Social and Behavioral Sciences Commons^™

Central Bank Of Nigeria Annual Report And Statement Of Account For The Year Ended 31st December, 1982, Central Bank Of Nigeria

CBN Annual Report

The economic slowdown in 1981-1982 led to a decline in mineral and export crop production, with crude oil production falling from 1.440 million barrels in 1981 to 1.29 million barrels in 1982. The Central Bank of Nigeria business survey showed increased manufacturing sales and inventories of finished goods. Inflation decelerated to its lowest level since 1973, mainly due to reduced monetary expansion and increased production of staple food, livestock products, and fish. The money supply rose by 5.6% in 1980 and 3.1% in 1982, but the government sector's share in bank credit increased. The Gross National Product of all industrialized …

Delinquent Behavior Of South Dakota Youth, Galen Kelsey

Economics Commentator

No abstract provided.

Update On Costs Of Prducing Fuel Alcohol From Small-Scale Plants, Thomas L. Dobbs

Economics Commentator

No abstract provided.

Marginal Versus Average Cost Pricing In The Presence Of A Public Monopoly, Donald J. Brown, Geoffrey M. Heal

Cowles Foundation Discussion Papers

No abstract provided.

The Exact Distribution Of Liml: I, Peter C.B. Phillips

Cowles Foundation Discussion Papers

It is shown that the exact finite sample distribution of the limited information maximum likelihood (LIML) estimator in a general and leading single equation case is multivariate Cauchy. When the LIML estimator utilizes a known error covariance matrix (LIMLK) it is proved that the same Cauchy distribution still applies. The corresponding result for the instrumental variable (IV) estimator is a form of multivariate t density where the degrees of freedom depend on the number of instruments.

Near-Markets And Market Games, Martin Shubik, Myrna Holtz Wooders

Cowles Foundation Discussion Papers

No abstract provided.

Optimal Labor Contracts And The Role Of Monetary Policy In An Overlapping Generations Model, Russell Cooper

Cowles Foundation Discussion Papers

This paper extends the optimal labor contracts literature to consider an environment with both real and nominal shocks. In an overlapping generations model, we compare alternative means of trading labor services: spot markets, fixed nominal wage contracts and price-contingent contracts. The ordering of these market structures will depend on the relative variability of the real and nominal shocks and the costs of contingent contracts. We also investigate the role of monetary policy and the circumstances under which feedback rules are neutral. Finally, we show that a non-stochastic monetary policy is optimal.

Global Stability In A Class Of Markets With Three Commodities And Three Consumers, Masayoshi Hirota

Cowles Foundation Discussion Papers

No abstract provided.

Review Of "Information And Coordination" By Axel Leijonhufvud, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Book review. Axel Leijonhufvud. Information and Coordination. Oxford, England: Oxford University Press, 1981, pp. 976-977, in The Economic Journal, Dec. 1982.

Also included are:

The letter sent by Minsky to Donald Winch with the review, and a copy of the review in manuscript with Minsky's corrections.

Dealing With Deficits And The Rise In Federal Spending, Murray L. Weidenbaum

Murray Weidenbaum Publications

This piece examines how much should the federal budget be cut and where the major cuts should be.

Robotics: Human Resource Implications For Michigan: A Research Summary, H. Allan Hunt, Timothy L. Hunt

Reports

No abstract provided.

Designing The Cityscape, Chester Smolski

Smolski Texts

"A new structure has recently been erected in the Providence downtown, and criticisms of the building's design continue to fly. An editorial in these newspapers, for example, referred to the 'failed example of quickie construction with a outsized Erector set.'"

Interest Rates Impact On Farm Income, Richard C. Shane

Economics Commentator

No abstract provided.

B789: A Breakeven Analysis Of Two Rural Health Maintenance Organization Models, Steven P. Skinner, Brenda S. Bridges, Stephen D. Reiling, Dennis A. Watkins

Bulletins

This report uses breakeven analysis to assess the financial feasibility of two health maintenance organization (HMO) models which have received considerable support from health-care professionals as potentially viable organizations in rural areas. The two models analyzed, the individual practice association and satellite clinic, represent quite different organizational and financial structures. Enrollment levels required for each HMO model to attain financial viability for specified premium rates are calculated. In addition, the effects of varying key health-care utilization rates on an HMO's financial position are assessed. This information should be of interest to extension agents and others who are working with groups …

I'M All For Free Enterprise, But…, Murray L. Weidenbaum

Murray Weidenbaum Publications

Businesses and individuals are quick to support government cuts, but when the cuts affect their own industry, it's a different story. Weidenbaum stresses the importance of reducing the federal deficit, and budget cuts are essential to do this.

Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

No abstract provided.

Scarf's Procedure For Integer Programming And A Dual Simplex Algorithm, Philip M. White, Andrew S. Caplin, Ludo Van Der Heyden

Cowles Foundation Discussion Papers

Herbert Scarf has recently introduced an algorithm for integer programs based on the concept of primitive sets. We show that as the choice variables become continuous, this algorithm converges to a dual simplex algorithm. This result is robust in the sense that even before the limit is reached, the simplex path is contained in the primitive sets which define Scarf’s path to the solution of the integer program.

Investment Versus Savings Incentives: The Size Of The Bang For The Buck And The Potential For Self-Financing Business Tax Cuts, Alan J. Auerbach, Laurence Kotlikoff

Cowles Foundation Discussion Papers

No abstract provided.

Revelation Of Information In Strategic Market Games: A Critique Of Rational Expectations, Pradeep Dubey, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

We criticize the R.E.E. approach to asymmetric information general equilibrium because it does not explain how information gets “into” the prices. This leads to well-known paradoxes. We suggest a multiperiod game instead, where the flow of information into and out of prices is explicitly modeled. In our game Nash equilibria (N.E.) (1) generalize Walrasian equilibria to asymmetric information; (2) exist generically; (3) eliminate pure speculation; (4) allow prices to reveal information and markets to become more efficient over time; (5) are consistent with the weak efficient markets hypothesis that tracking past prices is not profitable; (6) yet always lead to …

Stable Disequilibrium Prices: Macroeconomics And Increasing Returns I, Geoffrey M. Heal

Cowles Foundation Discussion Papers

The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.

A Geometric Explanation Of The Transfer Paradox In A Stable Economy, John Geanakoplos, Geoffrey M. Heal

Cowles Foundation Discussion Papers

No abstract provided.

Robust And Asymptotically Efficient Estimation Of Location In A Stationary Strong Mixing Gaussian Parametric Model, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper considers the problem of robust estimation of location in a model with stationary strong mixing Gaussian parametric distributions. An estimator is found that is within epsilon of being asymptotically efficient at the Gaussian parametric distribution and is within epsilon of being optimally robust! For the robustness results a Huber-type minimax criterion is used, where minimaxing takes place over neighborhoods of the parametric Gaussian distributions. The neighborhood system considered includes distributions of strong mixing processes and allows for deviations from the normal univariate parametric distributions within a Hellinger metric neighborhood, as well as deviations from stationarity and from the …

When Is A Man's Life Worth More Than His Human Capital?, Ted Bergstrom

Ted C Bergstrom

This paper develops a "subjectivist" theory of the value that individuals place on risks to their lives. It explains the paradox that although individuals may view their lives as priceless, they still will take small risks for a finite amount of money. Typical public projects that alter risks to life result in small changes in survival probability for a large number of people. Standard tools of benefit cost can therefore be applied, where statistical lives saved are valued at a price equal to the marginal rate of substitution between survival probability and wealth. This "value" is compared to human capital …

Keynes, Kanz, John Maynard (1883-1946), Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Biography of John Maynard Keynes for the Encyclopedia Americana, approved by Minsky for publication, 18 October 1982.

Energy And Crop Production Economics, Donald C. Taylor

Economics Commentator

No abstract provided.

The Potential For Financial Crises, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Remarks prepared for a Conference on “The Future of the International Monetary System” Oct. 7-8, 1982.

1982-83 Crop Price Outlook, Art Sogn

Economics Commentator

No abstract provided.

Entrevista A Jorge Luis Borges: El Otro, El Mismo, Jose Luis Sardon

Jose Luis Sardon

No abstract provided.

Who Ought To Pay The South Dakota Tax Bill?, Mark A. Edelman

Economics Commentator

No abstract provided.

On Allocative Distortions In Problems Of Self-Selection, Russell Cooper

Cowles Foundation Discussion Papers

This paper considers the general structure of self-selection models. By imposing conditions which permit the ordering of agents by their preferences, we provide a characterization of the distortions inherent in the sorting process. We also discuss extensions of the basic model such as randomization. Time Series Behavior of Prices for Overlapping Futures Contracts, with an Application to Soybean Futures