Journal Article A Note on Fixed Factor Proportions and Net Saving Rates Get access M. A. M. Smith M. A. M. Smith London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 2, April 1973, Pages 297–298, https://doi.org/10.2307/2296656 Published: 01 April 1973

The purpose of this article is to explore the relevance of the theory of Markov processes to the analysis of stock price movements.The present study was prompted by the work of Dryden [6], in which aggregate data on United Kingdom share prices were analyzed within a Markovian framework, and which indicated that it might be fruitful to apply the Markov model to more disaggregated data, specifically to individual stock price data.

Journal Article On the Effectiveness of Monetary Policy as a Stabilization Device Get access Michael G. Hadjimichalakis Michael G. Hadjimichalakis University of Washington Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 4, October 1973, Pages 561–570, https://doi.org/10.2307/2296589 Published: 01 October 1973

Journal Article A Probabilistic Model of Social Choice Get access Michael D. Intriligator Michael D. Intriligator University of California, Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 4, October 1973, Pages 553–560, https://doi.org/10.2307/2296588 Published: 01 October 1973

Journal Article Bilateral Trading Processes, Pairwise Optimally, and Pareto Optimality Get access Allan M. Feldman Allan M. Feldman Brown University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 4, October 1973, Pages 463–473, https://doi.org/10.2307/2296581 Published: 01 October 1973

Journal Article The Economic Principles of Telephone Rates under a Budgetary Constraint Get access M. G. Marchand M. G. Marchand CORE Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 4, October 1973, Pages 507–515, https://doi.org/10.2307/2296584 Published: 01 October 1973

Journal Article The Market Price of Risk Get access Cornelius M. Schilbred Cornelius M. Schilbred The Norwegian School of Economics and Business Administration Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 2, April 1973, Pages 283–292, https://doi.org/10.2307/2296654 Published: 01 April 1973

One of the most important innovations in bond financing and in mortgage lending has been the rapid adoption of variable-rate instruments in recent years. Notes and bonds bearing an interest rate between one and two percentage points above the prime rate are becoming common in corporate financing. Similarly, variable-rate mortgages (VRM's) with the interest rate tied to the deposit rate of S&L's or linked to the changing yields on competing investments have spread beyond Florida and California to many states. The Federal Home Loan Bank Board has recently endorsed the variable-rate concept and the Federal Home Loan Mortgage Corporation is preparing guidelines for secondary market operations in VRM's. Portfolio managers are thus taking note of the possibility of acquiring long-term instruments providing some of the resiliency of yields and a measure of real value protection characteristic of short-term issues.

I am indebted to E. J. Berg, A. V. Deardorff, J. D. Richardson, W. F. Stolper, members of the Research Seminar in International Economics at the University of Michigan, and anonymous referees for helpful comments on an earlier version of this paper. Financial assistance was pro. vided in part by National Science Foundation grant GS-3073 to support research in international economics at the University of Michigan.

I. Ex ante and ex post optimum, 81. — II. Consumers and commodities, 83. — III. Consumer choice and the subjectivity theorem, 85. — IV. Necessary conditions for ex post Pareto optimum given Arrow optimum, 88. — V. Production, 89. — VI. Efficiency, 91. — VII. Economies where the necessary conditions for Arrow optimum to imply ex post Pareto optimum are sufficient, 93. — Table of notation, 94.