Toward More Effective Judicial Implementation of Treaty-Based Rights

This Article argues that the approach to treaties taken early in the history of the Republic is more consistent with the intended meaning of the Supremacy Clause than the approach reflected in recent judicial practice

Trading reliability targets within a supply chain using Shapley's value

The development of complex systems involves a multi-tier supply chain, with each organisation allocated a reliability target for their sub-system or component part apportioned from system requirements. Agreements about targets are made early in the system lifecycle when considerable uncertainty exists about the design detail and potential failure modes. Hence resources required to achieve reliability are unpredictable. Some types of contracts provide incentives for organisations to negotiate targets so that system reliability requirements are met, but at minimum cost to the supply chain. This paper proposes a mechanism for deriving a fair price for trading reliability targets between suppliers using information gained about potential failure modes through development and the costs of activities required to generate such information. The approach is based upon Shapley's value and is illustrated through examples for a particular reliability growth model, and associated empirical cost model, developed for problems motivated by the aerospace industry. The paper aims to demonstrate the feasibility of the method and discuss how it could be extended to other reliability allocation models

Monetary Policy and Homeowner Mobility: The Effect of Mortgage interest Rates

This paper tests the "lock-in" effect of mortgage contract terms and establishes the link between changes in market interest rates and homeowner mobility. The analysis is based on the Panel Study of Income Dynamics during 1990-1993, when mortgage interest rates declined by almost 30 percent

Real Estate Prices and Economic Cycles

Real Estate Prices, Economic Cycles