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Intangible capital is not a distinct factor of production as is
physical capital or labor. Rather it is the "glue" that creates
value from other factor inputs. This perspective naturally suggests
an empirical model in which intangible capital is defined in terms
of adjustment costs. My estimates of these adjustment costs from
firm-level panel data suggest that no appreciable intangibles are
associated with R&D and advertising, whereas information
technology creates intangibles with a 72% annual rate of return--a
sizable figure that is nevertheless much smaller than that reported
in previous studies. To build a bridge to previous research, I show
that much larger estimates can be obtained with ordinary least
squares, a method that ignores the possibility that the value of
the firm and its investment policy are simultaneously determined.
One of the most basic principles in economics is that competitive
pressure promotes efficiency. However, this pressure can also have
a dark side because it makes firms reluctant to act on private
information that is unpopular with consumers. As a result, firms
that possess superior information about the consequences of their
actions for consumers' welfare may choose not to use it. We develop
this idea in a simple model of delegated investment in which agents
are fully rational and risk neutral, and agency problems are
absent. We show that competitive pressure obliges firms to make
inefficient decisions when their information advantage over
consumers is relatively small. This result could be applied to a
broad range of economically important situations.
Title: The Christian church's duty to the freedmen: a sermon
preached on Thanksgiving day, December 7, 1865, in Christ Church,
Reading, Pa.Author: Alexander G CumminsPublisher: Gale, Sabin
Americana Description: Based on Joseph Sabin's famed bibliography,
Bibliotheca Americana, Sabin Americana, 1500--1926 contains a
collection of books, pamphlets, serials and other works about the
Americas, from the time of their discovery to the early 1900s.
Sabin Americana is rich in original accounts of discovery and
exploration, pioneering and westward expansion, the U.S. Civil War
and other military actions, Native Americans, slavery and
abolition, religious history and more.Sabin Americana offers an
up-close perspective on life in the western hemisphere,
encompassing the arrival of the Europeans on the shores of North
America in the late 15th century to the first decades of the 20th
century. Covering a span of over 400 years in North, Central and
South America as well as the Caribbean, this collection highlights
the society, politics, religious beliefs, culture, contemporary
opinions and momentous events of the time. It provides access to
documents from an assortment of genres, sermons, political tracts,
newspapers, books, pamphlets, maps, legislation, literature and
more.Now for the first time, these high-quality digital scans of
original works are available via print-on-demand, making them
readily accessible to libraries, students, independent scholars,
and readers of all ages.++++The below data was compiled from
various identification fields in the bibliographic record of this
title. This data is provided as an additional tool in helping to
insure edition identification: ++++SourceLibrary: Huntington
LibraryDocumentID: SABCP00653900CollectionID:
CTRG10184509-BPublicationDate: 18650101SourceBibCitation: Selected
Americana from Sabin's Dictionary of books relating to
AmericaNotes: Collation: 30 p.; 22 cm
2012 Reprint of 1963 Edition. Exact facsimile of the original
edition, not reproduced with Optical Recognition Software. Gelfand
was a Soviet mathematician who made major contributions to many
branches of mathematics, including group theory, representation
theory and functional analysis. The recipient of numerous awards
and honors, including the Order of Lenin and the Wolf Prize, he was
a Fellow of the Royal Society and a lifelong academic, serving
decades as a professor at Moscow State University and, after
immigrating to the United States shortly before his 76th birthday,
at the Busch Campus of New Jersey's Rutgers University. He is known
for having educated and inspired generations of students through
his legendary seminar at Moscow State University. This treatise is
devoted to the description and detailed study of the
representations of the rotation group of three dimensional space
and of the Lorentz group. These groups are of fundamental
importance in theoretical physics. The book is also designed for
mathematicians studying the representations of Lie groups. For them
the book can serve as in introduction to the general theory of
representations.
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