Journal Article A Rejoinder Get access M. Morishima M. Morishima Osaka Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 21, Issue 3, 1953, Page 222, https://doi.org/10.2307/2295776 Published: 01 January 1953

A Note on a Point in Value and Capital Get access M. Morishima M. Morishima Osaka Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 21, Issue 3, 1953, Pages 214–217, https://doi.org/10.2307/2295774 Published: 01 January 1953

Journal Article Some Aggregation Problems in Demand Analysis Get access M. J. Farrell M. J. Farrell Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 21, Issue 3, 1953, Pages 193–203, https://doi.org/10.2307/2295772 Published: 01 January 1953

Journal Article A Further Note on the Theory of Inflation Get access Arthur M. Okun Arthur M. Okun New Haven, Conn. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 21, Issue 3, 1953, Pages 244–245, https://doi.org/10.2307/2295781 Published: 01 January 1953

following study proposes to generalize the classical theory of economic equilibrium and of welfare economics to the case of risk. Besides our own work, the only similar attempt which has been made in this field is, to the best of our knowledge, Mr. Arrow's paper, The Role of Securities in the Optimal Allocation of Risk-Bearing, presented at the international colloquium on risk which was held in Paris, May, 1952. It is quite astonishing that such an important chapter of economics, both from theoretical and practical points of view, has up to now never been the object of systematic study. reason for this is certainly its great difficulty. As the method of attacking this problem is doubtless the basic difficulty, we have, in order to make the exposition easier, confined ourselves to a simplified model. This has the double advantage of making perfectly evident the main considerations which, in our opinion, must enter into the analysis and of providing a simple and explicit framework for discussion. This model, furthermore, lends itself to easy generalization. Generally it can be said that the essential results of the theories of economic equilibrium and welfare economics are still valid in the case of risk.

I. Introduction, 520. — II. A simple model, 522. — III. An examination of Graham's principal conclusions, 526. — IV. Relaxation of the assumptions, 537. — V. Relation to linear programming, 540. — Mathematical Appendix, 542.