His answer was clear and definitive: for the older vintages to survive, they only had to expect to cover their immediate variable costs--their expected quasi-rents
only had to be positive (at the margin, nonnegative).
The price of gas in the United States now reflects the quasi-rents
to these bottlenecks (Hartley and Medlock 2006).
In general, the empirical literature finds that (a) union wage premia are significant but vary considerably over time and across industries, (b) employment is lower in unionized sectors, (c) unions have a near-zero effect on labor productivity, (d) unions reduce firm profitability, capturing quasi-rents
(2) associated with firms' durable tangible and intangible capital, and (e) unions reduce investment and productivity growth (see Hirsch 2007 for an excellent summary).
These findings are consistent with Dye's (1991) argument that disclosure of audit fees reveals quasi-rents
, thereby removing the incentive to discount initial audit engagements.
are said to exist "if the value of the asset is higher in a given use than its value in alternative uses" (Brickley and Dark, 1987: 406).
Blanchard and Philippon develop three propositions: 1) Higher product and capital market competition and integration since the 1970s have led to a steady decline in rents and to smaller and briefer quasi-rents
When an auditor does not concede to a client's position regarding a financial reporting issue, the auditor risks termination by the client and the loss of the client-specific quasi-rents
("profits") associated with the engagement.
firms enter the market, these quasi-rents
In theory, retirement should occur as soon as quasi-rents
fall so low that the present discounted value of the remainder is less than scrap value.
Opportunism can be expected to arise in situations where recurrent transactions and mixed investment can create quasi-rents
which facilitate the use of long-term, relational contracting (Smith, p.
I first discuss the possible role of appropriable quasi-rents
that arise from state-specific investments involved in the production of insurance.
the union may have been playing an end game, extracting as much of the quasi-rents
as possible from the industry.