C-V-P Analysis, Cost-Value-Profit analysis, Uncertainty, Capital market equilibrium

Financial or capital market theory is intimately concerned with the concept of a general equilibrium. But most of the empirical work in finance has been concerned with the estimation of single-equation ordinary least squares cross-sectional models. One way of capturing some of the flavor of a general equilibrium is to use a simultaneous equation valuation model. Thus the value or the return on a security can be determined simultaneously in relationship to and in competition with the other securities in the system. Simkowitz and Jones [4] have recently described how the methodology could be used. Simkowitz and Logue [5] have recently performed a study using this methodology.

Abstract One way to gain insight into the vexing and unsettled questions connected with the responsibility of accountants is to approach the subject from an historical perspective. In this article, the author examines nineteenth and early twentieth century thought on various topics which have been, and continue to be, of concern to accountants. It will become evident that history repeats itself and that most of the basic problems considered by accountants now are also those which have perplexed the profession for nearly a century. Thus despite all the changes in the business environment, controversy within the accounting profession today has remarkable similarities to the discussion taking place decades ago, as of April 1975. The article is divided into three sections. The first surveys accounting thought on the subjects of disclosure and alternative techniques and questions concerning the scope of audit and audit certificate. In the second section, the attitude toward the accountant's responsibility for forecasts and estimates is examined. The third section concludes that the emphasis on the past rather than the future conflicts with the idea of profit as a return for risk bearing.

This article presents evidence for the view that physical capital is more complementary to educated labor than to less educated labor. For this reason previous estimates of elasticities of substitution between educated and less educated labor are too high. Using a two-level CES production function, we run international cross-sectional regressions at the level both of the economy and of individual sectors. The whole-economy model allows for the effects of wages on educational choices as well as vice versa. It predicts that, as total capitalper head rises, the share of physical capital in national income falls and that of human capital rises. The production function also shows that intercountry differences in output per head are due more to differences in physical capital than in human capital.

A. Ingham, P. Simmons; Natural Resources and Growing Population1, The Review of Economic Studies, Volume 42, Issue 2, 1 April 1975, Pages 191–206, https://doi.o

R. Burr Porter, Roger P. Bey, David C. Lewis, The Development of a Mean-Semivariance Approach to Capital Budgeting, The Journal of Financial and Quantitative Analysis, Vol. 10, No. 4, 1975 Proceedings (Nov., 1975), pp. 639-649

Under the assumption of single peaked preferences, the majority rule equilibrium considered as a correspondence from the voters' preference is shown to be continuous. We also complement the work of Fishburn [6], who first presented a general location theorem for majority rule equilibriums, by dropping the assumptions that the alternative set is finite and that voters' preferences are strict partial orders. SINCE THE WORK of Black [3] on simple majorities and single-peaked preferences, much work has been done in deriving conditions for which some state achieves a majority over all other states. It is also well known that the equilibrium in many cases is the median of the distribution of most preferred states of the voters. (See [3, pp. 14-18].) We present here a result concerning the continuity of the majority rule equilibria. Specifically, we show that in the case of single-peaked preferences, the majority rule equilibrium depends only on the peaks of the voters' preferences and not on the transitivity properties of these preferences. We then show that the equilibrium, viewed as a correspondence of these peaks, is continuous (i.e., both upper and lower semicontinuous). This result is especially important when one tries to prove the existence of an equilibrium in a political-economic system. Most existence theorems are based on fixed point theorems which require at least upper semicontinuity of the correspondences being studied. The theorem proved here shows that the majority rule equilibrium is continuous in voters' peaks. If these are in turn continuous functions of other parameters such as prices, then our result might aid one in deriving general existence theorems for social equilibria. (See [3 or 4].) The only related work seems to be that of Kelly [10] who investigates the existence of a continuous numerical representation of the social preference relation generated by majority rule. He shows that one cannot expect continuity even if the social preference relation has other properties, such as transitivity. Specifically, he presents a case in which a majority of voters are indifferent between two points. In a neighborhood of one of these points, this majority rules between points in the neighborhood and the other point, but a minority (since the majority is indifferent) rules between the two given points. Hence one cannot expect continuity of the