Journal Article A General Equilibrium Analysis of Trade Creating Customs Unions Get access Donald M. Chaffee, Jr Donald M. Chaffee, Jr San Francisco State University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 42, Issue 2, April 1975, Pages 279–284, https://doi.org/10.2307/2296535 Published: 01 April 1975

Owners of capital frequently lack knowledge about investment opportunities. One alternative is to turn to a manager for assistance. The owner's problem of contracting for the services of a manager is treated as a problem in buying information. The surprising result is that it is sometimes possible to trade information even when the owner is unable to form his own assessment of the information's value. Under some conditions it is possible to write a managerial compensation contract which will induce the manager to act in the best interests of the owner. These conditions require owner knowledge of the manager's employment and investment alternatives and risk preferences as well as some, but not all, of the characteristics of the investment opportunities.

Tobin's banking system model, 83. — Opening the Tobin model, 86. — Foreign sector, 86. — Stationary-state, portfolio balance, 87. — Banking sector, 89. — High-powered money, 89. — Aggregate demand and supply, 90. — Government sector, 91. — Monetary policy, 93. — Fixed exchange rate: increase in required reserve ratio, 94. — Floating exchange rate, 97. — Conclusions, 99. — Appendix I: notation, 100. — Appendix II, 100.

I. Introduction, 490. — II. A brief description of the system, 491. — III. Static welfare losses from foreign exchange pricing, 491. — IV. Revenue gains and losses, 495. — V. Other costs and offsets, 498. — Appendix A: general method: converting loss estimates to linear estimates around the regression means, 499. — Appendix B: methodology of welfare loss calculations, 500.

I. A simple schooling model, 605. — II. Estimation, 606. — III. An interpretation of actual and optimal schooling behavior, 615.

Using the von Neumann-Morgenstern approach to the theory of decision making under uncertainty, this paper shows that a broad decline in mortality rates should lead parents to substitute children for other goods and durable quality attributes of children for quantity of children. Further, if quantity is interpreted as survivors to maturity, the demographic transition--a sufficient decline in birth rates to reestablish a low population growth rate--will occur only if the substitution of quality for quantity outweighs the substitution of quantity for other goods.

Journal Article Aggregation of Preferences Get access Donald J. Brown Donald J. Brown Yale University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 89, Issue 3, August 1975, Pages 456–469, https://doi.org/10.2307/1885263 Published: 01 August 1975

Abstract Reviews the book 'Accounting for Social Goals: Budgeting and Analysis of Nonmarket Projects,' by John Leslie Livingstone and Sanford C. Gunn.