Jury Decisions and Awards in Personal Injury Lawsuits Involving Foodborne Pathogens

A study of food poisoning jury verdicts in 32 states (1988–1997) revealed that plaintiffs won awards in food poisoning jury trials 31% of the time, and received a median award of $25,560. Multivariate analyses were performed to examine the effects of various factors on food poisoning jury verdicts and on the size of the award. The odds of a plaintiff victory increased if a foodborne pathogen or illness was specified, and decreased if defendants had “deep pockets”or used medical expert testimony. Illnesses involving hospitalization, death, or chronic complications received higher awards than other illnesses.     

An investigation into some aspects of the efficiency of low-temperature laundering

The purpose of this research was to investigate the efficiency of laundering at low and recommended water temperatures using a heavy-duty biological detergent and a low-temperature detergent. The effectiveness of the process was measured in terms of the degree of stain/soil removal from laundered garments, and in the removal and transfer of bacteria from infected test pieces. The results indicate that with both detergents a reduction in washing efficiency occurs as the temperature of laundering is decreased, except when the difference between the recommended and low water temperature is small. Evidence was also obtained that shows that reducing wash temperatures decreases the degree of disinfection and increases the cross-infection of articles washed in the same load.     

Measuring the national wealth in seventeenth-century England

This article discusses William Petty's 1665 estimate of the wealth of England and Wales—the first set of national accounts—and compares it with Gregory King's (1696), which is shown to be heavily influenced by it. There are conclusions about the methodology of the first political arithmeticians, the kinds of national resources which could be measured for the first time in the seventeenth century, and the lacunae which made it likely that Petty and King underestimated per caput and aggregate incomes. An appendix prints a contemporary analysis of hearth tax returns for every county.     

A Simple Way to Estimate Bid‐Ask Spreads from Daily High and Low Prices

We develop a bid‐ask spread estimator from daily high and low prices. Daily high (low) prices are almost always buy (sell) trades. Hence, the high–low ratio reflects both the stock's variance and its bid‐ask spread. Although the variance component of the high–low ratio is proportional to the return interval, the spread component is not. This allows us to derive a spread estimator as a function of high–low ratios over 1‐day and 2‐day intervals. The estimator is easy to calculate, can be applied in a variety of research areas, and generally outperforms other low‐frequency estimators.     

Briefing Paper

Between the end of 1979 and the end of 1981 unemployment rose by 1.4 million. After that exceptional period unemployment continued to rise rather less rapidly to its current level of 3.2 million, Of this 3.2 million, about 1.3 million have been unemployed for more than a year. In this Briefing Paper we describe and attempt to explain the processes by which long-term unemployment rose to its current level.
We also discuss two related questions; the first concerns the relationship between unemployment and vacancies and the second concerns the relationship between long-term unemployment and inflation. The final sections consider the policy implications of these findings.     

The Competitiveness of UK Manufacturing: Performance and Prospects

The competitiveness of UK manufacturing and its future prospects are examined in terms of productivity, the performance of high technology industries and the relationship between science and technology. Die main findings are that concentrating on productivity performance can be misleading and attention should also be paid to the structural aspects of competitiveness, especially the relationship between the science base arid industrial technology. On this basis we conclude that if the UK is to realise fully the competitive potential of technological change, differences in these structural aspects of competitiveness need to be addressed.     

Value Cores for Finite Agents*

The standard definition of the competitive equilibrium, at given prices, presents the difficulty that finite agents (i.e. agents with finite budget and production sets), and a fortiori coalitions of such agents, need not be price takers and will upset the equilibrium. Since 1963 an extensive literature has sprung up, which has dealt with the problem, essentially by considering infinite numbers of infinitesimal agents. The present article outlines two alternative approaches to deal with this problem, both of which, realistically, admit (a finite number of) finite agents and redefine the core in terms of the value structure of the economy, viz. prices in the presence of controls, and cost and revenue functions in their absence. It is shown that the notion of value core, here introduced, coincides with that of competitive equilibrium, which is formulated as a characteristic-function game.