Voting over economic plans

We review and provide motivation for a one-sector model of economic growth in which decisions about capital accumulation are made by a political process. If it is possible to commit for at least three periods into the future, then for any feasible consumption plan, there is a perturbation that is majority-preferred to it. Furthermore, plans that minimize the maximum vote that can be obtained against them yield a political business cycle. If it is impossible to commit, voters select the optimal consumption plan for the median voter

Closed-loop autonomous docking system

An autonomous docking system is provided which produces commands for the steering and propulsion system of a chase vehicle used in the docking of that chase vehicle with a target vehicle. The docking system comprises a passive optical target affixed to the target vehicle and comprising three reflective areas including a central area mounted on a short post, and tracking sensor and process controller apparatus carried by the chase vehicle. The latter apparatus comprises a laser diode array for illuminating the target so as to cause light to be reflected from the reflective areas of the target; a sensor for detecting the light reflected from the target and for producing an electrical output signal in accordance with an image of the reflected light; a signal processor for processing the electrical output signal in accordance with an image of the reflected light; a signal processor for processing the electrical output signal and for producing, based thereon, output signals relating to the relative range, roll, pitch, yaw, azimuth, and elevation of the chase and target vehicles; and a docking process controller, responsive to the output signals produced by the signal processor, for producing command signals for controlling the steering and propulsion system of the chase vehicle

U.S. Securities Law for International Financial Transactions and Capital Markets

This book review assesses Guy P. Lander\u27s two-volume work on U.S. Securities Law for International Financial Transactions and Capital Markets. The review finds Landers’ volumes reliable and complete, believing that they will be utilized in much the same manner and with the degree of regularity with which such established treatises as the Lipton and Steinberger work, Takeovers & Freeze-Outs, are consulted. The present state of U.S. securities laws and their application to international transactions are presented in a logical and instructive fashion. The material is presented with clarity, but without oversimplification