FIRST-PRICE COMMON VALUE AUCTIONS: BIDDER BEHAVIOR AND THE "WINNER'S CURSE"

Experimental auction markets are characterized by a strong winner's curse in early auction periods as high bidders consistently lose money, failing to account for the adverse selection problem inherent in winning the auction. With experience and bankruptcy on the part of the worst offenders, subjects earn positive average profits, but these are far below Nash equilibrium predictions as a sizable minority of bids exceed the expected value of the item conditional on having the highest estimate of value. Individual bidding behavior is explored to identify the mechanism whereby market outcomes no longer display the worst effects of the winner's curse.     

THE WELFARE COSTS OF RATIONING BY WAITING

With price controls and rationing by waiting, rational consumers increase the quantity bought per purchase. This individually rational response is socially wasteful and the cost of making it is a deadweight loss. This cost plus the value of time spent in queues may exceed the total rent transferred from suppliers to consumers by price controls; i.e., the value of resources spent competing for the rent may exceed the rent itself. This point is illustrated by an empirical application to gasoline price controls. Rent seeking exhausts an estimated 116 percent of the rent transferred.     

Dependent industrialization and the Canadian class structure

Dans le passé, deux conclusions différentes ont été tirées sur les effets de l'histoire du Canada sur l'industrialisation, par rapport aux structures de classes canadiennes. D'une part, on a tiré argument du fait que le Canada a engendré une structure de classes non caractéristique au sein des pays capitalistes évolués et d'autre part, que les filiales (branch plant) ont crée l'américanisation de la structure de classes canadiennes. Dans cet article, nous étudions ces arguments en nous servant de données d'études similaires, faites au Canada, en Suède et aux Etats-Unis. Les résultats appuient les deux hypothéses. La structure canadienne des classes porte l'empreinte d'un precédé de développement tronqué mais elle a aussi incorporé dans une forte mesure un ensemble de pratiques clairement américaines quant à l'organisation du processus de production capitaliste. Les firmes américaines et canadiennes déploient également une proportion beaucoup plus forte de main-d'oeuvre en ce qui concerne le contrôle et la surveillance des autres travailleurs et cette tendance est beaucoup plus prononcée au sein des secteurs de l'économie canadienne traditionellement dominés par le capital américain. In the past, two quite different sets of claims have been advanced concerning the effects of Canada's history of dependent industrialization on the Canadian class structure. It has been argued, on the one hand, that Canada has evolved a distorted class structure that is atypical among advanced capitalist countries, and on the other, that the branch plant brought with it the ‘Americanization’ of the Canadian class structure. In this paper we examine these claims with data from identical national surveys conducted in Canada, Sweden, and the United States. The results yield support for both sets of claims. The Canadian class structure bears the imprint of a truncated development process but, in addition, has to a large degree incorporated a distinctively American set of practices for the organization of the capitalist production process. Both Canadian and American firms deploy a much higher proportion of labour power in the work of control and surveillance of other workers, and this tendency is much more pronounced in those sectors of the Canadian economy traditionally dominated by American capital.     

Alternative estimates of the volume of emigration from Canada, 1961–71*

L'apport de l'immigration à l'accroissement de la population au Canada a souvent fait l'objet d'une attention toute particulière. Cependant, on est beaucoup moins bien renseigné sur l'impact qu'a pu avoir l'émigration, puisqu'il n'existe aucune donnée sur le nombre réel de personnes quittant le Canada. Cet exposé présente d'abord trois évaluations du nombre d'émigrants du Canada au cours de la période intercensitaire 1961–71, obtenues à partir de trois méthodes différentes, et on tente de déterminer quelle évaluation est la plus fiable. On montre que le processus d'élaboration des politiques canadiennes d'immigration se doit de tenir compte de l'émigration. The contribution of immigration to Canada's population growth has received considerable analytical attention. However, much less is known about the impact which emigration has had on the nation's population growth, particularly since actual data are not available on the number of persons emigrating from Canada. This paper presents three different emigration estimates for Canada for the 1961–71 intercensal period derived from different estimation procedures, endeavours to determine which estimate is the most reliable one, and demonstrates the importance of considering emigration in the continuing reformulation of Canada's immigration policies.