Café e Alchian-Allen

Que sensacional termos um novo artigo sobre o velho e bom Teorema de Alchian-Allen!!

Shipping the good coffee out: the Alchian–Allen theorem and relative demand for Brazilian Arabica and Robusta coffees
Dragan Miljkovic, Miguel I Gómez

The validity of the Alchian–Allen (AA) theorem is tested for the export demand of Brazilian Arabica (high-quality) and Robusta (low-quality) coffees. We check for robustness using different model specifications, estimation procedures and time periods. Given that international prices for both Brazilian naturals (Arabica varieties) and Robusta are determined on international commodity exchanges, the change in relative price varies by country only due to changes in transportation costs. Results show that the consumption of Arabica increases relative to the consumption of Robusta with distance, therefore with the corresponding increasing per-unit transportation cost. We confirm that GDP per capita does not impact relative demand for coffee.

O Leo é quem vai vibrar com este artigo, creio.


História e Relações Internacionais: China e EUA

History Matters in International Relations: Evidence from Long-Memory Processes in Sino-American Cycles 
Carlos D. Ramirez
Yingxin Du

Measures of bilateral political relations are typically long-memory (fractionally integrated) processes. Appropriate inference and interpretation of this property hinges on the underlying reasons behind it. There are three possible explanations: (i) mechanical aggregation, (ii) bilateral relations history, and (iii) structural breaks. Explanations (i) and (iii) are data-induced, and thus not particularly meaningful. Explanation (ii) indicates that long-memory is a genuine feature in the series’ dynamics. Using Sino-American relations as a case study, we conduct three tests to identify the underlying cause. We first examine the stability of the long-memory parameter over the sample period (1980-2018), and discard structural breaks. Next, we evaluate the longmemory parameter for U.S.-China political relations, and for seven issues in the bilateral political relations portfolio. Finally, we investigate whether bilateral political relations and each of the issues are fractionally cointegrated. Our results suggest that the bilateral relations history is pivotal for explaining the observed fractional integration.

No mínimo, um artigo interessante. Sai do lugar comum, muito retórico, destes debates que até enchem auditório, mas não nos acrescentam muito em conhecimento.


Mercado de seguros…no tempo dos piratas

Provavelmente eu já falei disso aqui. Mas a pergunta, do Leo Monasterio, é a melhor: quanto valeria um olho hoje? Ou melhor, qual o preço relativo de um olho em relação a um braço, por exemplo, hoje em dia?

“Then came the agreed awards for the wounded, who might have lost a limb or suffered injuries. They would be compensated as follows: for the loss of a right arm, 600 pieces of eight or six slaves; for a left arm 500 pieces of eight or five slaves. The loss of a right leg also brought 500 pieces of eight or five slaves in compensation; a left leg 400 or four slaves; an eye, 100 or one slave, and the same award was made for the loss of a finger. If a man lost the use of an arm, he would get as much as if it had been cut off, and a severe internal injury which meant the victim had to have a pipe inserted in his body would receive 500 pieces of eight or five slaves in recompense.” (The Invisible Hook: The Hidden Economics of Pirates” by Peter T. Leeson)

Direto do Kindle para você.

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