This paper derives a 3SLS estimator for a simultaneous system of spatial autoregressive equations with random effects which can therefore handle endoegeneity, spatial lag dependence, heterogeneity as well as cross equation correlation. This is done by utilizing the Kelejian and Prucha (1998) and Lee (2003) type instruments from the cross-section spatial autoregressive literature and marrying th...

In biological systems, nanoscale molecular motors can generate forces from spontaneous reactions of energy-rich molecules, mostly adenosine triphosphate (ATP), to convert chemical energy into mechanical movement. These motors are roughly 10 nm in size, take steps of a few nanometers, and can exert forces in the piconewton range. [ 1 , 2 ] However, to effi ciently design and construct nanoscale ...

This paper studies the impact of an expert’s concern for future business on his conduct and market effi ciency. In markets for professional services including health care, legal services, consulting and car mechanic services, clients often lack the expertise to assess the value of services provided by an expert both before and after consumption. Clients’ ignorance exposes them to the risk of be...

We study models of the formation of citation networks in a setting where authors/firms care about their citations and are rational. The effect of these two features on the diffusion of useful ideas in a setting with complete information about past citations leads to multiplicity of equilibria. With field-specific norms, however, uniqueness obtains. Asymmetric information about quality and strat...

Th is research examines the ex-ante optimal U.S. Social Security benefi t structure using the model developed in Nishiyama and Smetters (2007). Whereas NS2007 analyzed the effi ciency of diff erent, specifi c alternative designs of the U.S. Social Security system, the current paper attempts to derive the ex-ante best system design among a larger range of diff erent potential Social Security fo...

Colloidal quantum-dot (QD) photovoltaics (PVs) have shown a promising future with merits of low-cost processing, tunable spectral absorption, long-lifetime hot carriers, and multipleexciton generation by a single photon. [ 1–5 ] For instance, tailoring the semiconductor bandgap of QDs by the quantum-size effect enables multijunction PVs in single-junction QD solar cells (QDSCs). [ 4 ] The abili...

This paper fi rst discusses features of the Third Energy Package” of EU legislation regarding electricity transmission system operators (TSOs), which has been in place since 2009. The Package envisages three different types of TSO organization: full ownership unbundling (OU), independent system operator (ISO), and independent transmission operator (ITO). The question of economic effi ciency of ...

There is some controversy in the field of household economics regarding the effi ciency of household decisions. We make the point that a flexible specification of spousal preferences and the household production technology precludes the possibility of using revealed preference data on household time allocations to determine the manner in which spouses interact: effi ciently or ineffi ciently. U...

Published in Agron. J. 103:1276–1283 (2011) Posted online 8 Jun 2011 doi:10.2134/agronj2011.0053 Available freely online through the author-supported open access option. Copyright © 2011 by the American Society of Agronomy, 5585 Guilford Road, Madison, WI 53711. All rights reserved. No part of this periodical may be reproduced or transmitted in any form or by any means, electronic or mechanical...

When is the level of entry of buyers or sellers effi cient in markets with search and matching frictions? This paper generalizes the well-known Hosios condition for constrained effi ciency to a wide range of dynamic search and matching environments where the expected match output depends on the market tightness. The generalized Hosios condition is simple and intuitive: entry is constrained effi...