La distinction classique entre biens individualisables et biens collectifs ne tient pas compte des biens et services, tels que la circulation automobile, dont la quantite est individualisable mais dont la qualit& a un caractere collectif et d&pend du niveau de la demande en raison d'effets externes. On etudie dans ce papier comment les conditions classiques de l1'quilibre &conomique sont a modifier pour introduire cette categorie de biens et quelles doivent etre leurs regles de tarification. Les resultats theoriques obtenus sont ensuite appliques au cas de la circulation automobile.

We shall investigate the problem of optimal exercising strategy for option holders for the case in which option holders are averse to risk. A model of stock price changes incorporating the Lognormal random walk assumption will be combined with a class of utility functions containing diminishing marginal utility of money. In general, the strategy of waiting until the last possible day to exercise an option, which maximizes expected value, will not maximize expected utility. The strategy which maximizes expected utility is obtained by a dynamic programming formulation of the decision problem. At each day (or decision stage), the option holder may choose to act (exercise) or wait until the next day. Working backwards from the last day, a series of critical prices are obtained, with the optimal strategy being as follows: act if the stock price on any day is greater than the critical price for that day; otherwise, wait. Using the concept of proportional risk aversion developed by Pratt, we will demonstrate that, under certain conditions, a utility function which exhibits increasing proportional risk aversion is sufficient to create a series of finite critical prices. Moreover, once an option is exercised, the option holder continually faces a tactical decision to hold the stock and wait for capital gains or sell and take profits as ordinary income, thereby avoiding further risk. This decision may also be optimized by a dynamic programming scheme similar to the approach used above.

Journal Article On Warranted Growth Paths Get access F. H. Hahn F. H. Hahn London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 35, Issue 2, April 1968, Pages 175–184, https://doi.org/10.2307/2296546 Published: 01 April 1968

Introduction, 452. — I. Theoretical considerations, 454. — II. Estimating the relation between the rate of growth and the gross incremental capitaloutput ratio, 455. III. Other factors affecting ky 456. — IV. Conclusions, comments, hypotheses, 459. — Appendix, 463.

Journal Article Spectral Analysis of the Term Structure of Interest Rates Get access C. W. J. Granger, C. W. J. Granger University of Nottingham Search for other works by this author on: Oxford Academic Google Scholar H. J. B. Rees H. J. B. Rees University of Nottingham Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 35, Issue 1, January 1968, Pages 67–76, https://doi.org/10.2307/2974408 Published: 01 January 1968

It is generally suggested by the accounting professionals that the principal objective of management accounting is the influencing of behavior. And in order to accomplish this objective, the management accountant must function with some view of human behavior in mind. The article considers two cases of formalizing the views of behavior into model which could be used for testing the validity and relevance of the accountant's behavioral assumptions. The first of these is termed the traditional management accounting view. The second theoretical model which was considered is not usually associated with either the literature or educational processes of management accounting. Each of these models is based on a set of underlying assumptions about human behavior, and it is these assumptions which determine the character of the model itself. The findings of this field study appear to suggest that many management accountants tend toward a traditional view of behavior and they are not alone in this respect.