I would like to extend my thanks to my colleague, Harry G. Johnson, for hi8 helpful comments, to Daniel Wisecarver, for help extending well beyond the normal call of duty for a research assistant, and to Rudiger Dornbusch and Robert Gordon for valuable suggestions given after the first draft of this paper was completed. Needless to add, they do not bear any responsibility for such flaws or deficiencies as may remain in this paper.

Historical cost, Valuation

This paper has shown that the models developed to select common stock port-folios can be adapted to the selection of real estate portfolios and mixed asset portfolios. The concepts are all identical, and as long as return and risk can be quantified, the problems are soluble.The portfolios identified using a small sample indicate that real estate portfolios can have more return and less risk than do common stock portfolios. When the two assets are combined, the real estate assets dominate the resultant portfolios. On an after-tax basis these results are more apparent. The local aspect of real estate versus the national aspect of common stocks is primarily responsible for these results.

George Kaufman and Cynthia Latta in “The Demand for Money: Preliminary Evidence from Industrial Countries, ” have presented econometric evidence that the money-demand function may shift with the development of financial markets. The thesis depends on the heightened cross-elasticities and lowered wealth-elasticities (or income-elasticities) that are supposed to attend the development of new near-money forms. Their evidence is based on a summary of statistics from money-demand equations for developed and less-developed countries.

A perfect capital market is a key assumption in recent theories of security pricing. It is assumed that the costs of transactions, information-gathering, and portfolio management are all zero, and that no investor is so large as to exert an appreciable effect on either the risk-free interest rate or the yield on risky securities. If, in this perfect capital market, investors have identical decision horizons and homogeneous expectations, then there is a unique optimal portfolio of risky securities. Since this unique portfolio must include every security in proportion to its relative valuation in the capital market, it is referred to as the “market” portfolio. When the capital market reaches equilibrium, the expected return of every security will be a linear function of the expected return of the market portfolio. From this relationship Lintner and Mossin have separately derived valuation formulas that express the market price of a security as a function of the security[s end-of-period expected value, its risk as measured by the variance and covariances of this end-of-period value, the market price of risk within the portfolio, and the risk-free rate of interest.

C. Caton, K. Shell; An Exercise in the Theory of Heterogeneous Capital Accumulation12, The Review of Economic Studies, Volume 38, Issue 1, 1 January 1971,

Auditing, Job satisfaction, Maslow's theory, Motivation

I. The optimum income distribution from a voluntary theory of exchange, 329. — II. A complication, 333. — III. The mathematics, 333. — IV. Conclusions, 335.

[A general definition of majority decision in terms of a hierarchy of voting councils has been given by Murakami [3, 4]. The present article establishes a set of necessary and sufficient conditions for Murakami's majority decision or representative system in terms of properties of a group decision function for two alternatives. One corollary of the general theorem is Murakami's conjecture, which says that if a group decision function is dual, strongly monotonic, and nondictatorial, then it is a representative system.]