A note on comparative statics and stochastic dominance

This is a bibliographical note which points out the applicability of some existing results to the development of a sort of Stochastic Dominance ‘algebra’. The ‘more risk averse’ relation of Ross (1981) is established within a general framework.     

Annual Review Article 1989

This Annual Review Article 1989 considers the rising trend in inflation and earnings and indicates that in a wide variety of industries there was a marked upturn in union bargaining activity and industrial conflict. The Review considers some significant changes in employer preferences for particular unions in new or revised bargaining structures, and concludes with an examination of the debate concerning the 'juridification' of collective bargaining in the context of a possible return to 'adversarial' as opposed to 'new' industrial relations.     

new pricing in the pipeline

Ian Byatt, Director General of Water Supply, explains how the water and sewerage industry is regulated.     

A Market Policy for Socialists?

Socialists ought to welcome the efficiency and freedom of choice that markets bring, and be wary of the deficiencies of the state, according to lan Forbes, lecturer in Politics at Southampton University. But the freedom of choice claimed by the 'New Right' thinkers for their economic system would itself be attenuated by the operation of markets. Market socialism thus requires an institutional pluralism of both market and non-market elements.     

Preference structure and piecemeal second best policy

This paper examines the question: When should prices in a subset of markets be set proportional to marginal costs even if other markets are distorted? The conditions on preferences and demand functions are derived; they are found to be weaker than have been required by previous authors.