The Experts below are selected from a list of 288 Experts worldwide ranked by ideXlab platform
Mary Jo Kealy - One of the best experts on this subject based on the ideXlab platform.
-
a Demand Theory for number of trips in a random utility model of recreation
Journal of Environmental Economics and Management, 1995Co-Authors: George R. Parsons, Mary Jo KealyAbstract:We present a simple random utility model of recreation site choice that incorporates an aggregate Demand function for number of trips during a season. We derive the trip Demand function using conventional Demand Theory and use it to calculate seasonal welfare changes due to improvements in site characteristics or addition of new sites. The model is based on Bockstael, et al.′s participation function.
George R. Parsons - One of the best experts on this subject based on the ideXlab platform.
-
a Demand Theory for number of trips in a random utility model of recreation
Journal of Environmental Economics and Management, 1995Co-Authors: George R. Parsons, Mary Jo KealyAbstract:We present a simple random utility model of recreation site choice that incorporates an aggregate Demand function for number of trips during a season. We derive the trip Demand function using conventional Demand Theory and use it to calculate seasonal welfare changes due to improvements in site characteristics or addition of new sites. The model is based on Bockstael, et al.′s participation function.
Marc Santugini - One of the best experts on this subject based on the ideXlab platform.
-
On Risk Aversion, Classical Demand Theory, and KM Preferences
2020Co-Authors: Leonard J. Mirman, Marc SantuginiAbstract:Building on Kihlstrom and Mirman (1974)’s formulation of risk aversion in the case of multidimensional utility functions, we study the effect of risk aversion on optimal behavior in a general consumer’s maximization problem under uncertainty. We completely characterize the relationship between changes in risk aversion and classical Demand Theory. We show that the effect of risk aversion on optimal behavior depends on the income and substitution effects. Moreover, the effect of risk aversion is determined not by the riskiness of the risky good, but rather the riskiness of the utility gamble associated with each decision.
-
On Risk Aversion, Classical Demand Theory, and KM Preferences
Journal of Risk and Uncertainty, 2014Co-Authors: Leonard J. Mirman, Marc SantuginiAbstract:Building on Kihlstrom and Mirman (Journal of Economic Theory, 8(3), 361–388, 1974)’s formulation of risk aversion in the case of multidimensional utility functions, we study the effect of risk aversion on optimal behavior in a general consumer’s maximization problem under uncertainty. We completely characterize the relationship between changes in risk aversion and classical Demand Theory. We show that the effect of risk aversion on optimal behavior depends on the income and substitution effects. Moreover, the effect of risk aversion is determined not by the riskiness of the risky good, but rather the riskiness of the utility gamble associated with each decision.
Michael A. Savageau - One of the best experts on this subject based on the ideXlab platform.
-
Demand Theory of Gene Regulation. I. Quantitative Development of the Theory
Genetics, 1998Co-Authors: Michael A. SavageauAbstract:The study of gene regulation has shown that a variety of molecular mechanisms are capable of performing this essential function. The physiological implications of these various designs and the conditions that might favor their natural selection are far from clear in most instances. Perhaps the most fundamental alternative is that involving negative or positive modes of control. Induction of gene expression can be accomplished either by removing a restraining element, which permits expression from a high-level promoter, or by providing a stimulatory element, which facilitates expression from a low-level promoter. This particular design feature is one of the few that is well understood. According to the Demand Theory of gene regulation, the negative mode will be selected for the control of a gene whose function is in low Demand in the organism's natural environment, whereas the positive mode will be selected for the control of a gene whose function is in high Demand. These qualitative predictions are well supported by experimental evidence. Here we develop the quantitative implications of this Demand Theory. We define two key parameters: the cycle time C, which is the average time for a gene to complete an ON/OFF cycle, and Demand D, which is the fraction of the cycle time that the gene is ON. Mathematical analysis involving mutation rates and growth rates in different environments yields equations that characterize the extent and rate of selection. Further analysis of these equations reveals two thresholds in the C vs. D plot that create a well-defined region within which selection of wild-type regulatory mechanisms is realizable. The Theory also predicts minimum and maximum values for the Demand D, a maximum value for the cycle time C, as well as an inherent asymmetry between the regions for selection of the positive and negative modes of control.
-
Demand Theory of gene regulation ii quantitative application to the lactose and maltose operons of escherichia coli
Genetics, 1998Co-Authors: Michael A. SavageauAbstract:Induction of gene expression can be accomplished either by removing a restraining element (negative mode of control) or by providing a stimulatory element (positive mode of control). According to the Demand Theory of gene regulation, which was first presented in qualitative form in the 1970s, the negative mode will be selected for the control of a gene whose function is in low Demand in the organism9s natural environment, whereas the positive mode will be selected for the control of a gene whose function is in high Demand. This Theory has now been further developed in a quantitative form that reveals the importance of two key parameters: cycle time C , which is the average time for a gene to complete an ON/OFF cycle, and Demand D , which is the fraction of the cycle time that the gene is ON. Here we estimate nominal values for the relevant mutation rates and growth rates and apply the quantitative Demand Theory to the lactose and maltose operons of Escherichia coli. The results define regions of the C vs. D plot within which selection for the wild-type regulatory mechanisms is realizable, and these in turn provide the first estimates for the minimum and maximum values of Demand that are required for selection of the positive and negative modes of gene control found in these systems. The ratio of mutation rate to selection coefficient is the most relevant determinant of the realizable region for selection, and the most influential parameter is the selection coefficient that reflects the reduction in growth rate when there is superfluous expression of a gene. The quantitative Theory predicts the rate and extent of selection for each mode of control. It also predicts three critical values for the cycle time. The predicted maximum value for the cycle time C is consistent with the lifetime of the host. The predicted minimum value for C is consistent with the time for transit through the intestinal tract without colonization. Finally, the Theory predicts an optimum value of C that is in agreement with the observed frequency for E. coli colonizing the human intestinal tract.
Stéphane Dupraz - One of the best experts on this subject based on the ideXlab platform.
-
A Kinked-Demand Theory of Price Rigidity
Job Market Paper, 2016Co-Authors: Stéphane DuprazAbstract:I provide a microfounded Theory for one of the oldest, but so far informal, explanations of price rigidity: the kinked Demand curve Theory. Assuming that some customers observe at no cost only the price of the store they happen to be at gives rise to a kink in firms' Demand curves: a price increase above the market price repels more customers than a price decrease attracts. The kink in turn makes a range of prices consistent with equilibrium, but an intuitive criterion—the adaptive rational-expectations criterion—selects a unique equilibrium where prices stay constant for a long time. The kinked-Demand Theory is consistent with price-setters' account of price-rigidity as arising from the customer's—not the firm's—side, and can be tested against menu-cost models in micro data: it predicts that prices should be more likely to change if they have recently changed, and that prices should be more flexible in markets where customers can more easily compare prices. The kinked-Demand Theory has novel implications for monetary policy: its Phillips curve is strongly convex but does not contain any (present or past) expectations of inflation; its trade-off between output and inflation persists in the long-run; changes to the distribution of sectoral productivity shift the Phillips curve; and monetary shocks have a much longer-lasting real effect than in a menu-cost model, despite also being a model of state-dependent pricing.
