This paper develops an empirical model of the relationship between road traffic accidents and traffic flows. The analysis focuses on the accident externality, which is determined mainly by the difference between the marginal and average risks. The model is estimated using a new data-set which...

J. R. Hicks's revision of A. Marshall's third rule states that as the price elasticity of demand for a pr oduct is greater/less than the elasticity of substitution, the elasti city of derived demand for a factor of production is positively/negat ively related to the share of the factor in total...

We investigate the relationship between training and the likelihood of commercial survival over a 7-year period, using a survey of British establishments. We find that in stablishments of 200 or more employees, increased training of those in Professional, Sales, and Clerical and Secretarial...