Showing papers in "Economics Letters in 1978"

TL;DR: By applying a richer data set than others have used to a simultaneous equation regression model, the analysis sheds new light on the existence and magnitude of the male-female wage differential as discussed by the authors.

TL;DR: In this article, the authors rigorously derive a unique user cost formula for a price for monetary asset services, which is consistent with Donovan's (1977) formula, and prove its correctness.

TL;DR: In this article, a simulation experiment shows that the standard test is seriously biased toward rejecting homogeneity of consumer demand, and that a small sample interpretation of the test statistic explains this bias, which is not the case in this paper.

TL;DR: In this paper, a method for ranking alternatives based on their rankings on several criteria and on the relative importance of these criteria is described, and a ranking method for alternatives is proposed.

TL;DR: In this paper, a model with a single, producible consumption good and two natural resource stocks, one reproducible and one existing in fixed supply, was used to study the dynamic efficiency of growth paths.

TL;DR: In this paper, the welfare effects of a distortion introduced in a small region, country or industry are not limited to allocations within that domain, even though the area considered is very close to satisfying the idealized prerequisites for partial equilibrium analysis.

TL;DR: In this article, a model of interdependent welfare functions is developed and the relationship between the parameters of an individual's welfare function and the income distribution in his Social Reference Space is established.

TL;DR: In this paper, a model was developed and estimated which explains the formation of individual preferences on consumption under the influence of contacts with others (preference interdependence) and own consumption over time habit formation.

TL;DR: In this article, the differential production approach is applied to world trade matrices of 1971 and 1975, which yields a price elasticity estimate of the demand for foreign food of about −0.7.

TL;DR: In this article, the authors compared the AIC with the Jeffreys-Bayes posterior odds criterion (POC) and an Akaike information criterion (AIC) for discriminating between two regression models.

TL;DR: In this paper, the authors investigated two difficulties that arise in disequilibrium models with non-zero covariances between demand and supply errors and demonstrated the nature of these difficulties analytically and some preliminary observations about their practical, computational significance.

TL;DR: In this paper, the authors compare the equilibrium allocations of alternative exchange rate regimes in an intertemporal framework, where money serves only as a store of value and if money also serves other functions, there are equilibria under the fixed rate system that eliminate those under floating rates.

TL;DR: The decomposition of the dynamic programming cost-to-go into deterministic, cautionary, and probing terms is used to show the source of the non-convexity in an example problem and to conjecture that such non- Convexities may stem from fundamental properties of the probing term.

TL;DR: The authors applied the differential production theory approach to U.S. import data (1921-70) without imposing restrictions on Divisia elasticities and found that the estimates of these elasticities are 0.58 for the imports of foods, 0.95 for those of crude materials, 1.34 for semi-manufactures, and 1.16 for finished manufactures.

TL;DR: In this article, a new set of data on intergenerational mobility of earnings is described, based on a sample taken in York, England in 1950 and traces the children of these individuals.

TL;DR: The authors presented a method for determining the maximum and minimum Gini coefficients when only the population mean income is known, and used the maximum Gini coefficient to measure the distribution of the distributions of individuals in mutually exclusive, nonoverlapping income ranges.

TL;DR: In this article, the consequences of heterogeneous inflationary expectations for Fisher's theory of interest were considered and it was shown that divergent and erroneous expectations cause welfare losses which increase when either the variance of expectations or of actual inflation increase.

TL;DR: In this paper, the rate and variability of inflation in the Netherlands during the period 1952-1975 are compared with similar results for the U.S.A. during the same period.

TL;DR: Disequilibrium growth theory is an extension of disequilibrium theory to a neo-classical growth model as discussed by the authors, and the real wage is not supposed to adjust instantaneously to ensure full employment.

TL;DR: The conjecture by Ryder and Heal that optimal closed orbits exist in a growth model with intertemporal dependent preferences is rigorously proved in this paper, and the conjecture has been shown to be true for all growth models.

TL;DR: In this paper, a link between stochastic dominance and a different dominance relationship, called pointwise dominance, is established, which provides the basis for making several comparisons of expected values of non-decreasing functions of random variables.

TL;DR: In this paper, the stability of a monetary growth model is demonstrated in the presence of interest bearing government debt, endogenous determination of the money supply and an investment function that is sensitive to interest rates and disposable income.

TL;DR: In this paper, the authors re-examined the purchasing power parity (PPP) in models with trade impediments and intermediate products that are not traded and made a distinction between local consumption and total consumption PPP.

TL;DR: In this article, the authors examined the temporal behavior of first-order serial correlation coefficients over one-day or T-day intervals and showed that these coefficients are generally not identical.

TL;DR: In this article, an empirical analysis reveals that television advertising has a significantly greater positive impact on firm profitability than does advertising in general, and that advertising media may have differential impacts on firm performance.

TL;DR: In the absence of opportunities for arbitrage, a very general valuation equation is derived for risky assets as mentioned in this paper, which exploits the linear operators associated with the transition probabilities of the state process.

TL;DR: In this article, the authors show that following a monetarist policy rule will often result in instability, and that the result is crucially dependent upon the assumption that government bonds represent private wealth.

TL;DR: In this paper, a two country two commodity model of international trade in a monetary context is utilized for the re-evaluation of the classical propositions in international trade theory which are usually derived under barter.

TL;DR: This paper showed that the same conditions ensure that each individual's equilibrium quantity of this good decreases as its price increases, when moving from a competitive equilibrium to any Pareto optimum, and showed that this is the case for all goods.

TL;DR: In this paper, a seller and a buyer have reservation prices x and y, and each has a subjective distribution on the other's reservation price. Paying an offer or the expected benefit the other participant receives from his offer induces honest price quotations, hence efficiency.