Tax Incentives and Capital Spending (Book).
Reviews the book "Tax Incentives and Capital Spending," edited by Gary Fromm.
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Sectoral Investment Determination in a Developing Economy
The Allocation of Transitory Income Among Consumers' Assets
Schooling and Earnings of Low Achievers: Comment
In their article in this Review, W. Lee Hansen, Burton Weisbrod, and William Scanlon (HWS) conclude that estimated payoff to more schooling is for their sample of men who were rejected for military service due to low scores on the Armed Forces Qualification Test (AFQT). It is shown in this comment that they obtained a downward biased estimate of the true profitability of schooling for their sample and that the correct rate of return may be at least 13 percent. While this is lower than the rate of return to males from high school, it is similar to the private return from college.' The HWS data are a sample taken in November 1963 of approximately 2,400 males, aged 17 to 25. The dependent variable (Y) is annual income in 1962 after deducting transfer payments. The explanatory variables include years of schooling (S), age (A), AFQT score (AFQT), and a dummy variable which takes the value of one if the individual received training outside of school (T). Their model is
The Prediction Performance of the FRB-MIT-PENN Model of the U.S. Economy
Exchange Valuation: An Empirical Test.
The article focuses on the comparison of the responses in the barter case to those in the cash exchange and that no exchange cases revealed significantly more variation in the barter case. This could be interpreted as evidence that the conventional theory is incomplete. The discriminant analyses provided more direct evidence. First, in the book value versus market value analysis the author was unable to predict group membership from the situational variables. It appears that a minority, 23 percent of practitioners hold that the purchase rule, Book Value group should be applied to barters without regard to the situation. A majority 77 percent hold that either a sale or majority rule, Market Value group should be applied to barters. This division may be interpreted as the existence of two different conventional theories. Second, although one was able to identify a liquidity, acquisition and conservatism effect, the majority of the total variance remained unexplained. This may be interpreted as indicating that other implicit criteria exist which has not been identified.