The idea that the value of local public goods projects will be capitalized into land rents has a long tradition in the public finance literature, dating back at least as far as Tiebout (1956). Empirical evidence has been mixed, but some positive results have been reported by Oates (1969) among...

Hartwick’s rule of investigating resource rents in an economy with producible capital and exhaustible resources becomes, in a general model of heterogeneous stocks, a rule whereby the total value of net investment (resource depletion counting negative) is equal to zero. It is shown that...

In his recent book "The Theory of Unemployment Reconsidered" Malinvaud (1977) presents a model in which prices and wages are fixed and equilibria are achieved by quantity adjustments in the goods and labour markets. These adjustments are effected by rationing schemes. This model, although it...

This paper simplifies and extends the theory of household behaviour under rationing, using duality and the concept of ‘virtual’ prices. Slutsky-type equations, decomposing the derivatives of the rationed demand functions into income and substitution effects, are derived and these derivatives...

The purpose of this current paper is twofold. Firstly it extends the analysis of an earlier paper by the authors, (Roe and Tyler 1977a). That paper was based on a semi-aggregated version of the 1970 Social Accounts Matrix (SAM) available for Sri Lanka, which incorporated 12 economic activities....

Measurement of merger gains using post-merger data is sifficult and highly conjectural. Thus, it is difficult to test merger theories and to estimate merger gains using such data. The approach in the current paper is to use pre-merger data in an economic model, in order to test the managerial...

In this paper we construct a model of the diffusion process based on means-variance approach to the choice of techniques. We show under what conditions S shaped diffusion curves can be predicted and consider the resultant relationship between diffusion speed and profitability. In a world of...

This paper follows recent work on the welfare effects of small perturbations from an initial general equilibrium with some distortions. Dixit (1975) and Hatta (1977) have analysed the one-consumer economy, and found several simple prescriptions for policy changes to improve welfare. Guesnerie...

Until comparatively recentlt the normal method of quoting exchange rates has been to use a numeraire currency, usually the pound or the dollar. In periods where the majority of countries have maintained fixed gold parities this has proved an accurate method of expressing the exchange value of a...

The analysis of risk taking and taxation has almost invariably been in a portfolio choice framework. This paper presents the alternative perspective of an occupational choice framework - where risk taking involves the additional element of discrete choice between safe and risky activities. It is...