This paper examines the role of capital in financial institutions. As the introductory article to a conference on the role of capital management in banking and insurance, it describes the authors' views of why capital is important, how market-generated capital requirements' differ from...

In this article we show that technological parameter estimates obtained by estimating a cost function that is derivable as the dual of a production function can be biased and inconsistent if the stochastic structure of the model arises from certain types of behavioural assumptions made about...

Wages in traditional agrarian societies are often observed to be above reservation wages even in the slack season when markets are in a state of excess labour supply. Models of non-cooperative wage setting by landlords which explicitly take account of the costs of supervising hired labour and...