On inverse homotheticity

Article Abstract:

R. W. Shephard's concept of a single-output technology's homotheticity may be described via either the linear expansion paths or the cost function's multiplicative separability. Both descriptors are distinct in the case of multiple outputs. The input correspondence's ray homotheticity is equivalent to the linear expansion paths while input homotheticity is equivalent to cost-function separability. An analysis of simultaneous input and output homotheticity showed that the cost and revenue functions' conditions are separable in price and quantities, respectively.

Technology

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Assessing the performance of an income tax

Article Abstract:

An indicator that evaluates the ability of a tax and benefit scheme to provide a high social welfare level is presented. The indicator is studied according to standard premises regarding the admissible social welfare functions' form. Data on UK households in 1985 is used in the analysis. Results show that the indicator increases as the system progresses. Questions on the tax system's performance and on possible estimation approaches for unevenly progressive systems are raised.

Evaluation, Income tax, Welfare, Public assistance

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An empirical analysis of the relationship between UK treasury bills and the term structure of certificates of deposit

Article Abstract:

A study used the principal components analysis approach to study the effects of UK treasury bills on the certificates of deposit's (CD) term structure. A direct measure of movements are derived from the certificate of deposit yield curve's level and slope. Results show that Treasury Bill yield changes significantly affect the level of CD yield change. However, the changes in Treasury Bill yields have a minimal effect on the CD term structure's slope.

United Kingdom, Research, Securities, Treasury securities, Certificates of deposit

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