This paper investigates the effect of organized futures trading on information in spot markets. First, a model is developed that relates spot-price behavior and market information. The model can be viewed as a particular efficient markets model; this connection provides additional implications about price behavior and information. Next, price series for six different commodities are investigated for an information effect of futures trading. For each commodity, the empirical evidence indicates that futures trading increases traders' information about forces affecting supply and demand.

A Note on “Lot Size Scheduling on a Single Machine for Stochastic Demand” by Goyal (Goyal, S. K. 1973. Lot size scheduling on a single machine for stochastic demand. Management Sci. 19 1322–1325).

This paper formulates a general longitudinal manpower flow model and poses the problem of scheduling the inflow of manpower for an infinite number of periods subject to constraints on the stocks and inflows of manpower and the size of the manpower system. The objective is to minimize the present value of the costs of system operation. A finite linear program is introduced which can calculate a lower bound on the optimal value of the infinite problem. The optimal solution of the finite linear program can be used to construct a sound and easily implemented policy for the infinite problem.

Abstract The notion of a revolution in accounting is taken from Thomas S. Kuhn's "The Structure of Scientific Revolutions. His thesis is that science does not progress through accumulation. Rather, a series of tradition shattering revolutions occur in which one time-honored scientific theory is rejected in favor of another incompatible with it. The new theory, or set of ideas, is unique in that it is not derived from the previously accepted dogma. It is seldom or never just an increment to what is already known and in the process of moving from the old set of ideas to the new, the community of scientists Follows a number of identifiable steps namely, recognition of anomalies, a period of insecurity, development of alternative sets of ideas, identification of schools of thought, domination of the new practices or ideas. The first step is a precursor to the whole process, it initiates the period of crisis which follows. During that period, scientists become increasingly dissatisfied with the existing theoretical framework and a search for alternatives begins. Therefore, the second and third steps are mutually interactive. As dissatisfaction grows, the search for alternatives gains impetus, as alternatives are discerned and discussed, the dissatisfaction is heightened. Schools of thought emerge and one set of ideas gradually gains ascendency over alternatives.

Given a continuous mapping of a simplex to itself, an algorithm is shown that generates an infinite sequence of points converging to a fixed point of the mapping. Taking advantage of a generalization of Sperners lemma, the proposed method generalizes those of Scarf and Eaves in a manner such that both methods are given a unifying formulation.

A field experiment is described which compared the innovativeness and quality of solutions from health planning groups made up of health services users??activists? or professional consumers?and experts?physicians, nurses, administrators, and therapists. The experimental findings suggest several guides for planning.

The article reviews several books pertaining to social issues in management, including “Private Management and Public Policy,” by Lee E. Preston and James E. Post, “The Corporate Dilemma,” by Dow Votaw and S. Prakash Sethi, and “The Value Issue of Business,” by Alvar O. Elbing and Carol J. Elbing.