the Federal funds rate than the conventional calculations. However, t...

Price cap regulation (PCR) has now been employed in the telecommunications industry for more than a quarter century. We review the experience with PCR and offer an explanation for its popularity. PCR’s design flexibility, its ability to limit undesirable strategic behavior, declining industry costs, and developing competition all enhanced the appeal of PCR. We also review some surprises that ha...

We study a model with local public goods in which agents’ crowding e¤ects are formally distinguished from their taste types. It has been shown that the core of such an economy can be decentralized with anonymous admission prices (which are closely related to cost share prices). Unfortunately, such a price system allows for an arbitrary relationship between the public goods level in a given juri...

The paper analyses the contending debates on establishment of marketing boards in colonial Nigeria. It their operations within purview colonialist and nationalist perspectives. contends that British established to protect its imperial economic interests rather than price stabilization policy they were primarily created for. submits monopoly institutions used cushion internal contradictions post...

We study the stabilization properties and welfare implications of a fiscal capacity in New Keynesian model for monetary union. A novel feature is that access to conditional on country’s public debt accumulation being sufficiently low. Likewise, national effort stabilize more ambitious at higher levels. show reduces union-wide macroeconomic variability raises by reducing incidence regimes with l...