At first sight the prospect is full of promise: trained psychiatric nurse and ex-schizophrenic gets a job in a small, Home Counties psychiatric unit, run in an endearingly informal fashion by a mixed bunch of continental and cockney staff. But the (writing) manner and a determined resolution to squeeze the last bit of humour out of every situation (including a good many that just don't have it)...

extreme egocentricity ('selfishness') on the part of the patient. Most nurses who think, teach others, or have any insight into their own feelings are aware of the flaws in such beliefs and of the latent aggression and anxiety inherent in them. It is a shock, therefore, to read a book which seems to bear them out. Miss Wallace was a very 'bad' patient; in spite of advice, she persisted in takin...

We develop an expression for the long-term discount rate in an economy in which a representative consumer has access to both a risk-free and a risky production technology. Even when the risk-free sector is very small, and with probability one becomes a negligible fraction of the economy in the long run, interest rates are determined differently than in a single-sector economy. As in a single-ri...

The regret theory of choice under uncertainty proposed by Loomes and Sugden has performed well in explaining and predicting violations of Expected Utility theory. the original version of the model was confined to pairwise choices, which limited its usefulness as an economic theory of choice. Axioms for a more general form of regret theory have been proposed by Loomes and Sugden. In this paper, ...

This paper concerns methods for inferring decision trees from examples for classification problems. The reader who is unfamiliar with this problem may wish to consult J. R. Quinlan’s paper (1986), or the excellent monograph by Breiman et al. (1984), although this paper will be self-contained. This work is inspired by Rissanen’s work on the Minimum description length principle (or MDLP for short...

Using the corresponding industry return in the foreign countries, I show that the foreign operations information of multinational firms is slowly incorporated into stock prices. A trading strategy based on this effect generates an abnormal return of approximately 0.8% per month, or 9.6% per year, controlling for risk-based factors. The return predictability is not driven by U.S. industry moment...

We use a random matching model with limited record-keeping to study the essentiality of money and credit. The model is based on Lagos-Wright (2005), but with two rounds of pairwise meetings in each period. The mechanism designer chooses which meetings to use the record-keeping technology, and designs the trading mechanism for each meeting to optimize social welfare. We characterize implementabl...