Capital Mobility in Open OLG Models of Neoclassical Growth

This paper explores whether the international mobility of physical and/or financial capital is essential for productive efficiency in each of three open OLG models of neoclassical growth that vary in terms of dimensional attributes. A tradeoff between capital mobility requirements and dimension has previously been established by example where, ceteris paribus , neither form of capital mobility is required with three productive sectors, only physical capital mobility is required with two sectors, and both forms of mobility are required with a single sector. This paper reconsiders that tradeoff using a generalization of the production and utility functions which introduces the potential for specialization along the transition path—an event which would imply inconsistent capital mobility requirements along the growth path for models with fixed dimension. Conditions are established under which the tradeoff between capital mobility requirements and dimension remains valid.     

In pursuit of quality - the volume control for fabric goods is getting out of hand

Abstract The paper discusses the application of quality control in determining the make-up of textile goods as a result of the increase in production rates designed to meet the consumer demand for change. The downsizing and reskilling of manufacturing plants, coupled with the outsourcing and use of unskilled labour in the international marketplace, is replacing subjective skills. The impact of management practices associated with Quick Response, Just-in-Time and BS EN ISO 9000 are affecting the response rate of the manufacturer and the retailer to the consumer. In assessing suitability, technology is also progressively taking over in the prediction of the end use of a cloth and thus in the determination of production runs. The extent to which the unseen hand of the FAST and Kawabata systems of measurement are used most effectively is discussed.     

Promoting justice by treating people unequally: an experimental study

Which inequalities among individuals are considered unjust? This paper reports the results of an experiment designed to study distributive choices dealing with arbitrarily unequal initial endowments. In a three-person distribution problem where subjects either know or do not know their endowments, we find impartial behavior to be a stable pattern. Subjects either compensate for initial inequalities fully or not at all in both conditions, and they do so more often when they do not know their endowment than when they know it. Moreover, the type and the size of the good to be distributed also affect the frequency of impartial behavior.     

Larval fish catches in the lower Milk River,Montana in relation to timing and magnitude of spring discharge

Larval fishes were sampled in the Milk River, Missouri River drainage, Montana from May to August 2002, 2003 and 2004 to describe temporal spawning distribution in relation to spring discharge. Total larval catch‐per‐unit‐effort (CPUE) in 2002 (28.9 fish/100 m³) was an estimated 29 times greater than in 2003 (0.99 fish/100 m³) and 16 times greater than in 2004 (1.78 fish/100 m³). In 2003 and 2004 more than one third of the total catch occurred before 12 June whereas in 2002, only 5% of the total catch occurred before 12 June. Marked differences in larval species composition were also observed between years, suggesting that a later peak in discharge may benefit some species and an earlier peak others. In 2002, when flows peaked later (at 77 m³ s^?1), common carp Cyprinus carpio represented 37% of the total larval catch. Common carp were proportionally less abundant in 2003 (7.2%) and 2004 (1.4%) than in 2002. In 2004, when flows peaked (at 163 m³ s^?1) 32 days earlier than in 2002 but only 15 days earlier than in 2003 (at 73 m³ s^?1), shorthead redhorse Moxostoma macrolepidotum and suckers Catostomus sp. were the numerically dominant taxa. These results indicate that the timing, not necessarily the magnitude, of peak spring discharge may influence spawning success in the lower Milk River, as indicated by larval fish catches. Copyright © 2008 John Wiley & Sons, Ltd.     

Cigarette pack and advertising displays at point of purchase: community demand for restrictions

Tobacco promotion influences tobacco consumption. Traditional forms of tobacco promotion have been heavily restricted in response to the harmful effects of tobacco. Tobacco displays at the point of purchase are increasingly important as a means of communicating brand imagery for the tobacco industry, especially when advertising is restricted at these points. Previous research has demonstrated that children exposed to tobacco advertising at the point of purchase have inflated perceptions of availability, use and popularity of tobacco. Internationally, laws are being debated and implemented to prohibit or restrict the display of tobacco at the point of purchase or put tobacco out of sight. Such measures would reduce tobacco product exposure and, hence, tobacco marketing among youth and the community. In South Australia, a ban on all cigarette advertising at the point of purchase was introduced in 2005. This study was designed to assess community support for restrictions on cigarette displays and advertising at the point of purchase. A telephone survey was conducted with a random sample of 2026 South Australian adults (aged 18 years and over) in July 2005. Overall, 63% of the community approved of a hypothetical total ban on cigarette displays at the point of purchase, with over three‐quarters believing this should happen in the next 12 months. A further 24% believed that cigarette displays should be restricted and 82% would approve of a ban on displays in stores that sell confectionary. Only 7% of adult smokers reported making their decision about the brand of cigarettes to buy at the point of purchase and 90% made their decision before they even entered the shop. The results strengthen arguments that cigarette displays are not necessary to maintain brand loyalty or to encourage brand switching of established smokers. Instead, the results make arguments more credible that cigarette displays normalize and promote smoking among young people and may also promote unplanned purchase or increased consumption among less frequent smokers or former smokers. Placing cigarettes out of sight would be unlikely to impact on brand choice for most smokers, who have already made up their mind before they enter the store.     

The Great Moderation and the Relationship between Output Growth and Its Volatility

This study examines the effect of the Great Moderation on the relationship between U.S. output growth and its volatility over the period 1947 to 2006. First, we consider the possible effects of structural changes in the volatility process. We employ generalized autoregressive conditional heteroscedasticity in mean (GARCH-M) specifications, which describe output growth rate and its volatility with and without a one-time structural break in volatility. Second, our data analyses and empirical results suggest no significant relationship between the output growth rate and its volatility; this favors the traditional wisdom of dichotomy in macroeconomics. Moreover, the evidence shows that the time-varying variance falls sharply or even disappears once we incorporate a one-time structural break in the unconditional variance of output starting in 1982 or 1984. That is, the integrated GARCH effect proves spurious. Finally, a joint test of a trend change and a one-time shift in the volatility process finds that the one-time shift dominates.     

Homeownership and Child Welfare

Recent studies have concluded that homeownership is beneficial to children. This result is important because it is used to justify large government subsidies that encourage homeownership. We reexamine the results of two of the most prominent of these studies using the Panel Study of Income Dynamics, Public Use Microsample, and National Longitudinal Survey of Youth data. We extend this research by controlling for residential mobility, wealth, dwelling type and vehicle ownership, as well as by using a "differences in differences" methodology to deal with possible treatment effects bias. We find that the beneficial effects of homeownership previously measured are substantially reduced or eliminated by controlling for these factors. We confirm these results using data from the Early Childhood Longitudinal Study.