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Full-Text Articles in Economics

The Effects Of Money Supply On Economic Welfare In The Steady State, Laurence Weiss Nov 1977

The Effects Of Money Supply On Economic Welfare In The Steady State, Laurence Weiss

Cowles Foundation Discussion Papers

No abstract provided.

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Game Theory Models And Methods In Political Economy, Martin Shubik Nov 1977

Game Theory Models And Methods In Political Economy, Martin Shubik

Cowles Foundation Discussion Papers

An overview of different moels and solution concepts of game theory is given together with a sketch of the major areas of application to political economy, as well as with some indications of major open problems. This piece is designed to complement the essay of Robert Aumann which is more directly concerned with the mathematical methods of game theory. Although many references are given the reader may find more detail and references in a series of Rand reports on Game Theory in Economics [1].

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The Computation Of Equilibrium Prices: An Exposition, Herbert E. Scarf Nov 1977

The Computation Of Equilibrium Prices: An Exposition, Herbert E. Scarf

Cowles Foundation Discussion Papers

No abstract provided.

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Probabilistic Values For Games, Pradeep Dubey, Robert J. Weber Nov 1977

Probabilistic Values For Games, Pradeep Dubey, Robert J. Weber

Cowles Foundation Discussion Papers

No abstract provided.

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Nash Equilibria Of Market Games: I. Existence And Convergence, Pradeep Dubey Nov 1977

Nash Equilibria Of Market Games: I. Existence And Convergence, Pradeep Dubey

Cowles Foundation Discussion Papers

No abstract provided.

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Probabilistic Values For Games, Pradeep Dubey, Robert J. Weber Nov 1977

Probabilistic Values For Games, Pradeep Dubey, Robert J. Weber

Cowles Foundation Discussion Papers

No abstract provided.

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Quantitative Methods For Analyzing Travel Behaviour Of Individuals: Some Recent Developments, Daniel Mcfadden Nov 1977

Quantitative Methods For Analyzing Travel Behaviour Of Individuals: Some Recent Developments, Daniel Mcfadden

Cowles Foundation Discussion Papers

This paper is concerned with quantitative methods for the analysis of travel behaviour of individuals. It reviews some of the recent developments in model specification, estimation, model evaluation and testing, and aggregation and forecasting. Topics in model specification include the multinomial probit model and its computation, and generalized extreme value models and their relation to sequential models. Topics in estimation methods include the use of choice-based samples, sample designs, and incomplete choice sets. Model evaluation topics include prediction success tables and diagnostic tests of specification. Aggregation and forecasting topics include aggregation by the Clark method, synthesis of the distribution of …

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The 1978 Economy: Outlook And Policy, Murray L. Weidenbaum Nov 1977

The 1978 Economy: Outlook And Policy, Murray L. Weidenbaum

Murray Weidenbaum Publications

This economic forecast examines trends within the major sectors of the economy to make predictions about how the American economy will fare in 1978. The overall outlook is relatively tame. The real economic growth rate will average about 4.5% in 1978 with inflation a little under 6% and a moderate decline in unemployment. All in all, 1978 is predicted to be a stable period of modest growth and prosperity.

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New Mexico Labor Market Review 10-26-1977, Employment Security Commission Of New Mexico Oct 1977

New Mexico Labor Market Review 10-26-1977, Employment Security Commission Of New Mexico

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers September 1977.

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Economic Restraints On Reduced Energy Use In Agriculture, Lowell D. Hill Oct 1977

Economic Restraints On Reduced Energy Use In Agriculture, Lowell D. Hill

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

Many of the popular suggestions for improving energy use under mechanized agriculture would result in a reduction in total food supply or they are in conflict with economic decisions. This paper examines several of these suggestions and identifies the economic limits to their implementation. The choice of food products or techniques of production must be evaluated in the context of all uses of energy. Only a market system is capable of permitting every consumer to express his preferences for the infinite array of foods and energy uses.

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The Opec Oil-Pricing Policies, Vaman Rao Oct 1977

The Opec Oil-Pricing Policies, Vaman Rao

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

The capital-theoretic model suggested for determining the price- quantity combinations does not hold in the case of most natural resources, including petroleum, since the inelastic demand function would vitiate the optimal solution. The specification of a dynamic demand function, with necessary, attributes, no doubt, results in a valid optimal solution in period t, but that could be achieved only at the cost of sub-optimal solution in other periods. If the OPEC starts behaving as a discriminating monopoly, instead of as a pure monopoly, the optimal solution is assured in all markets and in all time periods.

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Theoretical And Empirical Approaches To The Analysis Of Opec, Albert L. Danielsen Oct 1977

Theoretical And Empirical Approaches To The Analysis Of Opec, Albert L. Danielsen

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

Formal theoretical models of world oil price determination have been developed in recent years. In addition, some empirical estimates of expected future prices have been proposed. This paper explains how exhaustible resource and cartel theory are integrated into the opitmal control framework. Some empirical studies in the optimal control tradition are surveyed and evaluated.

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The Energy Needs Of The Developing Countries, Vaman Rao Oct 1977

The Energy Needs Of The Developing Countries, Vaman Rao

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

The energy needs of the developing countries are enormous. They will grow with the passage of time as the pace of economic development accelerates and those countries enter the industrial epoch. The sheer physical non-availability of coal and petroleum to most of them makes it obligatory to choose an unconventional resource as an energy-base. The nuclear fission is the only option now available which is feasible, less-expensive and plentiful. Solar and fusion may be the ultimate sources in the steady state, when appropriate technologies are developed.

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The Political Economy Of Opec, Loring Allen Oct 1977

The Political Economy Of Opec, Loring Allen

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

The Organization of Petroleum Exporting Countries (OPEC) is a part of the hard reality of the present and future energy position of the U. S. It burst upon the world scene in 1973 in response to long years of shabby treatment by the oil companies and oil-importing countries. Through cooperation in the exercise of their sovereignty over oil deposits, OPEC members have extracted increasing revenues through restricting production and raising price. Although serving its own interests, OPEC benefits also the rest of the world, even though its presence portends a shift in the world balance of power.

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Some Financial Implications Of Divestiture Legislation, John Griffith, Jack W. Waldrip Oct 1977

Some Financial Implications Of Divestiture Legislation, John Griffith, Jack W. Waldrip

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

Those critical of divestiture legislation emphasize both the relative lack of concentration and the advantages of grouping the development of two or more energy materials under the management of one corporate business. Many of these arguments are extremely difficult to evaluate without harder evidence than appears to be available at present. This paper purports to deal with some of the financial and legal consequences of different possible methods of accomplishing divestiture.

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Economics And Net Energy Analysis: Is A New Analytical Technique Needed For Energy Decision Making?, William J. Kruvant Oct 1977

Economics And Net Energy Analysis: Is A New Analytical Technique Needed For Energy Decision Making?, William J. Kruvant

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

The paper attempts to evaluate the claims of Net Energy Analysis (NEA) against those of economics in a reasonably comprehensive way. The principal problems of NEA concern system boundaries, aggregation across fuels, valuing external effects, valuing human labor and valuing time. These problems seriously limit the contribution Net Energy Analysis can make to allocation decisions, and allocation Is the central problem of energy policy.

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An Overview Of Potential Impacts Of Changing Petroleum Energy Prices On Grain Farms, Jean-Paul Chavas, James B. Kliebenstein Oct 1977

An Overview Of Potential Impacts Of Changing Petroleum Energy Prices On Grain Farms, Jean-Paul Chavas, James B. Kliebenstein

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

Since the early 1970s world fossil fuel energy prices have risen dramatically. Assuming there is no significant breakthrough in en- ergy technology, the world will see further increases in energy prices. These changes will likely lead to economic adjustments in U. S. agriculture. A firm level linear programming model is used to evaluate what some of these adjustments could be on a Missouri grain farm. To obtain expected energy price affects on production mixes, energy prices are changed parametrically. Potential crop adjustments are from corn to single-crop soybeans to wheat as energy prices increase. Fertilization adjustments are from chemical to …

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The Impact Of Changing Net Returns On Minimum Energy Requirements For Grain Farms, James B. Kliebenstein, Robert M. Finley, Douglas C. Farthing Oct 1977

The Impact Of Changing Net Returns On Minimum Energy Requirements For Grain Farms, James B. Kliebenstein, Robert M. Finley, Douglas C. Farthing

UMR-MEC Conference on Energy / UMR-DNR Conference on Energy

With sources of energy more restricted and higher priced, optimal combinations of enterprises must logically be considered on the basis of energy efficiency. One method of ascertaining this efficiency is to optimize solutions for given levels of income on the basis of energy used (e.g., the objective function was in terms of energy kilocalories). In general, soybeans were most feasible at lower levels of income regardless of farm size and labor circumstance. As income levels increased, double-cropping (wheat soybeans) was first substituted and finally corn at highest income levels.

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The Sfa Business Review Vol. 3 No. 2, M. Dudley Stewart, Janelle C. Ashley, John D. Whitt, Marlin C. Young, Ralph White Oct 1977

The Sfa Business Review Vol. 3 No. 2, M. Dudley Stewart, Janelle C. Ashley, John D. Whitt, Marlin C. Young, Ralph White

SFA Business Review, 1975-1978

No abstract provided.

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On Modeling The Economic Linkages Among Countries, Ray C. Fair Oct 1977

On Modeling The Economic Linkages Among Countries, Ray C. Fair

Cowles Foundation Discussion Papers

No abstract provided.

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Information Conditions, Communication And General Equilibrium, Pradeep Dubey, Martin Shubik Oct 1977

Information Conditions, Communication And General Equilibrium, Pradeep Dubey, Martin Shubik

Cowles Foundation Discussion Papers

No abstract provided.

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U. S. Trade Policy - Procedures And Prospects, Clayton K. Yeutter Oct 1977

U. S. Trade Policy - Procedures And Prospects, Clayton K. Yeutter

Clayton K. Yeutter, United States Secretary of Agriculture: Papers

To fully understand U.S. trade policy today, one must also understand its process of evolution. ~n particular, one must comprehend our trade policy of the late 1960's and early 1970 1 s, culminating in passage of the Trade Act of 1974. Putting it another way, a Brazilian businessman will be able to predict with much more accuracy what the U.S. will or will not do on trade issues in the coming years if he knows what the U.S. did or did not do on trade issues during the past few years, and why. Our trade policy of today is very …

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The Long Run Implications Of A Two Sector Model With Immobile Capital, Gary Smith Oct 1977

The Long Run Implications Of A Two Sector Model With Immobile Capital, Gary Smith

Cowles Foundation Discussion Papers

No abstract provided.

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The Long Run Implications Of An Is-Lm Simulation Model, Gary Smith Oct 1977

The Long Run Implications Of An Is-Lm Simulation Model, Gary Smith

Cowles Foundation Discussion Papers

No abstract provided.

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Sealed Bid Auctions With Non-Additive Bid Functions, Richard Engelbrecht-Wiggans Oct 1977

Sealed Bid Auctions With Non-Additive Bid Functions, Richard Engelbrecht-Wiggans

Cowles Foundation Discussion Papers

A traditional sealed bid auction of a single item sells the item at the high bid price to a bidder with the highest bid. Such an auction may be used to auction several items; each bidder submits a bid on each item and each item is sold to a high bidder on that item. Implicit in this traditional scheme is the assumption that the bid for a set of items is the sum of the bids on the individual items: there are instances where this restriction appears unreasonable. This paper considers a more general sealed bid auction in which bids …

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The Greedy Heuristic Applied To A Class Of Set Partitioning And Subset Selection Problems, Richard Engelbrecht-Wiggans Oct 1977

The Greedy Heuristic Applied To A Class Of Set Partitioning And Subset Selection Problems, Richard Engelbrecht-Wiggans

Cowles Foundation Discussion Papers

The greedy heuristic may be used to obtain approximate solutions to integer programming problems. For some classes of problems, notably knapsack problems related to the coin changing problem, the greedy heuristic results in optimal solutions. However, the greedy heuristic does quite poorly at maximizing submodular set functions. This paper considers a class of set partitioning and subset selection problems. Results similar to those for maximizing submodular set functions are obtained for less restricted objective functions. The example used to show how poorly the heuristic does is motivated by a problem arising from an actual auction; the negative results are not …

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An Analysis Of Citizen Attitudes Towards The Establishment Of Bus Service In The City Of Roswell, New Mexico, University Of New Mexico Bureau Of Business And Economic Research Oct 1977

An Analysis Of Citizen Attitudes Towards The Establishment Of Bus Service In The City Of Roswell, New Mexico, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report analyzes public readiness and support for a municipal public transit system in Roswell, New Mexico. Based on a sample of 595 households, the study finds that while 47% of residents indicate they would use the bus service, potential ridership significantly increases to 62% among families with handicapped members who heavily rely on the service to solve severe transportation issues. Furthermore, a clear community consensus emerged regarding public financing, with 72% approving the use of city funds for capital expenditures and a 54.6% majority supporting municipal tax increases to cover daily operations.

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Government Regulation And The Slowdown In Innovation, Murray L. Weidenbaum Oct 1977

Government Regulation And The Slowdown In Innovation, Murray L. Weidenbaum

Murray Weidenbaum Publications

The excessively rapid expansion of government regulation of business is slowing down the rate of innovation and scientific progress in the United States. The answer is not to eliminate all forms of government regulation, however. Rather, the sensible approach is to reform the existing array of regulation so as to achieve important social objectives with fewer of the adverse side effects.

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New Mexico State Labor Summary: October 1977, Employment Security Commission Of New Mexico Oct 1977

New Mexico State Labor Summary: October 1977, Employment Security Commission Of New Mexico

Historic Publications

This report provides a statewide overview of New Mexico’s labor market in October 1977, highlighting employment trends, unemployment declines, and sector-level changes across mining, construction, manufacturing, services, trade, and government.

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New Mexico Labor Market Review 09-22-1977, Employment Security Commission Of New Mexico Sep 1977

New Mexico Labor Market Review 09-22-1977, Employment Security Commission Of New Mexico

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers August 1977.

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