In this paper, necessary and sufficient conditions for an asset substitution matrix to be symmetric for all distributions of rates of return are derived. It is found that symmetry in this context is essentially equivalent to the proposition that the von Neumann-Morgenstern utility function...

This paper summarizes the theoretical role of intertemporal substitution variables in the "new classical macroeconomics." An important implication is that positive monetary shocks tend to raise expected real returns that are calculated from the usual partial information set, but tend to lower...

This 1978 paper is about estimating elasticities for the ORANI model -- in particular the elasticity of substitution between labour of different types. Literature is surveyed, and a theoretical approach outlined, but discussions of data and regression results are deferred to a later report....