The relationship between energy futures trading volume and physical commodity usage is evaluated with the aim of demonstrating the correct method of calculation. This relationship has been incorrectly calculated and the misleading results have been offered up as evidence of excessive speculator...

Advocates of natural resource accounting argue for the revision and refonnulation of national accounting practices in order to better account for the depletion and degradation of a nation's resource stocks and environmental assets. The literature is predicated on three key assumptions: that...

This paper presents a detailed report and analysis of the participation patterns of Australian women, constructed from previously unpublished data gathered by the ABS in the August 1993 Population Survey Monitor. The information provides a unique detailed longitudinal picture of the occurrence...

This paper examines the computation of exact welfare measures in the context of labour supply models. It is suggested that the standard method of computing compensating and equivalent variations does not allow sufficiently for the nonlinearity of the budget constraint. An exact method is...

We analyse optimal penal codes in both Bertrand and Cournot supergames with product differentiation. We prove that the relationship between optimal punishments and the security level (individually rational discounted profit stream) depends critically on the degree of supermodularity in the stage...

We model career design as a recursive contract design problem in an overlapping generations firm. Agents live two periods. In period 1 they may be hired as employees, paid a wage, and produce output. In period 2 they may be promoted to become joint owners (partners) of the firm, producing no...

We explore the hold-up problem when trading parties can make specific investments simultaneously or sequentially. As previously emphasized in the literature, sequencing of investments can allow some projects to proceed that would not be feasible with a simultaneous regime. This is not always the...

The relative contribution to stock price volatility of news in expected future dividends and in expected future returns in Australia is studied. The effect of the dividend imputation tax system on such contribution is investigated. It is found that news in expected future returns contributes...

In the presence of demand uncertainty, a priori identical firms may voluntarily choose asynchronous timing of entries. We formulate a duopoly model where two firms compete during many marketing periods. To enter the market, each firm is required to make a long-term supply contract with...