Knowledge that Transforms

[The estimation of a CES production function for real sectoral value added with factor augmenting technological change first is discussed, with emphasis on the possible effects of the deflation procedure utilized and on the attempt to estimate relatively long-run parameters. The estimates of that function for nine Chilean sectors then are examined with respect to the implied degree of sectoral flexibility, the absorption of surplus labor, the implications for linear assumptions about Chilean production functions, the distribution of income, and the degree of constraint on long-run growth due to a relative shortage of a primary factor.]

Axel Mossin, A Mean Demand Function and Individual Demand Functions Confronted with the Weak and the Strong Axioms of Revealed Preference: An Empirical Test, Econometrica, Vol. 40, No. 1 (Jan., 1972), pp. 177-192

[The relationship between the contingent commodity and asset approaches to consumer behavior under uncertainty is used in examining Slutsky equations for assets. The menu of assets describes an "attainable set" of contingent commodities; it is shown that a number of types of changes in the distributions of returns on assets leave this attainable set unaltered and that the effects of such changes in distributions on asset demands are simply related to the effects of a change in the asset price on demands.]

[This paper considers an M/M/s queuing model in which customers who arrive when k customers are present in the queuing system obtain a net benefit of a?k. The a?-sequence is assumed to be a decreasing one. If it is left to the individual customer to decide whether to join the queue or not, he will balk whenever the queue length is greater than some number, say n1. It is shown that if a balking level n2 extless n1 is enforced, then the customers as a group can generally expect a larger net benefit per time unit than when the balking level n1 is applied. One way to ensure social optimality is to impose a toll on the customers who join the queue. In the discussion of a possible economic interpretation of the model we point out the similarities between such a toll and a shadow price in a more conventional optimization model. It is also demonstrated that in a stochastic optimization model capacity utilization is not a sufficient price criterion.]

[Sufficient conditions (in terms of restrictions on individual preferences) have been already established in the literature for transitivity of simple majority decisions when individual preferences are quasi-transitive (but not necessarily transitive) and also for transitivity of multi-stage majority decisions when individual preferences are transitive. This paper establishes sufficient conditions for transitivity of multi-stage majority decisions when individual preferences are quasi-transitive, but not necessarily transitive. This constitutes a generalization of several results proved earlier.]