Showing papers on "Proxy (statistics) published in 1971"

A Note on the Accelerationist Controversy

Abstract: Here Frt is the public's anticipated rate of commodity price inflation, wt is the wage rate at time t, Ut is the unemployment rate, andf(Ut, * * * ) is the shortrun Phillips curve with Af/d U < O and with the sequence of dots representmg a list of other variables; st is an unobservable random variable. In order to implement (1) empirically, an observable proxy for 7rt must be obtained. Almost always this requirement is filled by using the Fisher-Cagan2 equation

Allocation of Resources to Health

Abstract: A fourfold classification of resources devoted to health is employed: treatment, prevention, information, and research. The typical relation between treatment and prevention is competitive, whereas that between information and research is complementary, as is the relation between the two pairs of subsystems. The four subsystems also differ in scale effects and in their temporal and spatial characteristics, affecting allocative choice between them. Using life expectancy as the dependent variable, an attempt was made to measure the significance of treatment variables, literacy (proxy for information), and potable water (proxy for prevention) for all nations in the Western Hemisphere. Both literacy and potable water proved highly significant, whereas none of the treatment variables were significantly related to life expectancy. Data from the United States also suggest a low marginal productivity of medical treatment in terms of life expectancy. Alternative explanations are discussed, together with indicated reallocation of resources away from medical treatment.