bluuebunny/crossref_metadata_2025 huggingface dataset:
The governance of oil supply: an institutional perspective on NOC control and the questions it poses
Authors: Boscheck Ralf
Published: October 2007

Purpose

The purpose of this paper is to offer an appreciation of the role of national oil companies (NOCs) which control roughly 90 percent of the global hydrocarbon reserves, and whose operating and investment decisions affect prices, demand adjustments as well as their countries' policy options. Given that the role of NOCs is poorly understood largely due to prevailing economic and political clichés that substitute for analysis, this paper takes an institutional economics perspective to analyse the issue of NOC governance and related issues.

Design/methodology/approach

The paper adopts an integrative approach. First, it introduces the language of institutional economics to broadly structure a review of NOC governance. It then links the theoretical discussion to an assessment of the macro‐economic imperatives to which the NOC and its governance may need to respond. Finally, an audit trail is used for assessing cases in their particular institutional, cultural and physical conditions. Any simple comparisons — across highly variable contexts – would not only be contentious but also run counter to institutionalist methodology.

Findings

The paper shows that NOCs need not be treated as black boxes. They constitute an institutional response to failing market coordination with international oil companies and a means for producer countries to align political and economic interests. Yet, overriding the market and creating powerful stand‐alone, state‐owned, state‐run enterprises raise efficiency and broader regulatory concerns. The paper shows how institutional economics offers a conceptual apparatus to identify options for regulating NOCs at interrelated levels of control and suggests the need for case‐by‐case assessment.

Research limitations/implications

Applying the conceptual apparatus outlined in the paper may allow future research to systematically discuss particular features of NOC governance, generate more general pattern models, and thereby improve the base for decisions on NOC's strategies and regulation.

Originality/value

The originality of the paper lies in its integrated approach of analysis and employing the institutional economics approach to the case studies to reveal the role of NOCs in the energy scene.
Evaluation of electricity rates through characterization and forecasting of energy consumption
Authors: Di Silvio Bruna , Cesarotti Vittorio , Introna Vito
Published: October 2007

Purpose

Liberalisation of the European electricity sector has allowed the industrial consumers to freely choose their electricity suppliers. Proliferation of different contract proposals for such supply means that all proposals need to be carefully evaluated for correct supplier renewal choice. The purpose of this paper is to propose a methodology for the evaluation of heterogeneous proposals of electricity supply that would help industrial consumers to be ready to face supply contractors.

Design/methodology/approach

The method relies on a three‐stage analysis: characterisation of electricity consumption in the industrial process; demand forecasts based on energy drivers and consumption characterisation; and finally a detailed tariff analysis. The method is illustrated through a case study of a renewal contract of an Italian industrial plant with a 20 percent incidence of electrical energy cost on the final product. The investigation also includes a sensitivity analysis on combustible basket price and the distribution of daily working load.

Findings

The evaluation of 14 proposals for the case study was carried out and the best offer for the case study company was selected. However, the overall price variation is 4 percent among different proposals and the electrical energy price shows an increase of 12 percent compared with the previous year. This suggests limited effectiveness of the competitive market in the Italian context.

Practical implications

The method can be considered as a practical guide for the electrical energy contract renewal process of any industrial consumer that would help minimize its cost.

Originality/value

The proposed method is based on an innovative investigation of the consumption characterisation of the industry based on energy drivers. This approach allows the industries to develop their own strategies for the contract renewal. The analysis presented here could be expanded to include more specific supply clauses for a more comprehensive analysis.
Enhanced suppression of pulmonary metastasis of malignant melanoma cells by combined administration of α‐galactosylceramide and interleukin‐18
Authors: Nishio Shoji , Yamada Naoko , Ohyama Hideki , Yamanegi Koji , Nakasho Keiji , Hata Masaki , Nakamura Yoshiteru , Fukunaga Satoru , Futani Hiroyuki , Yoshiya Shinichi , Ueda Haruyasu , Taniguchi Masaru , Okamura Haruki , Terada Nobuyuki
Published: October 2007

α‐Galactosylceramide (α‐GalCer) shows antitumor effects by activating natural killer (NK) cells indirectly through stimulation of the secretion of cytokines by NKT cells, whereas interleukin (IL)‐18 shows antitumor effects by activating NK cells directly. In the present study, we examined the antitumor effect of the combined administration of α‐GalCer and IL‐18. An injection of NK cell‐sensitive mouse B16 melanoma cells into a mouse tail vein produced pulmonary metastasis. The daily administration of α‐GalCer or IL‐18 alone for 4 days starting 1 day after the injection of B16 melanoma cells markedly suppressed the number of pulmonary metastatic foci, and their combined administration enhanced the antitumor effect compared with single administration. The antitumor effect of their combined administration was completely abolished by treatment of mice with anti‐asialo GM1 serum, which depletes NK cells but not NKT cells. Combined administration of α‐GalCer and IL‐18 enhanced the cytotoxicity of NK cells and increased the number of NK cells in the lung. Analysis of NKT cell‐dependent and NK cell‐independent secretion of cytokines, to which NK cells can respond, showed that the administration of α‐GalCer increased the secretion of IL‐2, IL‐4, interferon‐γ, IL‐12, granulocyte‐macrophage colony‐stimulating factor, tumor necrosis factor‐α, and IL‐10, and the combined administration of α‐GalCer and IL‐18 enhanced the secretion of IL‐2, IL‐4, interferon‐γ, and granulocyte‐macrophage colony‐stimulating factor further but only slightly. These results show that IL‐18 in combination with α‐GalCer exerts an antitumor effect on NK cell‐sensitive tumors primarily by the direct stimulation of NK cells by IL‐18 and the indirect stimulation of NK cells by α‐GalCer through its activation of NKT cells. (Cancer Sci 2008; 99: 113–120)
Oxaliplatin induces mitotic catastrophe and apoptosis in esophageal cancer cells
Authors: Ngan Chew Yee , Yamamoto Hirofumi , Takagi Akimitsu , Fujie Yujiro , Takemasa Ichiro , Ikeda Masataka , Takahashi‐Yanaga Fumi , Sasaguri Toshiyuki , Sekimoto Mitsugu , Matsuura Nariaki , Monden Morito
Published: October 2007

The platinum‐based chemotherapeutic agent oxaliplatin displays a wide range of antitumor activities. However, the underlying molecular responses to oxaliplatin in esophageal cancer remain largely unknown. In the present study, we investigated the effect of oxaliplatin on two esophageal cancer cell lines, squamous cell carcinoma (TE3) and adenocarcinoma (TE7). Following cell‐cycle arrest at G2 phase after oxaliplatin treatment, TE3 cells died via apoptosis and TE7 cells died via mitotic catastrophe. Survivin was inhibited more in TE7 cells compared with TE3 cells, but inhibition of survivin using small interfering RNA induced mitotic catastrophe in both cell lines. Further investigations indicated that survivin promoter activity was also inhibited by oxaliplatin. Among mitotic catastrophe‐associated proteins, 14–3‐3σ was decreased in TE7 cells; no evident changes were observed for aurora kinases. Oxaliplatin‐induced apoptosis in the TE3 cells was caspase dependent. However, downregulation of Bad, Bid, Puma, and Noxa, lack of cytochrome c release, and limited loss of mitochondrial membrane potential in early phase indicated possible initiation by pathways other than the mitochondrial pathway. Mechanistic studies showed that downregulation of survivin by oxaliplatin in TE7 cells was partially due to the proteasome‐mediated protein degradation pathway and partially due to the downregulation of Sp1 transcription factor. Similar results were obtained for another gastric adenocarcinoma cell line, MKN45, in which survivin was previously shown to be inhibited by oxaliplatin. These data indicate that survivin may be a key target for oxaliplatin. The ability of oxaliplatin to induce different modes of cell death may contribute to its efficacy in esophageal cancer. (Cancer Sci 2008; 99: 129–139)
The use of physical restraints on children: practices and attitudes of paediatric nurses in Turkey
Authors: Demir A.
Published: October 2007

Aims:  This study aimed to determine paediatric nurses’ ideas and attitudes towards physical restraint in Turkey, the consent obtained, physical restraint types used in paediatric units and complications developing in children subjected to physical restraint.

Background:  Physical restraint, although controversial, is still common in paediatric units in Turkey and creates complications, which were observed or investigated by researchers.

Design and method:  The research used descriptive, analytical and cross‐sectional methods with 121 paediatric nurses working in paediatric surgical‐internal medicine services and paediatric intensive care units of four hospitals. The questionnaire consisted of open‐ended questions and was applied via face‐to‐face interviews.

Results:  66.9% of nurses reported that nurse shortages were the main reason for increased physical restraint applications, 58.7% tried alternative methods, and 71.1% indicated no need of written orders for physical restraint use. Physical restraint decreased while the mother accompanied her child (P = 0.0001) and increased while inexperienced clinic nurses were in charge (P = 0.003). Wrist (96.7%), ankle (81.0%), and whole body (17.4%) restraints were all used. No nurse had received any verbal or written consent from children or surrogates and 96.7% used physical restraint without any verbal or written physician order. Thirty (24.8%) respondents reported that children under physical restraint had developed various complications, for example, oedema and cyanosis by arm and wrist restraint, food rejection and agitation.

Conclusions:  Physical restraint could be reduced by a wiser combination of education and expert consultation in paediatric units in Turkey, although further detailed research is needed.
Primary health care nurses implement and evaluate a community outreach approach to health care in the South African agricultural sector
Authors: Dick J. , Clarke M. , Van Zyl H. , Daniels K.
Published: October 2007

Background:  Early detection and effective case management of tuberculosis (TB) among a high‐risk group of materially poor farm workers in an area of the Cape Winelands, South Africa, presents special challenges to the health community, where resource constraints lead to service reduction. In order to address this problem, local nurses established a collaborative partnership between permanent farm workers and their families, their employers, selected non‐governmental organizations and the public health sector. In consultation with stakeholders, they developed an intervention primarily focusing on having peer selected trained lay health workers (LHWs) on farms, mentored and managed by nurses.

Purpose:  To describe the complex process of implementation and evaluation of the LHW project, and provide a summary of a number of discrete studies evaluating the effectiveness, cost implications, and the perceptions and experiences of key stakeholders of the intervention.

Methods:  Quantitative and qualitative research methods conducted within the context of a pragmatic unblinded community cluster randomized control trial were used. Emphasis was placed on an iterative participatory interaction between the researchers and key stakeholders.

Results:  The intervention contributed to significantly better successful treatment completion rates among adult new smear‐positive TB cases. The process implemented proved cost‐effective and was pivotal in initiating a community‐based social development programme.

Conclusions:  The use of peer‐selected LHWs within a wider programme of integrated care designed to merge technical biomedical approaches to disease management with more holistic social development activities, appears essential to meet the complex health needs in conjunction with public health of the rural poor.
Workplace violence and drug use in women workers in a Peruvian Barrio
Authors: Musayón Oblitas F.Y. , Caufield C.
Published: October 2007

Aim:  This exploratory and descriptive study explored the relationship between workplace violence and drug use in women. It also explored the perception of women workers on the relationship between workplace violence and drug use.

Background:  The World Health Organization and the United Nations recognize violence against women and have adopted a definition of it. The Centres for Disease Control and Prevention reports that violence in the workplace has increased 300% over the last decade. Alcohol misuse, occupation and gender are associated with aggression in the workplace. Estimations of the incidence of non‐fatal injuries sustained because of workplace violence and evaluations of the associated risk factors have rarely been documented.

Methods:  125 women workers between the ages of 18 and 60 years were surveyed in four suburbs of Zapallal, Lima. Of the 125 women, 28.8% experienced violence in the workplace. Of the 36 women who had experienced violence in the workplace, 16 agreed to participate in interviews to explore their perceptions. The data were saturated with the 16 interviews.

Findings:  Of the 125 workers surveyed 17.6% experienced verbal violence, 9.6%% experienced physical violence, and 1.6% were sexually harassed in their workplace. Women who were verbally abused demonstrated eight times greater risk of drug use than those who did not experience this type of violence in their workplace.

Conclusion:  This paper contributes to an understanding of the relationships among drug abuse, gender and the incidence of violence in the workplace; it documents the perception women have of these relationships; and it supports the development of programmes and strategies related to the prevention of workplace violence and drug consumption by women workers.
THE AUSTRALIAN TARIFF AND THE STANDARD OF LIVING
Authors: BRIQDEN J. B.
Published: October 2007

The policy of protection is beneficial to Australia, but its application requires much closer scrutiny. Secondary industries at higher costs are equivalent to the cultivation of inferior land. The cost of protection prevents land values from rising. The effects of free trade world be to reduce the standard of living in a growing population engaged upon primary production until it could compete with manufactured imports.
THE STORY OF AUSTRALIAN LAND SETTLEMENT
Authors: HEATON H.
Published: October 2007

“History of Australian Land Settlement, 1788–1920,” by Stephen H. Roberts, M.A., Lecturer in British History, University of Melbourne: 427 pp. + xx. University of Melbourne Publications, No. 3, 21/‐.
ECONOMIC ASPECTS OF PASTURE IMPROVEMENT IN THE AUSTRALIAN WOOL INDUSTRY*
Authors: Gruen F. H.
Published: October 2007

“And he gave it for his opinion, that whoever could make two ears of corn or two blades of grass grow upon a spot where only one grew before, would deserve better of mankind, and do more essential service to his country than the whole race of politicians put together.”
DETERMINANTS OF RETURN MIGRATION–A SOCIO‐ECONOMIC STUDY OF UNITED KINGDOM MIGRANTS WHO RETURNED FROM AUSTRALIA1
Authors: Appleyard R. T.
Published: October 2007

“Here the familiar atmosphere of his childhood laps him round; and he breathes it greedily—even while he marvels how time has stood still for the home‐keepers, and asks himself if he can ever again be one of them.”—The Fortunes of Richard Mahony, Part II, “The Way Home”
A NOTE ON CONSUMER DEMAND CURVES AND PRICE ELASTICITY OF DEMAND
Authors: Harris C. P.
Published: October 2007

“The elasticity of demand is great for high prices, and great, or at least considerable, for medium prices, and gradually fades away if the fall goes so far that satiety level is reached.”—Principles of Economics, 8th ed., p. 87
UNCERTAINTY AND PARETO OPTIMALITT1
Authors: Tisdell C.
Published: October 2007

If production, is subject to increasing costs, then an economy will not reach its production possibility frontier unless the technical rates of substitution are the same for all firms. If firms anticipate different price ratios, and this is a reasonable supposition for an uncontrolled market, their rates of technical substitution will differ and the economy's aggregate production will fall below its production possibility frontier. If the government controls the market by operating a forward price scheme, it brings all rates of technical substitution, into equality and so it can feasibly raise national income. It can do this even if its forward prices are not “equilibrium ones”,2 and if they are no closer to equilibrium than those which occur in an uncontrolled market. National income can be raised by forward prices even when associated schemes such as those involving buffer stocks and balancing funds result in additional taxation and disequilibrium price ratios.
DYNAMIC PROCESS ANALYSIS AND A MODEL OF THE TRADE CYCLE
Authors: Smyth D.J.
Published: October 2007

In a recent article H. R. Hudson has merged real and monetary‐factors to produce a comparative statics trade cycle model.1 The present paper introduces specific dynamic relationships into the model, shows that as a result the system need not behave in the fashion described by Hudson, and argues that the model thus amended provides a more suitable explanation of post‐war fluctuations.
Private Sector Wealth: Quarterly Estimates for use in an Aggregate Model*
Authors: HELLIWELL JOHN , BOXALL PETER
Published: October 2007

The paper presents some estimates of private‐sector wealth in Australia for the 1958‐75 period. Basically, we have attempted to consolidate the balance sheets of all sectors, except the government and the foreign sector. Different procedures have been used for the various components of private‐sector wealth and estimates are presented for real assets of the household sector (dwellings, motor vehicles and consumer durables), for fixed assets and inventories of the business sector, and for government liabilities to the private sector. Broadly, the data indicate that over the 1958‐75 period, private wealth grew faster than population but slower than output and business capital stock. Dwellings and motor vehicles were the fastest growing components of private wealth. Reflecting the rise in the share of foreign claims on businesses in Australia, the Australian claims on business assets increased at a slower rate than the increase in the business‐capital stock.
Resource Use When Demand is Interdependent Over Time*
Authors: MANNING R.
Published: October 2007

Optimal consumption programmes are characterized for a naturally renewable, and a non‐renewable, resource when a parameter determining instantaneous utility depends on cumulated past consumption. Unlike conventional results, optimal consumption may increase over time. Conditions for this are given. For both types of resource it is shown that a free good is not necessarily consumed to the limit of availability, even though non‐satiation appears to hold. Each problem may be interpreted to be about the use of a poluting resource (like uranium), and it then reflects basic physical laws.
Application of David Butt's Theory of Growth to the Problem of Investment Allocation*
Authors: SUNDRUM R. M.
Published: October 2007

David Butt's multi‐sectoral long‐term theory of growth is summarized in mathematical terms and applied to the problem of allocating investment to many sectors, especially by modifying Nurkse's Balanced Growth doctrine to take account of changes in relative prices that occur during the growth process. The case of mechanization of the food sector is discussed in some detail.
Student Assistance Schemes and the Supply of Highly Skilled Manpower: The Australian Experience*
Authors: MAGLEN L. R.
Published: October 2007

In most countries national higher education systems provide the major source of supply of highly skilled manpower. Whilst supply from this source is a function of the demand for higher education places, their supply, and the internal efficiency and flexibility of higher education institutions, comparatively little is known of the relative importance of these determinants, what in turn determines them, and how they interreact. Any generalized answers to these questions will be strongly mitigated by institutional, demographic and socio‐economic variations over time and between countries. This paper analyzes the influence of immediate financial variables, as important elements in the price of higher education, as they applied in the era of Commonwealth Scholarship Schemes in Australia.
The Equity of Alternative Policies for the Australian Homeowner*
Authors: KIEFER D. M.
Published: October 2007

The income‐tax treatment of homeowners and renters is an important instrument of national housing policy. Major changes in the treatment of homeowners occurred in 1975 and 1976; the second change focused especially on the problems of first‐buyers and was coincident with an expanded home‐savings grant scheme. As a further reform several writers have advocated the taxation of the rent imputed to homeowners.

This paper develops a user cost of capital approach to estimate the distribution of housing costs along the income scale and between policy alternatives. The model indicates the vital importance of accounting for inflation whenever physical housing costs are inflating but mortgage costs are fixed in nominal terms. Although inflation is increasing housing costs at all income levels, high‐income homeowners appear to be suffering the greatest cost increases as the result of inflation. Furthermore, unless mortgages are indexed, the customary imputed‐rent formula is regressive.
Sources of Income Inequality in Australia, 1968‐69*
Authors: MURRAY DAVID
Published: October 2007

There are wide divergences in the mean incomes of males and females in Australia. In addition income is related to age, education and work force participation. This paper uses decompositions of Theil and Gini income‐inequality coefficients to examine the extent to which inequality of earned income may be explained by these various factors. It is suggested that education and age, singly and jointly, explain a major part of inequality. Having allowed for these factors, sex appears to have a limited residual importance.
Analysis of Sector Interactions and Stability in a Rural Region of NSW*
Authors: POWELL R. A. , MANDEVILLE T. D.
Published: October 2007

The technique of input‐output analysis is applied to a statistical subdivision in the wheat‐sheep zone of NSW for the purpose of analyzing the economic linkages between the rural and urban sectors of the region. The economic structure of the region is examined and the flow‐on effects of changes in farm sector income on specific sectors and the region as a whole are analyzed. Finally, some implications of the results for stabilization and regional development are discussed.
Monetary Policy Reaction in an Interdependent Instrument Setting
Authors: FELMINGHAM B. S. , BENNETT P. A.
Published: October 2007

Policy reaction equations are fitted for the statutory reserve deposit (SRD) and open‐market instruments (OMO). The interest rate is treated exogenously. The policy regime envisaged accommodates interdependencies between the instruments. The study is based on quarterly data over the period 1961‐74. The results demonstrate a marked difference in the form of the policy response for the two instruments: the SRD instrument responds strongly to the domestic targets, inflation and, unemployment; but shows little response to external factors. The OMO instrument reacts to external influences, but not to the domestic targets, a result consistent with the policymaker's desire to sterilize exogenous influences on the cash‐base of the economy. The OMO instrument has a strong association with the interest rate reflecting its market orientation and the political costs of adjusting it. The interest rate proxy is not significant in the SRD equation. There is some evidence for a harmonious association between the SRD and OMO instruments. Finally, the form of the response in each case varies according to the policy intent: contraction and expansion. This reflects a change in the weights attaching to the policy targets as the policy‐intention alters.
Rent Control, A Costly Redistributive Device? The Case of Canberra*
Authors: ALBON ROBERT
Published: October 2007

This paper assesses the consequences of compulsory rent and eviction control which was imposed in Canberra in 1973. A partial equilibrium model is utilized, but the effects of rent control on related markets are also considered. Two ways of estimating market rent are scrutinized, one of which is utilized in an attempt to measure tenants' benefits from the policy. A Hicks' equivalent variation measure of ‘tenants’ surplus' is proposed which takes account of the quantity constraint associated with rent control. This is estimated assuming a Cobb‐Douglas utility function. The extent of the costs associated with conferring these benefits is indicated.
A Linear Expenditure System with Adjustment Costs*
Authors: CLEMENTS KENNETH W. , EVANS MERRAN , IRONMONGER DUNCAN S. , POWELL ALAN A.
Published: October 2007

This paper develops a new dynamic version of the linear expenditure system. The dynamics derive from the utility function specification which includes an adjustment cost term. As a result, the consumer is less likely to fine‐tune his consumption pattern—the substitution effects of small price changes are zero. The issue of the discrimination between this model of habit persistence and the Pollak and Wales habit formation model is discussed in some detail. Some preliminary estimates of the model are reported; these estimates were obtained using a quarterly Australian data base in which six commodities are individually distinguished.
Reconsideration of Some Paradoxes in the Theory of Optimal Foreign Investment*
Authors: OHYAMA MICHIHIRO
Published: October 2007

The paper re‐examines some ‘paradoxical’ propositions on optimal foreign investment discussed by Negishi and Long in the context of growing international economies. It demonstrates the following rather critical conclusions:first, the unusual message of the Negishi‐Long paradoxes derives essentially from the requirement of growth equilibria rather than that of optimality; second, one of the paradoxes, attributable to Long, is at best a characterization of local optimum and, therefore, completely misleading as a policy recommendation:and thirdly, an appropriate change of standard of references would dissolve the Negishi‐Long paradoxes and reveal a neglected true paradox of the model.
Profitability and Concentration in Australian Manufacturing Industries 1970‐71 to 1972‐73:A Further Examination*
Authors: LEECH S. A. , GRANT J. McB.
Published: October 2007

In a recent issue of the Economic Record, D. K. Round found that, using I.A.C. data for 32 industries for the period 1970‐71 to 1972–1973, sales‐based measures of profitability were linked positively and significantly with concentration, but that funds‐based measures showed a negative relationship. In this paper, the I AC profitability ratios are adjusted from an historical cost to a current value basis. Regressions of the adjusted profitability ratios on concentration, over the period 1970‐71 to 1972‐73, conflict with Round's finding that the concentration coefficient using net profit/sales was significant, and a much weaker relationship is found with all of the regressions that used adjusted, as compared to unadjusted, I AC profitability ratios.
Wages and Unemployment in Australia*
Authors: CORDEN W. M.
Published: October 2007

This paper reviews various models that may be used to analyze the inflation‐unemployment problem in Australia. The focus is on the unemployment problem, rather than on inflation, and on the role of wages, nominal and real, in affecting this problem. Models discussed include the Popular Keynesian, Phillips Curve, Fixed Coefficient and Neoclassical Models. The possibility of increasing returns is considered. Australian evidence bearing on the appropriateness of these models is discussed. The effect of demand expansion on the exchange rate and hence real wages is stressed. Some emphasis is placed on the concept of ‘union‐voluntary’ unemployment. At the end possible solutions to the unemployment problem are summarized.
Optimal Choice of a Proximate Monetary Target in an Open Economy*
Authors: CAMPBELL R. B.
Published: October 2007

This paper investigates the implications of hitting a monetary target (rate of interest or money supply) in an open economy. The technique of linear optimal control is applied to a small open economy of the Australian economy. A feature of the model is the interrelationship between the monetary and open sectors which complicates the use of monetary policy. Four optimal control experiments are reported in detail. The results indicate that we should aim for a money‐supply target rather than an interest‐rate target and that some assistance from fiscal policy should be provided to monetary policy in order to achieve this target.
Value Cores for Finite Agents*
Authors: MOESEKE PAUL VAN
Published: October 2007

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.
Cambridge and Its Revolution: A Perspective on the Multiplier and Effective Demand*
Authors: CAIN NEVILLE
Published: October 2007

The tendency of various scholarship has been so to interpret Kahn's multiplier article as to invite wonder that Keynes did not break through earlier to his consumption function and effective demand. And while Keynes was independently along this road it is difficult to believe that Jens Warming, deploying a personal propensity to save within the investment multiplier mechanism, did not help him to arrive. Ironically Kahn, who resisted Warming's innovation, did incidentally point the way to a formulation of the effective demand problem which was alternative to that of Keynes.
A Reconsideration of Keynes' Finance Motive*
Authors: SMITH PETER
Published: October 2007

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.
On How to Keep Tax Payers Honest (or almost so)*
Authors: FISHBURN GEOFFREY
Published: October 2007

One line of investigation in the problem of tax evasion has been introduced by B. Singh who studied the question of the ‘Optimum probability of detection’ which must be set (or be believed to be set) in order to induce the lax payer to declare income fully (‘complete honesty’). However, detection is costly and the achievement of an ‘optimum rate’ may therefore be ruled out on the grounds of economy. On the other hand, the penalty rate is set by legislative action, which is relatively costless. In contrast to Singh we take the probability of detection as given and study the ‘prohibitive penalty rate’, generally for any desired minimal level of evasion and more extensively where the desired evasion is zero. The formulae for the prohibitive rates are derived for each of three penalty functions, and the corresponding rates calculated for a selection of probabilities of detection on the basis of the current Australian taxation schedules. The calculations involved are simple and may be readily made for other countries.
The Economic Impact of the Proposed National Superannuation Scheme for Australia*
Authors: HEMMING RICHARD
Published: October 2007

Employing a framework commonly used in the analysis of Government tax‐transfer programmes, an attempt is made to assess the proposed National Superannuation Scheme for Australia. It is argued that the scheme would almost totally relieve poverty amongst pensioners, as well as being likely to reduce income inequality in a more general sense and compensate for fundamental failures in the capital market. However, the scheme does not compensate for a major failure in the insurance market which, if it did, would provide a justification for one important aspect of the scheme, namely earnings related benefits.
A Study of Property Valuations in Relation to Market Prices and the Characteristics of Properties*
Authors: ABELSON P. W.
Published: October 2007

Using data on some 1400 properties in Sydney, Australia, the paper examines the extent to which valuations reflect market prices and the characteristics of properties. Valuations of houses are found to be poorly related to market prices. Furthermore, although valuations of houses can be explained in terms of property characteristics, they are found to be less sensitive than market prices to variations in these characteristics. Land valuations are also analyzed and it is shown that these can be explained in terms of ‘land’ characteristics including environmental factors. The paper concludes that quantitative models relating valuations to the characteristics of properties could reduce the often arbitrary nature of the valuation process.
The Forecasting Potential of the ACMA Survey*
Authors: TOMPKINSON P. , MAGILL W. G. W. , HAGGER A. J.
Published: October 2007

This paper attempts to assess the quality of the forecasts of three key economic aggregates that are obtainable from forecasting equations involving up to four period distributed lags of ‘relevant’ diffusion indexes, with and without a lagged dependent variable. The diffusion indexes are constructed from information published in the regular Survey of Industrial Trends by the Bank of New South Wales in conjunction with the Confederation of Australian Industry. Forecasts are evaluated by a set of four summary statistics and the results suggest that the published information has considerable forecasting potential.
The Chamberlin and Stackelberg Duopoly Relation*
Authors: FORMBY JOHN P. , SMITH W. JAMES
Published: October 2007

The paper investigates and identifies an important relationship between the Chamberlin and Stackelberg duopoly models. Under conditions of symmetry, linear demand and constant costs, the two iso‐profit curves identifying the Stackelberg leadership points are shown to be tangent at the Chamberlin point. Under these conditions profit‐maximising duopolists are indifferent to being Stackelberg output leaders and coalescing in an equal‐shares‐joint‐monopoly solution. This result is shown to be sensitive to the constant cost and linear assumptions. Under increasing linear marginal costs, the joint monopoly solution is preferred by both sellers to a leader‐follower solution.
The IMPACT Project:A Review*
Authors: FREEBAIRN J. W.
Published: October 2007

This review describes the IMPACT models. considers some of the studies which have used the models, and provides an assessment of the contribution of the project. There is not one model, but rather a set of flexible models for evaluating the effects of structural changes. Information is provided at the disaggregated industry and occupation level as well as at the macroeconomic level. While there are legitimate doubts about some of the underlying characteristics and assumptions of the models and about the to base and parameters, the project represents, an important contribution to economic science and as a provider of additional information for policy analysis.
Costs of Learning about the Environmental Damage of Mining Projects*
Authors: CAMPBELL HARRY , SCOTT ANTHONY
Published: October 2007

Two ways of gathering information about and mitigating the impact of a large‐scale mining project are briefly described and contrasted:one way involves postponing the construction and operation of the project while attempts are made to forecast, evaluate and prepare for its impact; the other way involves commencing immediately with a small‐scale, or attenuated, project with a smaller impact and by studying the effects of this project inferring the impact of a large‐scale project. The costs of the two alternative policies of postponement and attenuation are defied as reductions m the present value of the project in question. A model of open‐pit mining is perished which allows these costs to be calculated for any degree of postponement or attenuation. The model is applied to three uranium mines in the Northern Territory of Australia to estimate for each mine the costs of the two policies. The model is then used to estimate the costs of sequences of mine development in the Northern Territory involving various combinations of postponement and attenuation policies. The costs of these policies are then compared with the reduction in the impact of the industry using the population of a mining town site as a proxy for impact. This comparison is a first step towards a benefit/cost analysis of the two policies.
Structural Change and Private Consumption:Evidence from the 1974–75 Household Expenditure Survey*
Authors: WILLIAMS ROSS A.
Published: October 2007

Using data from the 1974–75 Household Expenditure Survey, estimates of marginal budget shares and pre‐committed expenditrues are Obtained for thirteen house hold types chosen on the basis of household composition and age of head. The survey data are reconciled with the national accounts estimates of expenditures, and the adjusted parameter estimates are used to predict national consumption expeditures over the period 1966–67 to 1975–76. The ‐predictions are improved by allowing for the demographic and other structural changes which occurred in the Australian economy over this decade.
The Political Market for Government Assistance to Australian Manufacturing Industries*
Authors: ANDERSON KYM
Published: October 2007

This paper applies the emerging neoclassical economic theory of politics to the question of why some industries receive more government assistance than others. Various determinants of the incentives for interest groups to demand assistance and for governments to supply assistance are suggested on a priori grounds. An attempt is then mode to see how well these factors can explain (I) the differences between rates of assistance to Australia's munufacturing industries at various points in time between 1968–49 and 1977–78. and (2) the different changes in those rates during the mid‐1970s. The evidence generally supports the theory, and prompts some suggestions as to how to reduce existing government distortions.
Economic Activity and Fiscal Policy in Australia:A Survey and Critique*
Authors: NEVILE J. W.
Published: October 2007

In 1979–80 the rate of inflation in Australia was greater than in the previous year and, despite the highest rate of growth of real non‐farm output for three years, the number unemployed was greater at the end of the year than at the beginning. This article reviews the current state of the economy and looks at the prospects for 1980–81. In the light of the apparent failure of macroeconomic policy that this review reveals, it discusses the basic strategy of policy, with particular reference to fiscal policy, and considers the extent to which it would be possible to improve the performance of the Australian economy with respect to unemployment and inflation by a change in macroeconomic policies.
The Australian Monetary Base/Money Supply Relationship 1964–1977*
Authors: SHARPE IAN G. , VOLKER PAUL A.
Published: October 2007

Utilizing bivariate techniques developed by Pierce and Haugh, the causal relationship between the Australian money supply (defined as either M1 or M3) and various monetary base measures is examined. The evidence generally suggests a two‐way causal or feedback relationship with a strong positive contemporaneity, a positive relationship between money and lagged base measures and a negative feedback (or policy reaction) between the monetary base and lagged money. It suggests the possibility of bias in ordinary least squares estimates of money/reserve base ‘reduced form’ relationships in the Australian context.
Some Estimation Effects of Selecting Economic Policy Horizons for Macroeconomic Models*
Authors: ADAM CHRISTOPHER M.
Published: October 2007

A basic IS‐LM model is used to discuss how parameter estimates may be affected if the observation period on data collected by policy makers (the model builders) differs from that of agents whose behaviour generates the data but who are not policy makers. Estimates may be both biased and inconsistent. In addition. the statistical inconsistency is a function not only of the difference in time horizons. but of the values of the policy instruments used by the policy makers. Optimal economic policy here thus involves the establishment òf instrument settings and particular levels of statistical inconsistencies in the estimated models.
A Note on Filter Rules and Stock‐Market Trading in New Zealand*
Authors: EMANUEL DAVID M.
Published: October 2007

Using a portfolio of similar risk as a control, this study reveals that the application of various sized filter rules failed to earn abnormal returns on the New Zealand Stock Exchange in the 1967–76 period. The risk‐return relationship is given by the well‐known capital asset pricing model. The results are consistent with capital market efficiency in the ‘weak’ form.
A Review of Issues Pertinent to Liquid Fuel Policy*
Authors: GRUEN F. H. , HILLMAN A. L.
Published: October 2007

This paper provides a schematic review of economic issues pertinent to liquid fuel policy, with emphasis on the Australian setting. Pricing and depletion are considered in the context of possible disruption of import supplies. Subsequent sections deal with substitutes, R & D and exploration, storage, and demand‐side intervention. Consideration is given to the arguments that conservation is intrinsically desirable or, conversely, that domestic energy supplies ought to be priced ‘reasonably’ to consumers. Concluding remarks address the efficiency‐equity conflict in domestic oil pricing, oil as a ‘political’good, and the relation between political and economic costs of import dependence.
Household Saving and The Rate of Interest*
Authors: OULIARIS SAM
Published: October 2007

This paper examines the relationship between the post‐tax real interest rate and the Australian household saving ratio at the empirical level. Using alternative models of the consumption‐saving decision and different estimation periods, it is shown that the post‐tax real interest rate exerts a significant negative influence on the saving ratio. The estimates, therefore, imply that the fall in post‐tax real interest rates during the 1970s contributed to the rise in the Australian saving ratio.
Rational Expectations and the Defris‐Williams Inflationary Expectations Series*
Authors: HORNE JOCELYN
Published: October 2007

This paper evaluates the Defris‐Williams inflationary expectations series as a measure of rational expectations for the period 1973(1) to 1980(2). The results show that the series violates the rationality criterion, being an inefficient and biased predictor of inflation. By constructing an ‘information‐augmented’ D‐W series, the quantitative importance of omitted information available to consumers at the time of making their forecasts is isolated. The key omitted economic variables are found to be lagged monetary growth and unemployment or an indexation dummy which explains 70 percent of the forecast error of the D‐W series. These results suggest that a theoretically constructed expectations series may prove to be a superior measure of market expectations of inflation in Australia.
Returns to Scale in the Australian Life Insurance Industry*
Authors: PRAETZ PETER
Published: October 2007

This paper seeks evidence of economies of scale for superannuation, ordinary and total business of a sample of 38 Australian insurance companies. It was motivated by the work of Rutledge and Tuckwell, but in contrast to their results, significant evidence, of economies is found.
Implications for Australia of Cross‐Country Comparisons in Economic Performance*
Authors: NORTON W. E. , McDONALD ROBIN
Published: October 2007

What can be learnt about the economic experience of Australia in the 1970s by comparing the performances of other countries with that of Australia? In particular, what do those comparisons suggest about the nature of and reasons for, the Australian outcomes for prices, production and employment?

These are the main questions addressed in this paper. In Section II, comparisons are made for several indicators between the experiences of Australia and nine other countries. In Section III the outcomes are analyzed and in Section IV some implications for Australia are drawn.
Social Security, Government Finance, and Savings*
Authors: CARMICHAEL JEFFREY , HAWTREY KIM
Published: October 2007

This paper considers the impact of social security and the government financing mix on saving behaviour and aggregate economic activity. The theoretical argument for the neutrality of these actions is shown to have validity only if we consider the economy as behaving like a composite individual. Particular individuals do not face the same marginal rates of substitution and transformation as the hypothetical composite, due to corner solutions, illusions, and important distribution effects. Empirically, neutrality for the whole economy depends on the relative strengths of the offsetting forces faced by the individuals. Our findings with Australian data suggest that neither the level of aged pensions, nor the government financing mix, have substantial real effects on aggregate saving behaviour.
The Formation of Producers' Price Expectations in Australia*
Authors: SAUNDERS PETER
Published: October 2007

This paper investigates the formation of price expectations by Australian manufacturing firms. It is shown that the reported expectations are generally consistent with the hypothesis that they are derived as conditional forecasts from the model used by firms in determining their actual price change behaviour. Tests are then undertaken to see whether the expectations are unbiased and efficient forecasts, the cross‐section results indicating generally that they are neither, and hence not rational. Alternative time‐series tests of the unbiasedness and efficiency hypothesis, however, suggest that neither hypothesis can be rejected, implying rationality.