Under ‘tenure review', a New Zealand pastoral lessee surrenders part of his leasehold to conservation and acquires a freehold interest in the remainder. Since 1992, 28 new freeholders paid the Crown $6.9 million for freehold rights to 101,752 ha, then sold 46% of that land for $135.7 million....

Under ‘tenure review', a New Zealand pastoral lessee surrenders part of his leasehold to conservation and acquires a freehold interest in the remainder. Since 1992, 28 new freeholders paid the Crown $6.9 million for freehold rights to 101,752 ha, then sold 46% of that land for $135.7 million....

Feldstein (1996, 1974) reported that Social Security in the U.S.A. reduced personal saving (“saving”) in 1992 (1971) by $416 ($61) billion. I reestimate his life-cycle consumption specification using data from the latest NIPA revision, correct his calculations, and find that the implied...

The authors compute the scaled varlogram (the variances of kth differences scaled by the variance of first differences) of the log of annual per capita real aggregate output (GDP or GNP), as measured by (1) the long series for the United States and United Kingdom; (2) Angus Maddison's (1982)...

This paper uses bargaining dynamics, administrative politics, and agency theory to examine financial outcomes from New Zealand land reform. Results are inconsistent with payments arising from a bargain in which both the Crown and lessee advocate to their full potential, and are instead...