Search results

As deregulation takes place in the UK, rent tribunals are confronted with the problem of setting a “market rent” for previously controlled property. A simple partial equilibrium model of a sector of the rented accommodation market is used to examine the question of setting a “market rent” in the controlled‐rent subsector. It is shown that setting the controlled rent equal to the rent prevailing in the uncontrolled part of the market is sub‐optimal, and a simple formula is suggested which will give a better estimate of the true free market rent.

The distinction between nominal and effective tariffs (or protection) is well established in the theoretical literature, albeit in the context of the traditional analysis of inter‐industry trade flows. This analysis is based upon assumptions such as product and production homogeneity, non‐increasing returns, armslength trade, and small open economy country conditions. Relaxation of some or all of these assumptions has direct implications for effective protection analysis under any type of trade flows. As is now widely recognised, however, relaxation of these assumptions is also likely to be associated with intra‐industry specialisation and exchange. It is to this wider issue of effective protection analysis in the context of “within‐industry” specialisation (vertical and/or horizontal) and of two‐way trade, that this paper is addressed.

This article modifies a framework developed in industrial organisation analysis to identify the nature of the gains associated with pure intra‐industry exchange, and to isolate the factors which may influence their magnitude. The analysis suggests that since the magnitude of any gains is dependent on a number of variables no general statements can be made about the gains from intra‐industry exchange relative to inter‐industry exchange.

Voluntary export restraints (VERs) have been widely used in recent years. VERs may be applied on a quantity or a ratio basis. A simple non‐equivalence between volume and ratio VERs is noted and potential political economy aspects are commented on.

True protection concepts seek to measure the net or relative price effects of commercial policy interventions within a general equilibrium framework. True protection depends on substitutional relationships between sectors within an economy, which are influenced by factor endowments, and the resulting arrangement of factor intensities between the importables, non‐tradables and exportables sectors. Articles by Sjaastad and Clements (1981, 1984) have explored true protection and the incidence of protection for the case where importables are not substitutes for exportables. This case can be applied to “capital‐poor” developing countries. It establishes that the export sector is likely to bear the principal burden of import protection. This article compares and contrasts the results of the “capital‐poor” model with those for a “capital‐rich” model, in which it is the non‐tradable sector on which the principal burden of import protection is likely to fall, i.e. it tends to promote exportables, but not exports.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

The standard measures of effective protection calculate EPRs by reference to an activity′s principal product. In many activities by‐products which have a positive economic value are important. Revises the standard measures to allow for the incorporation of by‐products and uses an example to illustrate how their exclusion can impact on estimated EPRs.

Demonstrates the implications of imperfect substitutability between domestic and imported final goods for the determination of second‐best nominal and effective tariffs in a general equilibrium setting. The analysis of second‐best interventions for given policy distortions extends that by Ruffin and Casas on homogeneous goods to the case where there is product heterogeneity. The second‐best optimal effective rate of protection for given policy distortions is shown to depend upon the nature of the policy distortion and the degree of substitutability between imported and domestic varieties. Although imperfect substitution reduces the extent to which effective protection can be determined from the structure of protection, it increases the extent to which second best tariffs can be determined in a qualitative sense at least when compared with the traditional, perfect substitution case.

Recent years have seen the development of intra‐industry trade models based upon the work of Lancaster (1979). Although these models demonstrate the conditions which lead to intra‐industry trade they cannot, in general, predict the direction of bilateral trade flows in the same commodity. Work by Lancaster (1984) and Lyons (1984) identifies two possibilities — the interleaved case (each domestically produced variety is bordered on both sides by a foreign produced variety) and the split case (domestic firms produce on one half of the preference spectrum and foreign firms on the other). Which of the two cases applies is seen as being determined by historical demand patterns. This paper seeks to model these patterns by a simple adaptation of the model of Lancaster (1980).