It is also perhaps worth considering the case in which the alternative model y Zy + co contains the same regressors as the true model (i.e., Z X). Then the above proof shows that the probability limit of the estimated error variance is smaller when the true value of p is used to perform the Orcutt transformation than when any other value po is used. (This, in fact, constitutes a relatively simple proof of the consistency of the maximum likelihood estimate of p, for a correctly specified model.)

Abstract A number of recent contributions by economists have provided a clear insight into the causes of the varied forms of environmental deterioration, and have also suggested, implicitly or explicitly, policies for more efficient management of environmental as well as other resources.1 Yet, as Allen Kneese has pointed out in a review of empirical studies of pollution damages, “a general shortcoming of [these studies] has been that they have treated a stochastic or probabilistic phenomenon as being deterministic.”2 The purpose of this paper is to explore the implications of uncertainty surrounding estimates of the environmental costs of some economic activities. It is shown in particular that the existence of uncertainty will, in certain important cases, lead to a reduction in net benefits from an activity with environmental costs. In such cases the implication for an efficient control policy will generally involve some restriction of the activity.

Distributional implications of current models, 159. — Reformulation, 162. — Shadow pricing with budget constraints, 163. — Conclusion, 164.

Marcus C. Bogue, Richard Roll, Capital Budgeting of Risky Projects with "Imperfect" Markets for Physical Capital, The Journal of Finance, Vol. 29, No. 2, Papers and Proceedings of the Thirty-Second Annual Meeting of the American Finance Association, New York, New York, December 28-30, 1973 (May, 1974), pp. 601-613

This paper is concerned with the problem of estimating demand and supply schedules in disequilibrium markets. The results of Fair and Jaffee are expanded in three ways. (1) Their directional method I is modified to yield consistent estimates. (2) A maximum likelihood alternative to their quantitative method is proposed. (3) The price equation is generalized to be a multivariate, stochastic function, and a method is proposed for estimating demand and supply schedules in this case.

[This analysis generalizes the concept of a private-goods contract curve to an economy with public goods. It provides a derivation of the properties of the set of Pareto-optimal points in n-space. The paper concentrates on situations where the taxation system for financing the public goods is externally imposed; the efficiency goal is thus "mechanism-constrained Pareto optimality." The results of the main analysis are applied to assess performance of several group decision procedures.]

Journal Article The Sensitivity of Quarterly Models of Wage Determination to Aggregation Assumptions Get access J. C. R. Rowley, J. C. R. Rowley Economic Council of Canada and Statistics Canada Search for other works by this author on: Oxford Academic Google Scholar D. A. Wilton D. A. Wilton Economic Council of Canada and Statistics Canada Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 88, Issue 4, November 1974, Pages 671–680, https://doi.org/10.2307/1881829 Published: 01 November 1974

George C. Bitros, Harry H. Kelejian, On the Variability of the Replacement Investment Capital Stock Ratio: Some Evidence from Capital Scrappage, The Review of Economics and Statistics, Vol. 56, No. 3 (Aug., 1974), pp. 270-278