By Alexander Yap, Wonhi Synn
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Additional resources for Evolution of Online Financial Trading Systems: E-service Innovations in the Brokerage Sector
Thus, the Greenwood et al. study suggests that the equilibrium approach must be taken seriously as a challenge to the disequilibrium approach. The speed of adjustment to equilibrium is a second important issue about which little is known. The equilibrium theorists believe the adjustment is relatively rapid, but they assume this position rather than demonstrating it directly. 35 A recent study by 34 The reason that 1980 was chosen is that Blomquist et al. (1988) assume equilibrium in 1980 and estimate compensating differentials.
Her work also bears on the question of aggregation. DaVanzo's data, which are drawn from the Panel Study of Income Dynamics (PSID) and which relate to individual households, actually distinguish the employment status of the head of the household. She shows that families whose heads are looking for work are more likely to move than families whose heads are not looking. Moreover, the unemployed are more likely to move than the employed. Higher area unemployment rates encourage the out-migration of those who are unemployed, but exert little influence on those who have a job.
Trade-off values are clearly sensitive to the variables included in the empirical model from which they are derived. Nevertheless, given the mean distance between regions and mean income levels in the data underlying the estimation, the trade-off values can be transformed into absolute figures: a move x miles (or kilometers) farther away is offset by y dollars (or other unit of currency). Thus, Sjaastad states that "the typical migrant would be indifferent between two destinations, one of which was 146 miles more distant than the other, if the average annual labor earnings were $106 (1947-1949 dollars) higher in the more distant one" (1962: p.
Evolution of Online Financial Trading Systems: E-service Innovations in the Brokerage Sector by Alexander Yap, Wonhi Synn