[In this paper we give necessary and sufficient conditions such that a decision maker who operates in a world in which finitely many states of nature can occur has an increasing, strictly concave utility function U(.) and a subjective probability measure P(.) and such that he chooses among acts with uncertain outcomes according to the expected value of U(.) (with respect to P(.)) which they offer him.]
[In this paper, the authors develop a simultaneous equation model of birth rates composed of four estimated equations. This work differs from past research in that it considers the simultaneous relationship between birth rates and income and includes the cost of fertility as an explanatory factor. This cost is measured by the female labor participation rate under the assumption that income foregone due to fertility is a significant opportunity cost.]
[The purpose of this paper is to investigate the structure of the class of market excess demand functions which can be generated by aggregating individual utility maximizing behavior. Among the results are: (i) in a region of the relative price domain an arbitrary polynomial function can be generated as an excess demand function for a particular commodity, and (ii) for any p in the relative price domain, a given configuration of excess demands and rates of change in excess demand can be generated at p if and only if it is consistent with Walras' Law.]
[This paper investigates the working of a multifunction tatonnement stability process in an actual economy by simulating the adjustment path of an abstract disequilibrium model in conjunction with an econometric equilibrium model, indicating that such a path is highly stable.]
[The assumption that the rate of growth of population is exogenous is common to many growth models both of the descriptive and the optimal type. The present paper examines the consequences of optimally controlling population growth and discusses the resulting trade-off between expenditure on such control and on capital accumulation and consumption. In this context the assumption of constant returns to scale to capital and labor seems unrealistic and is relaxed. The problem thus becomes a two state variable control problem soluble by the application of Pontryagin's Maximum Principle.]
[In this paper a procedure is presented for the (asymptotically) efficient estimation of the parameters of autoregressive moving average models with exogenous variables. The estimation of distributed lag models is discussed as a particular case of models of this form. Finally a number of numerical examples are described.]