EXTERNALITIES, PROPERTY RIGHTS AND THE ALLOCATION OF RESOURCES IN MAJOR LEAGUE BASEBALL

Most economists who have analyzed professional baseball have concluded that two distinctive features of its labor market—the reserve clause and player draft—influence the distribution of wealth between players and owners but do not affect the allocation of playing talent among teams. Such conclusions, which are strongly at variance with laymen's views of such matters, are derived from theoretical considerations rather than empirical examinations. Our paper examines data from the two decades of major league history and concludes that, on the basis of that data, the empirical generalizations of previous economists do not appear to be justified.     

Rap and the Recording Industry

Nothing in the music industry has been more controversial than so‐called gangsta rap. This article examines the behavior of the major recording labels involved with rap music, and how they have responded to calls from the minority community and various politicians to clean up the offensive lyrics associated with the genre. In large part, the companies have basically ignored their critics and continued to market gangsta rap because for years it had been so highly profitable. Their basic tactic has been to diffuse responsibility and distance themselves from rap by allowing subsidiaries to handle that part of the business. The industry's behavior is certainly troubling. I argue that, at the very least, the companies should have met the “moral minimum” to avoid harm and correct social injuries by censoring certain lyrics. Unfortunately this never occurred, and, in the end, only declining sales appear to have had any mitigating effects on gangsta rap.     

THE EFFECT OF RETAIL PROMOTIONAL ACTIVITIES ON SALES*

This article reports the formulation and results of a multiple equation econometric model to relate retail sales by brand and package size to retail promotional variables for a branded, frequently purchased grocery product. Primary emphasis is placed on the formulation of the model as opposed to the results obtained from its use.     

ON THE OPTIMAL FOREST HARVESTING DECISION

This paper deals with the problems of when and whether to harvest a stand of timber which provides valuable services intact as well as when harvested. The analysis extends a previous treatment with the result that it is optimal not to harvest more often and for a greater number of reasons than had been realized.