A MODEL OF GRAIN STORAGE AND HEDGING BY FARMERS

The model analyzed represents circumstances as faced by a grain farmer when his harvest is known and he is making storage and hedging decisions. The scope of the analysis is limited in several respects. A one-period model is employed; only a limited number of options are recognized; and interrelations between the grain enterprise and other economic activities of the decision maker are neglected.Marketing,

A MODEL OF YIELD VARIABILITY AND PRICE EFFECT

Crop Production/Industries,

Estimation of income tax revenue and incidence

This bulletin presents and evaluates a particular method of estimating the yields and incidence of various possible types of income tax. The method is one of dividing the population into income brackets and estimating the number of people and average tax in each bracket. The basic data are the income distributions of families and single individuals in 1935-36 published in Consumer Incomes in the United States by the National Resources Committee and the Internal Revenue Bureau\u27s Statistics of Income for various years. It is necessary to combine data from these two sources since Statistics of Income presents information for higher income brackets only while the National Resources Committee\u27s definition of income does not exactly correspond to the income on which a person is taxed. To make estimates using National Resources Committee data it is necessary to adjust the data for (1) the increase in population since the data were compiled, (2) the increase in national income, (3) the tendency of some persons to understate their incomes in filing tax returns, (4) the inclusion of home-grown food and occupancy of owned houses in NRC estimates, and (5) deductions and exemptions to which the taxpapers are entitled

Axiomatic Choice Theory Traveling between Mathematical Formalism, Normative Choice Rules and Psychological Measurement, 1944-1956

The following analysis is meant to contribute to a history of rational choice theory. More specifically, I provide a multi-layered account of rational choice theory in terms of its biography as a scientific object. I argue that its axiomatic version, choice theory traveled between different research sites, specified within the context of different mathematical formalisms and occupying different epistemic functions; it was being applied to prescribe rules of proper behavior, as representation of behavioral hypotheses, and as measurement device to capture individual values. New modifications of what I call 'axiomatic choice theory' did not fully replace old versions of it, which prevents the reconstruction of its 'travels' as a continuous process and acknowledges the different versions of axiomatic choice theory that are currently used in the social sciences, particularly in economics. Furthermore, by revealing the diversity of its manifestations within the context of social networks and within particular research sites, the account of axiomatic choice theory developed here will ultimately contributes to an explanation of the disunity and confusion surrounding current debates about rational choice theory and allows for providing a more nuanced picture of its nature and scope. Jacob Marschak's professional development is used as a guide through this history of axiomatic choice theory to illustrate its journey

Estimation of income tax revenue and incidence

This bulletin presents and evaluates a particular method of estimating the yields and incidence of various possible types of income tax. The method is one of dividing the population into income brackets and estimating the number of people and average tax in each bracket. The basic data are the income distributions of families and single individuals in 1935-36 published in "Consumer Incomes in the United States" by the National Resources Committee and the Internal Revenue Bureau's "Statistics of Income" for various years. It is necessary to combine data from these two sources since "Statistics of Income" presents information for higher income brackets only while the National Resources Committee's definition of income does not exactly correspond to the income on which a person is taxed. To make estimates using National Resources Committee data it is necessary to adjust the data for (1) the increase in population since the data were compiled, (2) the increase in national income, (3) the tendency of some persons to understate their incomes in filing tax returns, (4) the inclusion of home-grown food and occupancy of owned houses in NRC estimates, and (5) deductions and exemptions to which the taxpapers are entitled.</p

An Expected Utility Model of Grain Storage and Hedging by Farmers

16 pages