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Economics

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Aggregation without separability: a generalized composite commodity theorem

Article Abstract:

An alternative model to the Hicks-Leontief composite commodity theorem is evaluated. The Hicks-Leontief model sets strict limitations on separability testing, which generates rational group demand functions with absent error variables. A generalized composite commodity model is developed, where aggregation is allowed to produce an error variable for the group demand equations. This variable is later absorbed as part of the demand ordinary error term.

Commodities, Utility theory, Utility functions

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A structural model of peak-period congestion: a traffic bottleneck with elastic demand

Article Abstract:

A model of traffic congestion during peak periods is presented. A structural model can overcome the problems inherent in the traditional model, which is ambiguous and poorly specified. The new model takes into consideration the decisions of drivers, as well as congestion technology. William Vickrey's model of morning peak-period bottlenecks is analyzed and extended to include price-sensitive demand.

Traffic congestion, Elasticity (Economics), Peak load

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Dynamic Factor Demands and the Effects of Energy Price Shocks

Article Abstract:

A general non-linear model of dynamic factor demands is developed to gauge the effect of changing factor prices, changing output level, and policy changes. Constant returns to scale are rejected. Adustment costs on labor are found to be small. Greater understanding of the macroeconomic effects of changing energy prices is achieved.

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