[Programming theory is treated initially without any assumptions about the functions and with interpretation for production and activity analysis. By proof of a general theorem about optimal and support solutions and subsequent introduction of convexity assumptions, a new method for obtaining standard propositions and an amplification of their content becomes possible. Properties entirely peculiar to linear problems are noted. Two "shadow price" interpretations are discussed, one being the standard one in which support solutions appear as prices in a fictitious market. Consideration is also given to the law of diminishing returns. Finally, vector output, with emphasis on a concept of irreducible limit output, is treated.]

[It is shown that single-peaked, continuous utility functions do not, in general,aggregate in majority voting to a continuous social utility function. Conditions on individual preference orderings to guarantee a continuous social utility function are presented for a simple case.]

[We introduce and analyze a class of variable elasticity of substitution (VES) production functions for which the substitution parameter varies linearly with the capital-labor ratio around the intercept term of unity. The VES function contains as special cases the more important special cases of the well known CES function. In terms of some familiar economic relationships, the VES posits a linear view of the world in contrast to the log-linear view posited by the CES function.]

[The paper discusses why certain commonly used two-step procedures give estimators which are asymptotically less efficient than the maximum likelihood estimator when there are lagged dependent variables among the regressors. This sort of problem is often encountered in the estimation of distributed lag models with serial correlation in the residuals.]

[This paper presents formulae for the standard error of forecast of a single equation and the covariance matrix of forecasts of a complete system of equations that are appropriate when the exogenous variables in the forecast period are stochastic. The problems of defining forecast intervals and multidimensional forecast regions are also discussed.]

The paper argues that variance components models are very useful in pooling cross section and time series data because they enable us to extract some information about the regression parameters from the between group and between time-period variation-a source that is often completely eliminated in the commonly used dummy variable techniques. The paper studies the applicability and usefulness of the maximum likelihood method and analysis of covariance techniques in the analysis of this type of model, particularly when one of the covariates used is a lagged dependent variable.

Alan S. McCall, Neil B. Murphy, A Note on Evaluating Liquidity Under Conditions of Uncertainty in Mutual Savings Banks, The Journal of Financial and Quantitative Analysis, Vol. 6, No. 4 (Sep., 1971), pp. 1165-1169

A substantial amount of scholarly effort in recent years has been devoted to the determination of the relationship between banking structure and performance. In general, the results of these studies indicate that banking structure affects both the price and quantity of banking services, but, for practical policy purposes, the impact of banking structure is quite small. Yet, the results of these studies have been inconclusive and contradictory to a substantial degree.

R. S. Uhler, J. G. Cragg; The Structure of the Asset Portfolios of Households1, The Review of Economic Studies, Volume 38, Issue 3, 1 July 1971, Pages 341–