IN spite of the interest in advertising, research in the field has not been very impressive. The reason for this is simply that problems presented in marketing and advertising are often unique, and their satisfactory solutions require the development and synthesis of their own body of theory. This body is lacking.1 In Australia, in particular, advertising has not attracted a large amount of research. This is mainly because of the slowness with which marketing has been accepted as a separate subject of study in our universities, the lack of official statistical information on advertising, and the reluctance of Australian companies to disclose information on their marketing promotion efforts and expenses. The aim of this study is to analyse the marketing competitive behaviour of eight consumer goods producers, which economists and marketing analysts claim to be advertising heavily in Australia (Metwally, 1973a). In particular we estimate the magnitude of advertising expenditure consistent with the object of profit maximisation, and compare it with the actual expenditure of some dominant firms producing those commodities. In section I, we develop a mathematical model of demand similar to that of Dorfman and Steiner (1961). Section II considers the form of functional relationship that exists between sales, price and advertising. In section III different econometric models of competitive interdependence are compared and evaluated. Finally in section IV, the findings and their main implications on promotional competition are discussed. I

This paper by Hughes, Logue, and Sweeney offers an excellent summary of recent theoretical work on the advantages of multinational firms in providing opportunities for international diversification. In addition, some interesting empirical tests of an international version of the capital asset pricing model (IAPM) are reported. Neither of these topics is original as several writers have explored the theoretical advantages of the multinational firm providing international diversification, including this discussant [1]. The IAPM has been tested by Solnik [2] and others who find that systematic risk is lower in international financial markets than in domestic ones.

Paul M. Horvitz, Failures of Large Banks: Implications for Banking Supervision and Deposit Insurance, The Journal of Financial and Quantitative Analysis, Vol. 10, No. 4, 1975 Proceedings (Nov., 1975), pp. 589-601

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

Journal Article Labour Supply and Demand, Absenteeism, and Union Behaviourh Get access Ali M. Reza Ali M. Reza University of Pittsburgh Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 42, Issue 2, April 1975, Pages 237–247, https://doi.org/10.2307/2296531 Published: 01 April 1975

The principle of stochastic dominance is used to characterize the optimal efficient sets when the distributions of the random prospects belong to a family. Most of the well-known distributions are considered. In each case, the optimal efficient sets are characterized by easily verifiable conditions on the parameters of the distributions. These optimal efficient sets are then compared with the corresponding mean-variance (MV) efficient set. It is often found that the optimal efficient sets are proper subsets of the MV efficient set. Thus, the MV criterion is a proper efficiency criterion, but the MV efficient set can be excessively large compared to the optimal efficient set.

Journal Article Latin American Trade Policies in the 1970's: Reply Get access Daniel M. Schydlowsky Daniel M. Schydlowsky Boston 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 487–489, https://doi.org/10.2307/1885269 Published: 01 August 1975

Journal Article Population Growth and Oil Resources Get access M. A. Adelman M. A. Adelman Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 89, Issue 2, May 1975, Pages 271–275, https://doi.org/10.2307/1884431 Published: 01 May 1975

I. Employer-generated discrimination, 216. — II. Discrimination as a functional element in the hierarchical work system, 220. — III. Conclusion, 228.