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,” the ongoing privatization of South Island Crown pastoral leases, a pastoral lessee surrenders part of his leasehold, and acquires a freehold interest in the remainder. In order to determine whether the Crown sold the right to freehold too cheaply, we model the...

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....

Boundary algebra [BA] is a simpler notation for Spencer-Brown’s (1969) primary algebra [pa], the Boolean algebra 2, and the truth functors. The primary arithmetic [PA] consists of the atoms ‘()’ and the blank page, concatenation, and enclosure between ‘(‘ and ‘)’, denoting the...

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...

Boundary algebra [BA] is a <--,(-),()> algebra of type <2,1,0>, and a simplified notation for Spencer-Brown’s (1969) primary algebra. The syntax of the primary arithmetic [PA] consists of two atoms, () and the blank page, concatenation, and enclosure between ‘(‘ and ‘)’, denoting the primitive notion of...</2,1,0></--,(-),()>

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)...

From estimates of a modified life-cycle consumer expenditure function (LCF), Feldstein (1996) concluded that Social Security old age benefits reduced 1992 private saving by more than $400 billion. (1992 net (gross) private saving was $425 ($1,474) billion.) I confirm this finding, and show that...