Examples are given which show that:(i) normality is not Necessary for the consistency of the quasi maximum likelihood estimator in the nonlinear simultaneous equations model (nonlinear FIML) even when there are major departures from linearity; and (ii) the lemma which is used extensively by Amemiya [2] in the theoretical development of the properties of nonlinear FIML under the assumption of normality is, as presently stated, incorrect.

Samuel E. Bodily, Chelsea C. White, Optimal Consumption and Portfolio Strategies in a Discrete-Time Model with Summary-Dependent Preferences, The Journal of Financial and Quantitative Analysis, Vol. 17, No. 1 (Mar., 1982), pp. 1-14

Abstract ABSTRACT: This study reports the results of an experiment in which audit seniors made judgments in analytical review and compliance testing settings. In both settings, results consistent with the hypothesized use of the anchoring and adjustment heuristic were observed. With respect to analytical review, the study alerts auditors to the potential importance of forming expectations concerning a client's audited values without considering the recorded (book) values. With respect to compliance testing, a judgment procedure that mitigates the potentially dangerous consequences of anchoring when judgmental Inferences from sample information must be made is presented. Results of the compliance study were used by the Sampling Standards Task Force of the AICPA in developing Statement on Auditing Standards No. 39, entitled, "Audit Sampling."

Abstract Reviews the book "Advanced Accounting: Concepts and Practice," by Arnold J. Pahler and Joseph E. Mori.

Abstract ABSTRACT: Although "compressed-course" offerings are widely found in summer programs and intersessions, little published work has evaluated the efficacy of this format relative to conventional term courses, apparently because the controls necessary for strict comparative research are difficult to implement. This study involved such a comparison between several sections of two accounting courses offered under the most compressed format possible and under a regular semester. All aspects of the courses were virtually identical. Evaluation was in terms of (a) terminal performance, (b) post-course student reactions, and (c) comparison of reactions with prior expectations. Analysis of the data showed the compressed format to be highly comparable to the regular format on both performance and student evaluation profiles. The only differences, both marginal, were in the tendency for perceived stress and instructor effectiveness to be greater under the compressed format. Given the rigor of the experimental controls and the power of the statistical tests used, these findings constitute strong evidence of the efficacy of compressed courses.

Abstract Reviews the book "Federal Taxes and Management Decisions," 3rd ed., by Ray M. Sommerfeld.

P REVIOUS studies of the effects of U.S. tariffs and quotas on U.S. real income and its distribution have concluded that these effects are minimal. Moreover, this conclusion has

[Noting that a suggested measure of natural resource scarcity, resource rent, is unobservable, we show that rent is linked to (observable) marginal exploration cost. A two-period model of extraction and exploration reveals that rent is equal to this cost when discovery is certain. Under risky exploration, cost data can be used to bound rent. The model also indicates how exploration uncertainty affects the competitive firm's extraction and exploration decisions. Finally, the behavior of U.S. oil and gas exploration costs suggests that these costs were rising in the postwar era, which has different implications for scarcity than indicated by other measures of scarcity.]