A note on Mill's theory of international values

This note provides an algebraic formulation of the analysis contained in section 7 of John Stuart Mill's chapter on international values. It is shown that Mill's results can be obtained as the solution to a pair of nonlinear programming problems. In addition, an error in Mill's analysis regarding the post-trade terms of exchange is pointed out.     

Decision rules for an investor in forward exchange markets

This paper obtains decision rules for a risk-averse, expected-utility-maximizing investor in forward exchange markets who may simultaneously combine covered arbitrage, spot and forward speculation. The introduction of margin requirements makes rates of return on all alternatives directly comparable, and causes initial wealth to constrain investment in all alternative. It is shown that combinations involving more than two alternatives need not be considered, and that a comparison of (expected) rates of return alone is sufficient to choose between the relevant combinations. The inadequacy of the ‘functional’ approach for analyzing individual decision-making is demonstrated.     

Assessment of safety culture among job positions in high-rise construction: a hybrid fuzzy multi criteria decision-making (FMCDM) approach

The construction industry is known as one of the most dangerous industries, which not only requires sound operation of executive laws and regulations, but also necessitates the safety culture of all workers at workshops. Therefore, the aim of this research is to identify the factors of safety culture and ranking occupations in jobsites based on those factors in order to proactively improve the safety culture of construction projects and subsequently promote safety conditions and worksites. In this study, safety culture criteria are weighted by a combination of Fuzzy Decision Trail and Evaluation Laboratory and Fuzzy ANP methods. Next, different job positions in high-rise projects are ranked using the Fuzzy Technique for Order of Preference by Similarity to Ideal Solution method. Findings demonstrated that the project manager, site superintendent and supervisor occupations had the highest and labourers had the lowest level of safety culture in the high-rise construction industry. Furthermore, factors such as safety supervision and training must be considered more seriously in order to create a positive safety culture among workers.     

Factor substitution and import demand for South Korea : A translog analysis

Zusammenfassung Faktorsubstitution und Importnachfrage Südkoreas: Eine Translog Analyse. -Eines der Hauptziele dieser Studie ist es, die Rolle der Importe als Produktionsfaktor in dem “Schwellenland“ Südkorea für die Zeit von 1960 bis 1973 zu untersuchen. Als Ansatz wird eine duale Kostenfunktion benutzt und diese in eine Translog-Kostenfunktion transformiert. Dabei ergibt sich, da\ die Importe tats?chlich als Input in die Produktionsfunktion eingehen. Au\erdem zeigt sich, da\ für Korea zwar zwischen Input und Output unterschieden werden kann, nicht aber die Importe von den prim?ren Inputs getrennt werden k?nnen. Au\erdem werden Zeitreihen für die Eigenpreiselastizit?ten sowie für die Substitutionselastizit?ten der Importe nach Allen berechnet. Alle Inputs (Kapital, Arbeit und Importe) haben die korrekten negativen Eigenpreiselastizit?ten und sind untereinander Substitute.

---

Résumé La substitution des facteurs et la demande importatrice de la Corée du Sud: Une analyse translog. —Un des buts primaires de cette étude est d’examiner empiriquement le r?le des importations comme facteur de production dans un des pays récemment industrialisés, la Corée du Sud, pendant la période 1960–1973. En utilisant une approche de la fonction de co?t dual et en appliquant une fonction de co?t translog les auteurs trouvent qu’en fait les importations entrent dans la fonction de production comme facteur d’input. De plus, il est démontré que la séparabilité d’input-output existe pour la Corée, mais que la séparabilité pour les importations des facteurs primaires n’existe pas. De plus, les auteurs calculent des séries chronologiques des propres élasticités de prix et des Allen élasticités de substitution d’ inputs. Tous les inputs (capital, travail et importations) sont des substituts l’un à l’autre et les valeurs des propres élasticités de prix sont, théoriquement correcte, négatives.

---

Resumen Sustitución de factores y demanda de importación para Corea del Sur: un anàlisis de tipo translog. -Uno de los propósitos primordiales de este estudio es examinar empiricamente el rol de las importaciones como un factor de producción en uno de los ?países de industrialización reciente?, Corea del Sur, para el período 1960–73. Usando una función de costos dual y empleando una función de costos de tipo translog, encontramos que las importaciones efectivamente se introducen a la función de producción como un factor de insumo. Adicionalmente se muestra que la separabilidad de insumo-producto existe para Corea, pero no la separabilidad de los factores primarios. Además, se calculan series de tiempo de elasticidades de precios propios y elasticidades de sustitución de Allen de insumos. Todos los insumos (capital, trabajo e importaciones) tienen la elasticidad de precio propio negativa teóricamente correcta y son sustitutos entre ellos.

     

Uganda: Constraints on Economic Growth

Abstract: This paper utilizes a three-gap model to evaluate the three macroeconomic constraints, domestic saving, foreign exchange and public sector resource availability, faced by Uganda as it attempts to rehabilitate and reconstruct its war-shattered economy. Using 1987 as a base year, the resulting three-gap equations demonstrate a sharp trade off between investment (economic growth) and capacity utilization under foreign exchange constraint. The model is simulated over the period 1988–92–a period closely corresponds to the Uganda's structural adjustment facility program as well as for the period 1993–97. The size of the foreign exchange gap, $634 and $545 per year during the first and second five years period, illustrates quite vividly the centrality of the foreign exchange constraint facing the Ugandan economy. The results also show that fiscal balances are not going to be restored before 1993.     

The diamond city: The case for rectangular grid models

This paper makes the case for a diamond-shaped city with a rectangular grid street network as an alternative to the circular city with radial roads. It considers the allocation of land to transportation, the expansion of the road network via the development of expressways, the assignment of commuter traffic given alternative configurations, the corresponding rent and density surfaces, and the implications of these road networks for subcentering.