M Waldman - The RAND Journal of Economics, 1984 - JSTOR
This article analyzes a model in which information about a worker's ability is only directly revealed
to the firm employing the worker; other firms, however, use the worker's job as- signment as a
signal of ability. Three results recur throughout the analysis. First, wage rates tend to be ...
R Gibbons… - Handbook of labor economics, 1999 - Elsevier
Abstract We survey the theoretical literature on careers in organizations, focusing on models
that address detailed evidence or stylized facts. We begin with what we call building-block
models: human-capital acquisition, job assignment, incentive contracting, efficiency ...
R Gibbons… - The Quarterly Journal of …, 1999 - qje.oxfordjournals.org
Abstract We show that a framework that integrates job assignment, human-capital
acquisition, and learning captures several empirical findings concerning wage and
promotion dynamics inside firms, including the following. First, real-wage decreases are ...
DW Carlton… - 1998 - nber.org
This paper investigates how the tying of complementary products can be used to preserve
and extend monopoly positions. We first show how a firm that is a monopolist of a product in
the current period can use tying to preserve its monopoly position in future periods. We ...
IE Novos… - The Journal of Political Economy, 1984 - JSTOR
Previous authors who have considered partially nonexcludable goods have claimed that an
increase in copyright protection will have the following two effects on social welfare. First, it
will decrease the social welfare loss due to underproduction. Second, it will increase the ...
J Haltiwanger, M Waldman - The American Economic Review, 1985 - JSTOR
A recurring controversy in economic thought concerns the conflict between the assumption
of rationality and the fact that economic agents have limited capacities to process
information.'For example, this conflict was a factor in the marginalist debate of the 1940's, ...
N Bruce… - The Quarterly Journal of Economics, 1990 - qje.oxfordjournals.org
Abstract A familiar result in the economic theory of the family is Becker's rotten-kid theorem.
This theorem states that altruism by a family member will lead other selfish members to act
efficiently from the family viewpoint. We extend Becker's one-period model to two periods ...
M Waldman - Journal of Labor Economics, 1990 - JSTOR
A firm will typically gather information concerning its own workers that is not available to
other potential employers, while other firms will attempt to reduce this information asymmetry
by observing the actions of the initial employer. I argue that this process can be important ...
M Waldman - The Quarterly Journal of Economics, 1993 - JSTOR
Automobile manufacturers have long had a policy of introducing annual style changes into
their new model cars. Textbook publishers have a policy of periodically bringing out revised
editions of their popular books. Recently, IBM changed the operating system used in its ...
N Bruce… - The American Economic Review, 1991 - JSTOR
Consider an environment where one person is sufficiently altruistic towards another that he
transfers resources to the other person. The traditional theory of altruism makes a strong
prediction concerning the form that such a transfer would take: whenever possible the ...
M Waldman - The Journal of Economic Perspectives, 2003 - JSTOR
Durable goods pose a number of questions for microeconomic analysis. One set of
questions involves durability choice and the related issue of" planned obsolescence." For
example, do firms have an incentive to reduce durability below the efficient level so that ...
R Gibbons… - 2003 - nber.org
In previous work we showed that a model that integrates job assignment, human-capital
acquisition, and learning can explain several empirical findings concerning wage and
promotion dynamics inside firms. In this paper we extend that model in two ways. First, we ...
R Gibbons… - The American Economic Review, 2004 - JSTOR
Since Gary Becker's (1964) seminal work, the theoretical and empirical literature on human
capital has focused almost exclusively on general-purpose and firm-specific human capital.
In this paper we discuss the implications of a third type of human capital, which we call ...
M Waldman - The RAND journal of Economics, 1996 - JSTOR
By investing in R&D, a durable-goods monopolist can improve the quality of what it will sell
in the future, and in this way reduce the future value of current and past units of output. This
article shows that if the firm sells its output, then it faces a time inconsistency problem; ie, ...
M Waldman - The Review of Economic Studies, 1984 - restud.oxfordjournals.org
Abstract Economists have traditionally viewed the allocation of workers among jobs through
the concept of comparative advantage. This paper investigates hierarchical production
models which display an absence of comparative advantage, in order to demonstrate that ...
J Haltiwanger, M Waldman - The Quarterly Journal of …, 1989 - qje.oxfordjournals.org
Abstract This paper considers the implications of heterogeneity in information-processing
abilities for macroeconomic models that exhibit “strategic complements.” The latter is the
same concept that has received much attention in the recent macro literature under the ...
M Waldman - The Journal of Law and Economics, 1997 - JSTOR
There are a number of prominent specific instances in which a durable goods manufacturer
with significant market power employed a lease-only policy:(i) United Shoe in the market for
shoe machinery,(ii) IBM in the market for computers, and (iii) Xerox in the market for ...
M Waldman - The American Economic Review, 1994 - JSTOR
This paper derives two main results. First, in a world where inheritance is sexual as opposed
to asexual" second-best" adaptations can be evolutionarily stable. That is, the adaptation
selected need not be the optimal solution to the evolutionary problem at hand. Second, I ...
M Waldman - Journal of Business, 1996 - JSTOR
This article considers a durable goods monopolist's choice of price and durability in a setting
where durability choice controls the speed with which quality deteriorates. This article
derives three main results. First, the price at which old units trade on the secondhand ...
ML Waldman - Wm. & Mary L. Rev., 1986 - HeinOnline
Page 1. BEYOND UPJOHN: THE ATTORNEY-CLIENT PRIVILEGE IN THE
CORPORATE CONTEXT Michael L. Waldman* I. Introduction The federal courts
have experienced great difficulty determining which employees in a ...
M Waldman - The Review of Economic Studies, 1987 - restud.oxfordjournals.org
Abstract Previous authors who have considered the issue of noncooperative entry
deterrence have not found the free rider problem to be a significant factor. These authors,
however, have only considered models in which the exact investment needed to deter ...
JP Johnson… - Rand Journal of Economics, 2003 - JSTOR
In his seminal article of 1970, Akerlof argued that the used-car market is not efficient
because adverse selection causes too little trade. We construct a competitive model of the
new-and used-car markets and investigate the relationship between new-car leasing and ...
In this paper we consider the implications of a particular type of heterogeneity-one which
characterises a large number of economic environments, but which has not received any
systematic treatment in the literature. In its most basic form, the heterogeneity we have in ...
J DeVaro… - 2007 - digitalcommons.ilr.cornell.edu
Abstract [Excerpt] An extensive theoretical literature has developed that investigates the role
of promotions as a signal of worker ability. There have been no tests, however, of the
empirical validity of this idea. In this paper we develop the theory in a manner that allows ...
[CITATION] POTUS speaks: Finding the words that defined the Clinton presidency
M Waldman - 2000 - Simon & Schuster
S Oh… - The Quarterly Journal of Economics, 1990 - qje.oxfordjournals.org
Abstract Suppose that the government were to announce the economy will be booming in
six months, and this announcement is based on false data. What effect would such an
announcement have on future aggregate activity? This paper employs revisions of the ...
M Waldman - CESifo Working Paper Series No. 1306, 2004 - papers.ssrn.com
Abstract: Markets for durable goods constitute an important part of the economy. In this
paper I first briefly review the microeconomic theory literature on durable-goods markets,
focusing mostly on the last ten years. I then discuss a number of my own recent analyses ...
DW Carlton… - Journal of Law, Economics, and …, 2010 - Oxford Univ Press
Abstract Consider a durable goods producer that has the option of monopolizing an
aftermarket such as repair for its own product. An important question is whether such
monopolization reduces welfare? We show that the answer to this question is frequently ...
H Morita… - Journal of Economics & Management …, 2004 - Wiley Online Library
Durable-goods producers frequently choose to monopolize the maintenance markets for
their own products. This paper shows that, similar to leasing, one reason a firm may employ
this practice is that it reduces or even eliminates problems due to time inconsistency. We ...
M Waldman - 2007 - mpra.ub.uni-muenchen.de
A number of branches of the literature on internal labor markets have matured to the point
that there is now a healthy two-way interaction between theory and empirical work. In this
survey I consider two of these branches: i) wage and promotion dynamics; and ii) human- ...
M Waldman - 1990 - getcited.org
An academic directory and search engine.
M Waldman, S Nicholson… - 2006 - nber.org
Autism is currently estimated to affect approximately one in every 166 children, yet the cause
or causes of the condition are not well understood. One of the current theories concerning
the condition is that among a set of children vulnerable to developing the condition ...
M Waldman - Economic Inquiry, 2003 - Wiley Online Library
A firm deciding on its promotion practices will be concerned both with the efficient
assignment of workers to tasks and with rewarding prior performance. This can result in a
time-inconsistency problem because the promotion rule that is optimal at the time of the ...
J Haltiwanger, M Waldman - Journal of Economic Behavior & …, 1993 - Elsevier
Abstract This paper considers environments in which the population consists of a mix of
altruists and egoists, and asks under what situations do altruists have a disproportionately
large effect on equilibrium, and under what situations is it the egoists. We begin by ...
M Waldman - The Rand Journal of Economics, 1991 - JSTOR
A number of authors have recently considered whether the free rider problem is exhibited in
models characterized by multiple potential entrants/sequential entry. Bernheim (1984) and
Eaton and Ware (1987) find that the free rider problem is not an important factor, while ...
[CITATION] The Big business reader: on corporate America
MJ Green, M Waldman… - 1983 - Pilgrim Press
J Haltiwanger, M Waldman - Economic Inquiry, 1989 - Wiley Online Library
This paper investigates the relationship between the way rational expectations is employed
in practice and the argument initially put forth to justify its use. In practice rational
expectations has meant that the expectations of each agent taken separately is consistent ...
DW Carlton… - 2005 - nber.org
This paper investigates the role of product upgrades and consumer switching costs in the
tying of complementary products. Previous analyses of tying have found that a monopolist of
one product cannot increase its profits and reduce social welfare by tying and ...
DW Carlton… - Competition Policy …, 2005 - faculty.chicagobooth.edu
Tie-in sales have been the focus of recent major antitrust cases, especially in the United
States and Europe. These cases against firms such as Microsoft and MasterCard and Visa
have attracted widespread attention. As a result, academic economists have turned their ...
DW Carlton, P Greenlee… - 2008 - nber.org
In response to the" standardless" approach used in LePage's v. 3M, the Antitrust
Modernization Commission (AMC) and others advocate using a discount allocation
approach to assess whether bundled loyalty discounts violate Section 2 of the Sherman ...
DW Carlton,
JS Gans… - 2007 - nber.org
This paper provides a new explanation for tying that is not based on any of the standard
explanations--efficiency, price discrimination, and exclusion. Our analysis shows how a
monopolist sometimes has an incentive to tie a complementary good to its monopolized ...
S Ghosh… - The RAND Journal of Economics, 2010 - Wiley Online Library
This article develops a theory concerning the choice between standard promotion practices
and up-or-out contracts. Our theory is based on asymmetric learning and promotion
incentives. We find that firms employ up-or-out contracts when firm-specific human capital ...
[CITATION] Leasing solves the lemons problem
R Guha… - Johnson Graduate School of Management, Cornell …, 1997
M Waldman - Pub. Cont. LJ, 1991 - HeinOnline
The False Claims Amendments Act of 1986 sparked a dramatic rise in the number of
lawsuits filed against government contractors for one simple reason: money. The 1986
amendments substantially increased the damages and penalties recoverable by the ...
R Gibbons… - 1998 - nber.org
We attempt to explain employment practices in internal labor markets using models that
combine job assignment, on-the-job human-capital acquisition, and learning. We show that
a framework that integrates these familiar ideas captures a number of recent empirical ...
H Morita… - 2006 - mpra.ub.uni-muenchen.de
Significant attention has been paid to why a durable-goods producer with little or no market
power would monopolize the maintenance market for its own product. This paper provides
an explanation for this practice that is based on consumer switching costs and the choice ...
M Waldman - Johnson Graduate School of Management, Cornell …, 1999 - papers.ssrn.com
Abstract: A number of recent papers have analyzed leasing in the new-car market as a
response to the adverse-selection problem in the used-car market originally explored in
Akerlof (1970). In this paper we consider a model characterized by both adverse selection ...
S Ghosh… - SSRN Johnson School Research Paper …, 2006 - papers.ssrn.com
Abstract: In most firms a worker in any period is either promoted, left in the same job, or fired
(demotions are typically rare), and there is no specific date by which a promotion needs to
occur. In other employment situations, however, up-or-out contracts are common, ie, if a ...
J Johnson… - 2008 - papers.ssrn.com
Abstract: An extensive literature has developed that argues that in many settings the social
welfare costs of copying or piracy are limited because of the presence of indirect
appropriability. Indirect appropriability is the idea that original good producers can ...
[CITATION] Careers in Organizations: Theory and Evidence, Handbook of labor economics. Volume 3B
R Gibbons… - 1999 - Elsevier Science, North-Holland, …
S Oh… - Economic Inquiry, 1994 - Wiley Online Library
A number of studies have employed strategic complementarity to show that many features of
the Keynesian framework can be captured in models consistent with the microfoundations
approach. We argue that strategic complementarity is an important factor in understanding ...
M Waldman - 2003 - books.google.com
The history of the United States lives in the words of its presidents-words that heal, inspire
and sometimes divide a nation and the world. My Fellow Americans brings to life two
centuries of American history, as you read and hear the presidential speeches that ...
M Waldman - Journal of Economic Behavior & Organization, 1996 - Elsevier
A worker's current employer will typically acquire information concerning that worker's
productivity that is not directly available to other potential employers. A number of papers
have considered this idea and argued that in such a setting these other firms will utilize ...
M Waldman - The Journal of Fixed Income, 1992 - iijournals.com
A nterest rate movements, relative to the applicable liabibties or performance benchmarks.
Option-adjusted spread (OAS) models measure this exposure, called the effective duration,
for securities with embedded options, such as callable corporate bonds and mortgage ...
JP Johnson… - Journal of Law and Economics, 2010 - JSTOR
Abstract A number of recent papers have analyzed leasing in the new-car market as a
response to the adverse-selection problem in the used-car market originally explored in the
seminal 1970 paper by George Akerlof. In this paper we consider a model characterized ...
J Haltiwanger, M Waldman - Journal of Labor Economics, 1986 - JSTOR
In recent years a large literature has developed that investigates the role of insurance in
labor market contracting. Papers in this literature typically assume that workers are
completely restricted from borrowing. We argue, and to some extent demonstrate, that in ...
ML Waldman - Pub. Cont. LJ, 1988 - HeinOnline
Page 1. The 1986 Amendments to the False Claims Act: Retroactive or Prospective?
Michael L. Waldman* I. Introduction 470 II. Discussion 471 A. The 1986 Amendments
471 1. Damages 472 2. Standard of Proof 472 3. Defendant's ...
IE Novos… - Contemporary Economic Policy, 1987 - Wiley Online Library
The past few decades have seen dramatic advancements in the technology of copying and
the diffusion of copying technology to the general public. This paper surveys some of the
recent academic literature dealing with this issue. We focus on (i) the effect of varying the ...
M Waldman - Information Economics and Policy, 1990 - Elsevier
Abstract This paper considers a world in which firms invest in the production of information
concerning workers, where this information is used to help allocate workers among tasks.
The question addressed is, does the firm have an incentive to make a socially efficient ...
S Oh… - Eastern Economic Journal, 2005 - JSTOR
A recurrent theme in the literature on business cycle fluctuations is the importance of
expectational shocks that change the beliefs of agents concerning the future level of
aggregate activity, but that do not reflect real movements in the fundamentals. For ...
DW Carlton… - Geo. Mason L. Rev., 2007 - HeinOnline
The courts and analysts are struggling to articulate safe harbors for a wide variety of
common business pricing practices in which either a single product purchased in bulk is
sold at a discount or multiple products are bundled together and sold at a different price ...
N Bruce… - UCLA Economics Working Papers, 1988 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
[CITATION] Time to Blow the Whistle
M Waldman - National Law Journal, 1991
M Waldman, S Weiss… - 1977 - trid.trb.org
Abstract: This report analyzes data on the health effects of bicycling in an urban environment
through intensive study of ten healthy male subjects bicycling or driving in systematically
varied conditions in the streets of Washington, DC Evaluation criteria for available ...
[CITATION] The Effects of Increased Copyright Protection: An Analytical Approach, 92 J
IE Novos… - Pol. Econ, 1984
D Carlton… - Johnson School Research Paper, 2005 - papers.ssrn.com
Abstract: This paper first reviews economic theories for why firms tie their products and then
discusses our views concerning what this review implies concerning optimal antitrust policy
for tying cases. The review considers efficiency rationales for tying, price discrimination ...
M Waldman - V Unpublished manuscript, Cornell University, 2011 - nber.org
ABSTRACT As initially formulated in the seminal analysis of Lazear and Rosen (1981), an
important perspective for understanding the role of promotions in firms is the tournament
perspective. That is, a promotion and, in particular, the wage increase associated with a ...
AD Gerstle… - American Law & Economics …, 2004 - law.bepress.com
ABSTRACT In a classic paper on the welfare effects of mergers in durable-goods industries,
Carlton and Gertner (1989) argued that the presence of a competitively supplied stock of
used units substantially reduces the social-welfare losses associated with mergers that ...
J Haltiwanger, M Waldman - University of California at Los Angeles, 1986 - econ.ucla.edu
ABSTRACT This paper considers the implications of a particular type of heterogeneity-one
which characterizes a large number of economic environments, but which has not received
any systematic treatment in the literature. We refer to this heterogeneity as responders ...
[CITATION] Careers in Organizations: Theory and Evidence. Chapter 36 in Volume 3B of O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics
R Gibbons… - 1999 - North Holland
IE Novos… - Journal of Institutional and Theoretical Economics ( …, 1988 - JSTOR
Previous authors have considered markets for partially nonexcludable commodities in a
variety of contexts. It is well known that two social welfare losses, the underproduction and
underutilization losses, arise in such markets. This paper considers such a market in the ...
M Waldman - University of California, Los Angeles, Department of …, 1990 - econ.ucla.edu
ABSTRACT A worker's current employer will typically possess information concerning that
worker's productivity which is not directly available to other potential employers. Recent
papers have considered this problem and argued that in such a setting these other firms ...
M Waldman - 1983 - econ.ucla.edu
Abstract Recent papers which have been concerned with entry deterrence in markets
initially inhabited by an oligopoly have assumed either that the oligopoly acts in a fully
collusive fashion, or that the oligopoly behaves in a purely noncooperative fashion. An ...
[CITATION] Evaluating the Option Features of Mortgage Securities: The Salomon Brothers Mortgage Pricing Model
M Waldman… - 1986 - Salomon Brothers
D Ridgway, J Tozzi… - Admin. LJ Am. U, 1992 - HeinOnline
* Ms. Ridgway is counsel to the Washington, DC, law firm of Shaw, Pittman, Potts &
Trowbridge, where she has specialized in the area of nuclear energy law since 1979. She
received her undergraduate and Masters degrees from the University of Mis-souri, ...
S Oh, M Waldman… - 1989 - econ.ucla.edu
ABSTRACT Starting with the work of Diamond (1982), Hart (1982), Weitzman (1982) and
Bryant (1983), a number of authors have employed models which exhibit potential
coordination failure to show that many features of the Keynesian framework can be ...
[CITATION] Why Tie an Essential Good?
DW Carlton… - Antitrust Policy and Vertical Restraint, 2006
J Haltiwanger, M Waldman - UCLA Economics Working …, 1986 - econpapers.repec.org
By John Haltiwanger and Michael Waldman; Limited Rationality and
Synergism: The IMplications for Macroeconomics.
[CITATION] Careers in Organizations: Theory and Evidence
M Waldman - Handbook of Labor Economics, 1999
H Morita… - American Economic Journal: …, 2010 - ingentaconnect.com
Abstract: Significant attention has been paid to why a durable goods producer with little or
no market power would monopolize the maintenance market for its own product. This paper
investigates an explanation for the practice based on consumer switching costs and the ...
[CITATION] Grand Jury: Ripe for Reform
M Waldman - Crim. Just, 2002
[CITATION] RICO goes to Congress
M Waldman… - New York Times, 1989
[CITATION] rCompetition, Monopoly, and Aftermarkets, s 2006
DW Carlton… - National Bureau of Economic …
[CITATION] Interest Only and Principal Only STRIPS
M Waldman… - 1987 - Salomon Brothers
M Waldman - Cal. L. Rev., 2007 - HeinOnline
We brought together some of the most important legal thinkers of our time, including
Supreme Court Justice Ruth Bader Ginsburg, to pay tribute to the Justice. We are honored to
have the California Law Review publish essays written by those who presented at the ...
[CITATION] Introducing the Salomon Brothers Total Rate-of-return Index for Mortgage Pass Through Securities
M Waldman… - 1979 - Salomon Bros.
[CITATION] £ 984]:" Job Assignments, Signalling, and Efficiency
M Waldman - The RAND Journal of Economics, V
[CITATION] Ex Ante v. Ex Post Optimal Promotion Rules
M Waldman - Economic Inquiry (forthcoming), 1997
[CITATION] A Framework for Evaluating Treasury-Based Adjustable Rate Mortgages
M Waldman… - The Handbook of Mortgage-Backed Securities. New …, 1985
[CITATION] rCareers in organizations: Theory and evidence. sIn the Handbook of Labor Economics (Ch. 36), edited by Orley C. Ashenfelter and David Card
R Gibbons… - 1999 - Elsevier BV, Amsterdam
[CITATION] VCareers in Organizations: Theory and Evi& dence. V in O. Ashenfelter and D. Card (eds.) Handbook of Labor Economics, Vol. 3, Chapter 36
R Gibbons… - 1999 - Elsevier: Amsterdam
[CITATION] CUB Comes to New York: Finally, Power to the People
M Green… - Village Voice
[CITATION] A Theory of Wage and Promotion Dynamics Inside aFirm
M Waldman - Unpublished manuscript, Cornell University, 1996
[CITATION] „Careers in Organizations: Theory and Evidence‟ in Handbook of Labor Economics, Vol. III, eds. Orley C. Ashenfelter and David Card
R Gibbons… - 1999 - Amsterdam: North Holland
[CITATION] New Duration Measures for Risk Management
T Klaffky, A Nozari… - The Handbook of Fixed Income Securities, 1997
[CITATION] C/0 PUBLIC CITIZEN, 2000 P STREET
M WALDMAN - NW, WASHINGTON
[CITATION] The Signaling Role of Promotions
J DeVaro… - 2006
[CITATION] The Historical Performance of Mortgage Securities: 1972-1980
M Waldman, SP Baum… - 1980 - Salomon Bros.
University of California, Los Angeles. Institute of … - 1988 - econ.ucla.edu
ABSTRACT There is a vast empirical literature which finds a strong positive relationship
between tenure and wage rates. However, recent papers by Topel (1986), Abraham and
Färber (1987), Altonji and Shakotko (1987), and Marshall and Zarkin (1987) have found ...
M Waldman - UCLA Economics Working Papers, 1987 - econ.ucla.edu
ABSTRACT This paper considers environments in which incumbent firms cannot collude on
an investment in entry deterrence, and attempts to identify the circumstances under which
the free rider problem leads to underinvestment. What I show is that underinvestment can ...
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