Stephen W Salant
Biographic Data
| ID | 5724760 |
|---|---|
| NAME | Stephen W Salant |
| GIVEN NAMES | Stephen W |
| FAMILY NAME | Salant |
| SIGNATURE | SALANT S W |
| AFFILIATIONS | University of Michigan |
| ORCID | 0000-0001-5407-4572 |
| VERIFIED | Yes |
| TOTAL WORKS | 11 |
| TOTAL CITATIONS | 45 |
| AUTHOR COUNT | 11 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1976 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 4 |
Venona and Alger Hiss
According to John Lowenthal (Intelligence & National Security, 2000), the intelligence agencies were all mistaken in believing that Alger Hiss was the spy code-named ‘Ales’. According to Hiss’s detractors, however, the agencies’s identification was correct. Hiss’s advocates and detractors therefore do agree on one thing: the intelligence agencies believed Hiss to be ‘Ales’. What was done in response? Since, according to Venona cable 1822, ‘Ales’ …
Spending and Pricing to Deter Arbitrage
This article presents examples of arbitrage deterrence from the pharmaceutical, chemical and auto industries. Based on these cases, it develops two models where a monopolist prices and spends to deter arbitrage. The models differ in whether the lower price is set by the firm or negotiated with a representative of consumers. In both models, imports into the high-price market are completely deterred, but the two markets are nonetheless linked by th…
Hotelling under Pressure
We show that oil production from existing wells in Texas does not respond to oil prices, while drilling activity and costs respond strongly. To explain these facts, we reformulate Hotelling's classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for dri…
Should Congestion Tolls be Set by the Government or by the Private Sector? The Knight–Pigou Debate Revisited
This paper clarifies issues debated by A. C. Pigou and Frank Knight about correcting inefficient use of congestible resources, focusing for concreteness on their original example of road congestion. Instead of government‐imposed Pigouvian access fees, Knight favoured access fees set by private toll‐setters. We consider the case of n ≥2 congestible roads and an uncongestible road of arbitrary speed. Knight argued that in the case of a single conge…
The welfare costs of unreliable water service
When is the Standard Analysis of Common Property Extraction under Free Access Correct? A Game‐Theoretic justification for Non‐Game‐Theoretic Analyses
Analyses of common property extraction under free access follow two distinct paths, traditional and game‐theoretic, giving rise to two standard methodologies. One methodology avoids game‐theoretic analysis by assuming that aggregate extraction in each period induces fel rent dissipation. The second methodology solves for the Marko‐perfect equilibrium of an n‐player extraction game investigating aggregate behavior over time as n → ∞. We show by ex…
Intertemporal and Spatial Depletion of Landfills
Treble Damage Awards in Private Lawsuits for Price Fixing
The traditional model for assessing the effects of treble damage pena lties on price fixing is reexamined and shown to yield surprising res ults. Unless the probability of detection is extremely sensitive to the price charged, increasing the damage multiple will affect neither market efficiency nor expected distribution, and will raise the mark et price. Copyright 1987 by University of Chicago Press
The Vulnerability of Price Stabilization Schemes to Speculative Attack
This paper examines the effects of government attempts to stabilize the prices of commodities by use of buffer stocks. Agricultural goods subject to supply uncertainty as well as depletable resources are considered. In each case, it is shown that the resulting rational expectations competitive equilibrium contains a speculative attack--a situation where the entire government stock is suddenly purchased by previously inactive speculators. The anal…
Market Anticipations of Government Policies and the Price of Gold
This paper is an analysis of the effects of anticipations of government sales policies on the real price of gold. Although the risk of a future government gold auction depresses the price, it also causes the price to rise in percentage terms faster than the real rate of interest and at an increasing rate. Even risk-neutral investors require this rate of return as inducement to hold gold in the face of the asymmetric risk of a price collapse. Anno…
Exhaustible Resources and Industrial Structure
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
Hotelling under Pressure
We show that oil production from existing wells in Texas does not respond to oil prices, while drilling activity and costs respond strongly. To explain these facts, we reformulate Hotelling's classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for dri…
Market Anticipations of Government Policies and the Price of Gold
This paper is an analysis of the effects of anticipations of government sales policies on the real price of gold. Although the risk of a future government gold auction depresses the price, it also causes the price to rise in percentage terms faster than the real rate of interest and at an increasing rate. Even risk-neutral investors require this rate of return as inducement to hold gold in the face of the asymmetric risk of a price collapse. Anno…
Exhaustible Resources and Industrial Structure
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
Treble Damage Awards in Private Lawsuits for Price Fixing
The traditional model for assessing the effects of treble damage pena lties on price fixing is reexamined and shown to yield surprising res ults. Unless the probability of detection is extremely sensitive to the price charged, increasing the damage multiple will affect neither market efficiency nor expected distribution, and will raise the mark et price. Copyright 1987 by University of Chicago Press
The Vulnerability of Price Stabilization Schemes to Speculative Attack
This paper examines the effects of government attempts to stabilize the prices of commodities by use of buffer stocks. Agricultural goods subject to supply uncertainty as well as depletable resources are considered. In each case, it is shown that the resulting rational expectations competitive equilibrium contains a speculative attack--a situation where the entire government stock is suddenly purchased by previously inactive speculators. The anal…
Should Congestion Tolls be Set by the Government or by the Private Sector? The Knight–Pigou Debate Revisited
This paper clarifies issues debated by A. C. Pigou and Frank Knight about correcting inefficient use of congestible resources, focusing for concreteness on their original example of road congestion. Instead of government‐imposed Pigouvian access fees, Knight favoured access fees set by private toll‐setters. We consider the case of n ≥2 congestible roads and an uncongestible road of arbitrary speed. Knight argued that in the case of a single conge…
The welfare costs of unreliable water service
Exhaustible Resources and Industrial Structure
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
Market Anticipations of Government Policies and the Price of Gold
This paper is an analysis of the effects of anticipations of government sales policies on the real price of gold. Although the risk of a future government gold auction depresses the price, it also causes the price to rise in percentage terms faster than the real rate of interest and at an increasing rate. Even risk-neutral investors require this rate of return as inducement to hold gold in the face of the asymmetric risk of a price collapse. Anno…
The Vulnerability of Price Stabilization Schemes to Speculative Attack
This paper examines the effects of government attempts to stabilize the prices of commodities by use of buffer stocks. Agricultural goods subject to supply uncertainty as well as depletable resources are considered. In each case, it is shown that the resulting rational expectations competitive equilibrium contains a speculative attack--a situation where the entire government stock is suddenly purchased by previously inactive speculators. The anal…
Treble Damage Awards in Private Lawsuits for Price Fixing
The traditional model for assessing the effects of treble damage pena lties on price fixing is reexamined and shown to yield surprising res ults. Unless the probability of detection is extremely sensitive to the price charged, increasing the damage multiple will affect neither market efficiency nor expected distribution, and will raise the mark et price. Copyright 1987 by University of Chicago Press
Intertemporal and Spatial Depletion of Landfills
When is the Standard Analysis of Common Property Extraction under Free Access Correct? A Game‐Theoretic justification for Non‐Game‐Theoretic Analyses
Analyses of common property extraction under free access follow two distinct paths, traditional and game‐theoretic, giving rise to two standard methodologies. One methodology avoids game‐theoretic analysis by assuming that aggregate extraction in each period induces fel rent dissipation. The second methodology solves for the Marko‐perfect equilibrium of an n‐player extraction game investigating aggregate behavior over time as n → ∞. We show by ex…
The welfare costs of unreliable water service
Hotelling under Pressure
We show that oil production from existing wells in Texas does not respond to oil prices, while drilling activity and costs respond strongly. To explain these facts, we reformulate Hotelling's classic model of exhaustible resource extraction as a drilling problem: firms choose when to drill, but production from existing wells is constrained by reservoir pressure, which decays as oil is extracted. The model implies a modified Hotelling rule for dri…
Should Congestion Tolls be Set by the Government or by the Private Sector? The Knight–Pigou Debate Revisited
This paper clarifies issues debated by A. C. Pigou and Frank Knight about correcting inefficient use of congestible resources, focusing for concreteness on their original example of road congestion. Instead of government‐imposed Pigouvian access fees, Knight favoured access fees set by private toll‐setters. We consider the case of n ≥2 congestible roads and an uncongestible road of arbitrary speed. Knight argued that in the case of a single conge…
Spending and Pricing to Deter Arbitrage
This article presents examples of arbitrage deterrence from the pharmaceutical, chemical and auto industries. Based on these cases, it develops two models where a monopolist prices and spends to deter arbitrage. The models differ in whether the lower price is set by the firm or negotiated with a representative of consumers. In both models, imports into the high-price market are completely deterred, but the two markets are nonetheless linked by th…
Venona and Alger Hiss
According to John Lowenthal (Intelligence & National Security, 2000), the intelligence agencies were all mistaken in believing that Alger Hiss was the spy code-named ‘Ales’. According to Hiss’s detractors, however, the agencies’s identification was correct. Hiss’s advocates and detractors therefore do agree on one thing: the intelligence agencies believed Hiss to be ‘Ales’. What was done in response? Since, according to Venona cable 1822, ‘Ales’ …
Economics (10 works) · Microeconomics (6 works) · Climate Change Policy and Economics (4 works) · Market Dynamics and Volatility (3 works) · Natural resource economics (3 works) · Business (2 works) · Cartel (2 works) · Engineering (2 works) · Environmental Science (2 works) · Extraction (chemistry (2 works)