This paper proposes a general equilibrium model with the feature that value maximizing firms which obtain financing in a competitive capital market will, when bankruptcy is possible, have capital structures which are equilibrium determined variables. This contrasts the traditional view which...

This paper considers the implications of alternative managerial incentive function for reducing costs in different market structures. An incentive function relates the income received by managers to the profits attained by the firm. Managers may choose the amount of effort they devote to cost...

In the context of the bond market, empirical tests of the rational expectations hypothesis (REH) have without exception been tests of the time-series properties of interest rates. However, the REH also imposes restrictions on the cross-section of bond yields at each point in time. This study...

This paper suggests a dual to the many-person applied welfare economics problem with constraints on lump-sum redistribution. The dual has the property of minimizing an aggregator function over individual income transfers. The properties of the aggregator are dependent upon the resource costs of...

This paper derives conditions under which prices may be set proportional to margin cost in some sectors of the economy when fixed distortions exist in other sectors. Two simple neo-classical economies are considered -- one with fixed producer prices and one with variable producer prices. In the...

HARRIS R. I. D. and LIU A. (1998) Input-output modelling of the urban and regional economy: the importance of external trade, Reg. Studies 32 , 851-862. The modelling of regional and local economies, especially through using the input-output (IO) approach, is a standard practice for many...

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Harris R. and Robinson C. (2005) Impact of Regional Selective Assistance on sources of productivity growth: plant-level evidence from UK manufacturing, 1990-98, Regional Studies 39 , 751-765. Regional policy has been an enduring aspect of post-war industrial policy in the UK, based on a...