TECHNICAL NOTE: THE FORMULA APPROXIMATION FOR THE OPTIMAL CYCLE TIME OF THE NET PRESENT VALUE

This article proposes the best bounds for e^?x ?l+x subject to some constraints. With these bounds for e^?x ?l+x, the better bounds for the optimal cycle time can be developed such that the bisection algorithm locates the optimal cycle time more accurately. Finally, an example is given to illustrate all results obtained by this article.     

A Reconsideration of Keynes' Finance Motive*

Keynes' finance motive is a much neglected part of monetary theory. This paper reassesses the meaning and importance of the finance motive and examines the distinction between it and the transactions motive. A specification of the demand function for money is proposed that takes account of the finance motive. The advantages of this specification for analytical and empirical purposes are explained. Finally, it is shown that this specification provides a satisfactory theoretical explanation for the evidence on timing between the real and monetary sectors; evidence thought by some to be inconsistent with Keynes' theory of liquidity preference.     

Influence of Client-Based Subsidies on the Market for Child Care

Federal support for child care subsidies targeted to poor households has grown dramatically in recent years. The analysis presented here examines the impact of such subsidies on child care fees charged to all clients using Missouri data on provider fees and subsidy payments. It is found that patterns for fees and subsidies across providers imply that child care markets are largely competitive. Growth in subsidies observed over the period 1991–1993 increased fees and, by inference, improved quality for subsidized clients. Subsidies also induced an increase in fees for clients not covered by subsidies, an increase most likely due to the cost of expanding the child care market.     

The choice of fuel in the eighteenth‐century iron industry: the Coalbrookdale accounts reconsidered

Disquiet has remained over Hyde's conclusions as to the costs of coke‐ironmaking in the early eighteenth century. A detailed re‐examination of the production costs at Coalbrookdale has confirmed his conclusions for pig iron, but not for bar iron. Coalbrookdale Forge was merely small and inefficient. Any technological difficulties in the use of coke pig iron in finery forges were overcome before 1728. However, the iron industry was depressed in the 1730s due to Russian bar iron imports. After the Swedes increased their prices from 1747, new Shropshire furnaces began making pig coke iron for forges in 1754.