Observes that, before 1973, determining a valuation formula for option prices was an elusive goal of financial economics. Discusses Louis Bachelier's early twentieth-century work on the problem. Notes that Bachelier derived a normal distribution for stock price movements by modeling price changes in specific way. Reviews Bachelier's option pricing…

The derivation of discipline cost indexes, developed to permit accurate interinstitutional comparisons of relative costs among disciplines, is explained using expenditure data from five peer institutions. How the indexes have been used in one research university's budget allocation process is then described. (Author/MSE)

Examines two classes of production functions in which the long-run competitive equilibrium scale of the firm increases when the relative price of the dominant factor decreases. Compares these with a third class of production functions where the equilibrium scale is independent of the relative price of the dominant factor. (MJP)

Asserts that policymakers and the general public should be well informed about economic and social issues. Contends that a statistical system in a democracy has a heavy responsibility to ensure that the data represent fact, not opinion. Discusses changes made in the Consumer Price Index to prevent it from becoming politicized. (CFR)

Briefly defines and provides some background on Eugen von Bohm-Bawerk's "marginal pairs" theory of pricing. Asserts that Bohm-Bawerk's theory is a good introduction to the Austrian school of economics and illustrates the differences between this approach and neoclassical economic theory. Includes several graphs and tables of data. (MJP)

Utilizes two-dimensional price and output graphs to demonstrate the way that the price-level elasticity of aggregate demand affects alternative monetary policy rules designed to cope with random aggregate supply shocks. Includes graphs illustrating price-level, real Gross Domestic Product (GDP), nominal GDP, and nominal money supply targeting.…

Describes a computer software program that allows students, working independently and interactively with the computer, to select alternative market conditions and/or policies and view the results numerically as well as graphically. Discusses options and models provided by the software as well as classroom applications. (MJP)

Maintains that computer-assisted instruction built around a spreadsheet-based model can illustrate and simplify some of the more difficult concepts concerning economics and fisheries. Describes a software program that illustrates overcapitalization, asset fixity, resource rent capture, economic optimum, and sustainable yield. (MJP)

Describes a computer software program where students define alternative policy sets and compare their effects on the welfare of consumers, producers, and the public sector. Policy sets may be a single tax or quota or a mix of taxes, subsidies, and/or price supports implemented in the marketing chain. (MJP)