Subjective probability, Elicitation technique, Line-Chart method, Magnitude method

In many circles the Mean Variance Capital Asset Pricing Model (MV CAPM) is synonymous with the theory of capital asset pricing. But in a single-period discrete-time model which explicitly recognizes the existence of limited liability the derivation of the MV CAPM, if it is to be consistent with the von Neumann-Morgenstern postulates of rational behavior, must be based on the assumption that all investors have quadratic utility functions. This assumption in turn implies that risky assets are inferior goods. However, if we turn to the broader class of linear risk tolerance (LRT) utility functions, for which the separation property holds, other simple two-mutual-fund CAPMs can be derived. The power utility LRT CAPMs are of particular interest as they are consistent with risky assets being normal goods.

When a unit of a multinational corporation requires short-term funding, it normally has the opportunity to obtain funds from a number of different sources, both internal and external to the country where these funds will be deployed. The possibility exists for borrowing in a currency other than the local currency of the borrowing unit. The purpose of this paper is to find the optimal currency source or sources for such a loan, when the borrowing unit can enter the forward exchange market for a term equivalent to the time to maturity of the loan.

Journal Article Growth Accounting with Intermediate Inputs Get access Charles R. Hulten Charles R. Hulten Urban Institute, Washington D.C. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 511–518, https://doi.org/10.2307/2297252 Published: 01 October 1978 Article history Received: 01 May 1976 Accepted: 01 August 1977 Published: 01 October 1978

Journal Article Aggregation and the Demand for New and Used Automobiles Get access Terry R. Johnson Terry R. Johnson Stanford Research Institute Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 2, June 1978, Pages 311–327, https://doi.org/10.2307/2297346 Published: 01 June 1978 Article history Received: 01 August 1976 Accepted: 01 February 1977 Published: 01 June 1978

Journal Article Intermediation with Costly Bilateral Exchange Get access Robert M. Townsend Robert M. Townsend Carnegie-Mellon University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 417–425, https://doi.org/10.2307/2297244 Published: 01 October 1978 Article history Received: 01 February 1976 Accepted: 01 October 1977 Published: 01 October 1978

Journal Article Estimation of a Vintage Capital Model for Electricity Generating Get access Hugh R. Wills Hugh R. Wills London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 495–510, https://doi.org/10.2307/2297251 Published: 01 October 1978 Article history Received: 01 October 1976 Accepted: 01 July 1977 Published: 01 October 1978

Journal Article A Vintage Model of the Demand for Energy and Employment in Australian Manufacturing Industry Get access R. G. Hawkins R. G. Hawkins Australian National University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 479–494, https://doi.org/10.2307/2297250 Published: 01 October 1978 Article history Received: 01 July 1976 Accepted: 01 November 1977 Published: 01 October 1978

Journal Article Arbitration of Two-party Disputes under Uncertainty Get access Robert W. Rosenthal Robert W. Rosenthal Bell Telephone Laboratories, Inc. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 595–604, https://doi.org/10.2307/2297260 Published: 01 October 1978 Article history Received: 01 September 1976 Accepted: 01 June 1977 Published: 01 October 1978