I characterize mean (or market) demands derived from a general random choice model that does not require the use of preferences or maximizing behavior. I show that mean demands satisfy the compensated Law of Demand and all the properties of standard demand theory including symmetry and negative

We demonstrate that in a CAPM economy Walras Law and the Tobin Separation Property characterize market demand on finite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n different beta pricing formulas. It is shown

Immigration is not evenly balanced across groups of workers that have the same education but differ in their work experience, and the nature of the supply imbalance changes over time. This paper develops a new approach for estimating the labor market impact of immigration by exploiting

to forecast the market demand for the mobile broadcast (DVB-H) services. The client is TeliaSonera Finland who is also one of the companies building the DVB-H test network that will be operational in late 2004. Establishing such a forecast would be extremely difficult even in much better defined

AbstrAct Harvey leibenstein’s (1950) seminal QJE article, “Bandwagon, snob, and Veblen Effects in the Theory of the Consumers ’ Demand, ” defines the bandwag-on effect as “the extent to which the demand for a commodity is increased due to the fact that others are also consuming the same commodity

The IST Programme: Overview and techno-economic challenges 10:00 – 10:30 Borgar Tørre Olsen Telenor The TERA project objectives and methodology

and persistent growth in relative demand favoring college graduates. Rapid skill upgrading within detailed industries accounts for most of the growth in the relative demand for college workers, particularly since 1970. Analyses of four data sets indicate that the rate of skill upgrading has been greater in more

This article compares estimates of disaggregated market food demand responses to the Supplemental Nutrition Assistance Program benefits based on exact nonlinear aggregation to responses based on linear aggregation. By accounting for income inequality, nonlinear aggregation implies that only

and how a firm’s competitive advantage is eroded depends on the stability of market demand, and the ease of replicability (expanding internally) and imitatability (replication by competitors). If correct, the framework suggests that private wealth creation in regimes of rapid technological change depends

This article develops a model which shows that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits. Investors face privately observed risks which lead to a demand for liquidity