Lives of the Laureates, Fifth Edition: Twenty-three Nobel by Barry T. Hirsch William Breit

By Barry T. Hirsch William Breit

Autobiographical debts through twenty-three Nobel laureates provide an image of the richness of up to date fiscal proposal and insights into the artistic method.

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Suppose the corporation has to choose among alternative directions for investment. Each stockholder orders the different investment policies by the profit he or she expects. But because different stockholders have different expectations, they may well have different orderings of investment policies. My first thought was the obvious one suggested by the formal rules of corporate voting. If there are two investment policies, call them A and B, that one chosen is the one that commands a majority of the shares.

I started the first generation of a series of Wharton models. The Wharton models shifted to a quarterly time frame, to emphasize interest in short-run business cycle movements, used more data on survey anticipations, and stated all the accounting identities in current prices. This last change corrected a defect in the specification of the Klein– Goldberger model. The first version of this new model was used for forecasting the American economy, and projections were sent round to economist members of the Kennedy administration, who voiced disbelief in the optimistic forecasts—recovery from the 1960–61 recession.

But because different stockholders have different expectations, they may well have different orderings of investment policies. My first thought was the obvious one suggested by the formal rules of corporate voting. If there are two investment policies, call them A and B, that one chosen is the one that commands a majority of the shares. But in almost any real case, there are many more than two possible investment policies. For simplicity, suppose there are three, A, B, and C. The idea that seemed natural to me was to choose the one that would get a majority over each of the other two.

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