[A choice function, which maps each set of alternatives in a domain of feasible sets into a non-empty subset of itself (called the choice set), is said to be representable by a weak order if some weak order on the alternatives has maximum elements within each feasible set, all of which are in the choice set of that feasible set. A Partial Congruence Axiom ("every non-empty finite collection of feasible sets has an alternative which is in the choice set of every feasible set in the collection which contains that alternative") is shown to be necessary and sufficient for weak order representability when all choice sets are finite. A stronger form of partial congruence is proved to be necessary and sufficient for weak order representability when the number of feasible sets is countable, regardless of the cardinalities of the choice sets. The general case of arbitrary cardinalities for the domain and the choice sets is presently unsettled.]

[This paper presents conditions on the coefficients of Nth order linear constant coefficient functional equations in generalized differences, necessary and sufficient for asymptotic stability. These conditions are analogous to the Schur-Cohn conditions for difference equations in dated form, and to the Routh-Hurwitz conditions for differential equations.]

Donald C. Aucamp, Walter L. Eckardt, Jr., A Sufficient Condition for a Unique Nonnegative Internal Rate of Return-- Comment, The Journal of Financial and Quantitative Analysis, Vol. 11, No. 2 (Jun., 1976), pp. 329-332

A multiple equation nonlinear regression model with serially independent disturbances is considered. The estimation of the parameters in this model by maximum likelihood and minimum distance methods is discussed and our main subject is the relationship between these procedures. We establish that if the number of observations in a sample is sufficiently large, the iterated minimum distance procedure converges almost surely and the limit of this sequence of iterations is the quasi-maximum likelihood estimator.

The degree of export fluctuations and its impact on income have been subject to a number of investigations. A major bone of contention has been whether developing countries experience a greater degree of fluctuation in exports than developed countries, and whether such fluctuations affect the growth-rate of developing countries. This study examines this contention y constructing comparable econometric models for 11 countries, including both developing and developed countries. From these models it seeks to derive the export-income multiplier which can throw light on the question as to which countries are affected more than others by export fluctuations. The study shows that the long-run multiplier relating to both income and investment are generally larger for developing countries than for developed countries. In addition, for each country the dynamic multipliers have been used to derive the income path which is attributable to changes in exports as they actually occurred. The income path has been derived on the assumption that “real” exports grow at a constant rate every year. A comparison of these two simulated income series definitely shows that an increase in the instability of exports leads to an increase in the instability of income in every country. However, the impact of instability in exports on income growth rate is not in the same degree in all counties. In the case of only five countries, there is a decline in growth rate when there is an increase in instability of exports, even though a cross country regression shows that in general countries with higher instability in exports have on the average a lower growth rate.

Abstract Reviews the book "Management Accounting: A Decision Emphasis," by Don DeCoster and Eldon Schafer.

Abstract The article presents a simple graphical illustration for the maximum tax on earned income. Internal Revenue Code, section 1348 stipulates that the maximum rate of taxation of "earned income" shall be 50 percent. In spite of the relative simplicity of this concept, students often experience difficulty understanding computations required to accomplish the objectives of the section. Standards texts, though yielding descriptions which are clear and accurate, are not particularly helpful to the student attempting to conceptualize the procedures. A simple graphical presentation, can make obvious the logic underlying computations. Of course, the contribution of this graphical approach is that the significance of the third step in computations just described becomes apparent. Only in this manner is it possible to easily compute the tax on the "unearned" portion of taxable income, since it is desired to tax this income at the same marginal rates which would have been applied had section 1348 not been invoked.

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.