Structural Empirical Research on Production and Value

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9410039 Hall The research will focus on three related projects. The first project will study the determinants of productivity across the states of the United States. The cross-state analysis attempts to assess the role of geographic proximity as a determinant of productivity. The model also accounts for cross- state spillovers and spillovers from different types of goods. The second project will study variations in productivity across countries with a host of explanatory variables. The main emphasis is on examining the importance of rent-seeking behavior on productivity. The third project will examine the creation of value within manufacturing corporations in the United states and will investigate the extent to which various aspects of corporate governance affect the creation of value within corporations. The emphasis in this part of the study is on examining the role of variables such as the size of the board of directors, the role of the management of the board, and the incentive programs for managers, among others things, in creating value. This project is important because it promises to provide results that would greatly enhance our understanding of differences in productivity across states in the United States and differences in productivity across countries.