The taxation of capital returns in overlapping generations models

This paper shows that in the Diamond (1965) overlapping generations economy with production and capital savings, there is a period-by-period balanced fiscal policy supporting a steady state allocation that Pareto-improves upon the laissez-faire competitive equilibrium steady state (whether dynamically inefficient or efficient) without resorting to intergenerational transfers. The policy consists of taxing linearly (or subsidizing, in the dynamically efficient case) the returns to capital, while balancing the budget period by period through a lump-sum transfer (or tax, respectively) in second period. This intervention grants every generation the highest steady state utility attainable through markets (i.e. remunerating factors by their marginal productivities and without transfers) which under laissez-faire is not a competitive equilibrium outcome. A transition from the competitive equilibrium steady state to this other steady state is also Pareto-improving when the former is dynamically inefficient. The result disentangles from redistributive considerations the impact of the taxation of capital returns on steady state welfare, and thus provides a rationale for the taxation of capital returns that is based on efficiency considerations and not on redistributive goals.     

A Theory of Mutable and Immutable Characteristics: Their Impact on Allocation and Structural Positions

This article presents the global-mutable-immutable scheme. Globals are purely macro properties of societies, while immutables are purely micro properties of individuals. Mutables are the micro-macro bridging elements, having both an aggregated macro (distributional) form, as well as a micro form. The importance of this distinction for the analysis of norm, status and role is shown. The article concludes by showing how the configuration of globals, mutables and immutables affect the allocation of an individual into the five-dimensional mutable structure of his or her society at a given point in time.     

De Vetula: a Medieval Manuscript Containing Probability Calculations

De Vetula , a poem that contains probability calculations on the throw of three dice, was written in the mid-thirteenth century. The poem was widely circulated, read and quoted. There is strong evidence that some of the medieval readers clearly understood how the probability calculations were obtained. Based on the discussion given here, it is put forward that an elementary probability calculus was established and known in Europe from about the year 1250. A translation of the relevant section of the poem is given.     

Young African Americans: a new generation of giving behaviour

It has been suggested that younger generations of African Americans may be the group whose giving behaviour has altered most in recent times. Primary research to establish whether this is indeed the case was conducted through focus groups to identify deviation from the extant research on giving motivations. The ages of the participants were 26–32. The theoretical foundation for this research was drawn from historical literature on African American philanthropy, relevant models of giving behaviours and contemporary research in the field. The research concludes that the notion of uplifting one's race remains a powerful motive for giving. Copyright © 2001 Henry Stewart Publications     

Facilitation of competing bids and the price of a takeover target

We present a model of corporate acquisitions in which initiallyuninformed bidders must incur costs to learn their (independent)valuations of a potential takeover target. The first biddermakes either a preemptive bid that will deter the second bidderfrom investigating or a lower bid that will induce the secondbidder to investigate and possible compete. We show that theexpected price of the target may be higher when the first biddermakes a deterring bid than when there is competitive bidding.Hence, by weakening the first bidder's incentive to choose apreemptive bid, regulatory and management policies to assistcompeting bidders may reduce both the expected takeover priceand social welfare.     

Proactive performance measures.

Adoption of a process of careful selection and implementation generating the appropriate proactive (leading) performance measures will provide an important tool with which to progress. When used in combination with traditional financial performance measures, proactive performance measures contribute to our cache of competitive weapons.     

Supply chain management: new paradigms for customers and suppliers.

Companies are constantly looking for ways to increase their effectiveness and improve their bottom lines. One area of renewed interest is supply chain management. By managing their supply chains better, companies are able to become more flexible, offer defect-free products, eliminate unnecessary delays, and keep costs down. This article briefly describes the objectives of supply chain management and lists some of the tools that can be used to achieve them.     

NCAA conference realignment and football game day attendance

Between the 2004 and 2005 football seasons, 17% of the college football programs competing in the NCAA's Football Bowl Subdivision (FBS) changed conference affiliation. Football represents nearly half of the revenue generated by athletic departments competing at the FBS level and is thus critical to their financial success. The objective of this study is to estimate the impact a change in conference affiliation has on football game day attendance. The results indicate teams that changed conferences enjoyed an increase in attendance even after controlling for the increase in quality of competition. Copyright © 2010 John Wiley & Sons, Ltd.