Recurrence of a modified random walk and its application to an economic model

A modification of Chung and Fuchs’ (Mem. Amer. Math. Soc., 6 (1951), pp. 1-12) recurrence theorem for random walks leads to an analogous result for a different discrete parameter Markov process. This latter process is applicable to an analysis of price stabilization programs involving purchases and sales from a buffer stock.speculative attack

The Functions and Practices of a Television Network

An Iterative Learning Control disturbance rejection approach is considered and it is shown that iteration variant learning filters can asymptotically give the controlled variable zero error and zero variance. Convergence is achieved with the assumption that the relative model error is less than one. The transient response of the suggested ILC algorithm is also discussed using a simulation example

The and the State: A View from the United States

A lecture by Richard S. Salant, President of CBS News, before the Australian Instititue of Political Scienc

Game Theory and the Law: Ready for Prime Time?

A Review of Douglas G. Baird, Robert H. Gertner, and Randal C. Picker, Game Theory and the La

The benefits of expediting government gold sales

Additional gold can be made available either by mining at high cost (approximately $250 per ounce in 1997 dollars) or by mobilizing government stocks at zero cost. Governments own massive above‐ground stocks but loan out only a small percentage of these stocks. Making all government gold available for private uses immediately through some combination of sales and loans maximizes total welfare from private uses, a consequence of the first welfare theorem. We simulate a calibrated version of our model to quantify the effects of liquidating government stocks on alternative dates. If governments sell immediately rather than never, total welfare increases by$340 billion; if they make an unanticipated sale in 20 years, $105 billion of that amount is lost. By depressing prices, such sales benefit depletion and service users but injure private owners of stocks above and below‐ground. However, the injury to above‐ground stock owners is more than offset by the benefits to service users—often the same individuals. Mine owners would be the principal losers; however, they could be compensated (twice over) from government sales revenue without any need for tax increases.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/142282/1/rfe235.pd

Recurrence of a modified random walk and its application to an economic model

A modification of Chung and Fuchs’ (Mem. Amer. Math. Soc., 6 (1951), pp. 1-12) recurrence theorem for random walks leads to an analogous result for a different discrete parameter Markov process. This latter process is applicable to an analysis of price stabilization programs involving purchases and sales from a buffer stock