Resolving differences in willingness to pay and willingness to accept: reply

Article Abstract:

Gwendolyn C. Morrison's (1997) argument that dismisses Shogren et al.'s (1994) methods as inadequate in testing for the endowment effect can be criticized in two areas. The first problem concerns the apparent indiscriminate method of deriving figures to uphold the argument that the WTA/WTP difference is greater for a good with imperfect substitutes rather than for a good with perfect substitutes. The second problem arises from Morrison's failure to recommend a more suitable method of determining the existence of the said effect.

Research, Value (Economics), Substitution (Economics)

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Imagined risks and cost-benefit analysis

Article Abstract:

An analysis of the effects of imagined risks on policy formulation reveals that the divergence of public opinion and those of experts have received little attention and that further studies should be undertaken. Studies should focus on how governments behave in the presence of cost-benefit analysis, what risks are regulated and not regulated, extent of differences in the choices made and instruments used in regulation.

Social aspects, Political aspects, Cost benefit analysis, Policy sciences, Unfunded mandates

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Unique equilibrium in a model of self-fulfilling currency attacks

Article Abstract:

There is a unique equilibrium in self-fulfilling currency attacks when speculators face a small amount of noise in their signals of economic fundamentals. The unique equilibrium depends on fundamentals, the quantity of speculative money in circulation and the costs of speculative trading. The unique equilibrium generated by the model may e used to evaluate monetary policies.

Speculation, Money supply, Currency devaluation, Devaluation (Currency)

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