Knowledge that Transforms

[Economists as yet have relatively little evidence concerning the sign of the net cross-price effect in a family model of labor supply. Part of the problem is attributable to a lack of quality data for nonlabor income. In this paper I derive a simple indirect test which does not require accurate estimates of income effects and apply it to data from the National Longitudinal Survey.]

[This paper explores the implications of the additive social welfare function and the max-min criterion on the optimal distributions of labor and income.]

[This is an analytical paper generalizing the standard input-output (IO) model on the one hand and the equally standard method of solving the model by means of power series expansion, on the other. The IO coefficients here are allowed to vary with the endogenous variables in a general fashion, and the model analysis is approached via the iterative scheme, referred to above. The analysis includes (i) detailed and rigorous examination of the properties of the scheme, (ii) clarification of the notion of viability, and (iii) derivation of suitable viability conditions in the present generalized context and their comparison with the corresponding results in the linear model. Finally, the economic interpretation of the computational procedure in terms of a planning process of the "material balance" type is extended to the generalized context. It is shown that this results in a considerable "informational economy" on the part of the central planning authority, which is lacking in the case of the linear model.]

IN REGRESSION ANALYSIS most empirical economists use the well-known Durbin-Watson (DW) procedure [1] to test the hypothesis of no autocorrelation among the disturbances of a linear regression model against the hypothesis of a first-order autocorrelation. The use of this procedure is compromised by the fact that it is a bounds text and, hence, cannot discriminate between the two competing hypotheses for a range of intermediate values of the test statistic. This shortcoming can be eliminated by determining the distribution function [5] for the Durbin-Watson test statistic and enumerating it for a given level of significance and a particular regression matrix. The authors have written a FORTRAN IV program for finding the probability that the DW test statistic is less than the observed value if the null hypothesis of no autocorrelation were true. The program enables the investigator to perform the DW test for either positive or negative correlation by comparing the above probability to a specified level of significance. This procedure provides a conclusive test for first-order autocorrelation. The procedure begins with a transformation of the Durbin-Watson test statistic stated as

DANS CE MODELE, on considere un agent economique seulement. Celui-ci dispose d'un actif de montant c0 et cherche 'a I'affecter au mieux, mettons en totalite sur k placements pendant une periode definie assez courte. Les taux d'interet qui correspondent 'a chaque sorte de placement sont, pour la periode 'a venir en question, aleatoires-objectifs soit (X1, . . ,Xk).1 Designons par (b1,.. ., bk) ou Yk bi = 1 et bi >0 une affectation de co envisagee par cet agent. Le montant d'actif en fin de periode est actuellement aleatoire et donne par l'equation

status: Published

[This paper investigates a simple economic model for the commercial fishing industry. The results imply the phenomena of non-explosive fishing capital investment and non-extinctive fishery resources. Both investments and resources will always tend to an equilibrium position. A comparison with a more general model is also made.]

In this paper we derive and present optimal critical points for pre-tests in regression using a minimum average relative risk criterion. We use the same type risk functions as Sawa and Hiromatsu [8] who, in a recent paper in this journal, derived pre-test critical values using a minimax regret criterion. Since James-Stein type estimators can be shown to dominate any pre-test estimator for the risk functions used here and in [8], no normative claims are made for the critical values we give. However, the use of pre-testing procedures continues in practice and the results given here, contrasted with other results, add to information about the character of costs and returns to such practices.