Endogenous trip scheduling: the Henderson approach reformulated and compared with the Vickrey approach
The Henderson approach to modeling peak-period congestion accounting for the scheduling behavior of travelers is reformulated because this technique does not have equilibria when lateness is limited. Reformulation is performed by positing that the number of travelers that arrive together at their destination, in lieu of the number of travelers that leave together at an original place, indicates the length of their travel. Unlike that of the Vickrey approach, the behavior of this new approach differs from its travel-delay elasticity with respect to arrival flow at destination. The behavior of the Vickrey approach acts as the limit of that of the reconstructed Henderson approach as travel-delay elasticity approaches infinity. The reformulated Henderson approach is applicable to flow congestion situations while the Vickrey approach is useful for queueing situations.
Publication Name: Journal of Urban Economics
Adaptive forecasts, hysteresis, and endogenous fluctuations
A model with multiple steady states is presented to consider the relationship between fluctuations and macroeconomic policy. The overlapping generations model is modified to allow for government purchases and random productivity shocks, and to account for coordination failures and policy effects. An example with a time-varying policy is included, and an equilibrium is outlined. Hysteresis effects and endogenous cycles are discussed, including regime-switching cycles.
Publication Name: Economic Review (San Francisco)
Economic development and CO2 emissions: a nonparametric panel approach
A study makes an empirical analysis of per capita carbon dioxide emissions and per capita gross domestic product. A nonparametric panel approach is used in the study.
Publication Name: The Journal of Public Economics
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