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The authors use laboratory experiments to test two self-assessment tax mechanisms for facilitating land assembly. One mechanism is incentive compatible with a complex tax function, while the other uses a flat tax rate to mitigate implementation concerns. Sellers publicly declare a price for their land. Overstating its true value is penalized by using the declared price to assess a property tax; understating its value is penalized by allowing developers to buy the property at the declared price. The authors find that both mechanisms increase the rate of land assembly and gains from trade relative to a control in which sellers’ price declarations have no effect on their taxes. However, these effects are statistically insignificant or transitory. The assembly rates in our self-assessment treatments are markedly higher than those of prior experimental studies in which the buyer faces bargaining frictions, such as costly delay or capital constraints.

The article discusses the operation and impact of the law on equal pay for work of equal value in Britain. In particular, it analyses the role and method of operation of the independent expert who is charged with assessing whether or not two jobs are equal in value.

“Economics is a Serious Subject.” Edwin Cannan.

Following a number of recent decisions in the area of equal pay for work of equal value, it is argued that organisations need to be clearer than ever that their job evaluation systems and pay structures are appropriate. Recent rulings by the Court of Appeal and the House of Lords are described to make the point that in terms of evaluation and pay structure adjustment, the most effective way forward is likely to be a joint management and union approach.

Seek to compare the consequences of single‐source versus multiple‐source lending for a borrower who has loans that can be prematurely terminated.

The considered model framework is an option‐theoretic firm value model similar to Merton (1974) but where lenders have the additional right to prematurely terminate the loans. The single lender is a monopolist, while multiple lenders are represented by a continuum without individual impact on the aggregate termination decision.

The model explains that, if the borrower is in financial distress but has positive net present value projects, a single lender has a higher incentive to save the firm and therefore terminates fewer loans than multiple lenders. In the opposite case where the firm is not under financial distress, it is the other way round and multiple lenders terminate fewer loans than a single lender. As a result, equity holders are better off by having a loan from a single‐source under financial distress but multiple‐source lending is advantageous in the absence of financial distress.

To focus on the origin for arising differences from single‐source and multiple‐source lending, consideration is given to the simple case with perfect information and without monitoring and renegotiation. These market imperfections can be incorporated into the model in a straightforward way.

While other models in the literature require market imperfections to explain the relevance of the bank relationship, this paper indicates that even in the absence of market imperfections the lending relationship is fundamental as long as lenders have the right for early terminations.

Conferences 14th April 1981. Raising managers' awareness of barriers to women's career development — a workshop. Further details from Ginny Ellis, The Co‐ordinating Group for the De‐velopment of Training for Women, Gloucestershire College of Arts & Technology, Department of Management Studies, Oxstalls Lane, Gloucester GL2 9HW,England (Tel. 0452–501795).

Equal Pay—Objectives and Achievement Equal pay for women has a history of policy declarations dating back in Great Britain to the resolution of the Trades Union Congress in 1888: “That in the opinion of this Congress it is desirable, in the interests of both men and women, that in trades where women do the same work as men, they shall receive the same pay.” On an international level the International Labour Organisation included the concept of “equal remuneration for work of equal value” in its constitution adopted in 1919, reiterating the principle in Convention 100 in 1951, which was not however ratified by this country until 1971, one year after the passage of the Equal Pay Act. The United Nations Declaration of Human Rights of 1948 states that “everyone, without distinction, has the right to equal pay for equal work”, with a more precise definition in its 1967 Declation on the Elimination of Discrimination against Women, “that all appropriate measures shall be taken to ensure to women,… the right to equal remuneration with men and to equality of treatment in respect of work of equal value”. In contrast, under Article 119 of the Treaty of Rome member states of the European Economic Community are required to “ensure and subsequently maintain the application of the principle that men and women should receive equal pay for equal work”.

I show that the common residual income model assumption that return on equity approaches zero in the long run as competitive advantage dissipates is incorrect. This erroneous assumption comes from the common misinterpretation of the spread between return on equity and the cost of equity as a measure of economic profit. I also show that an unbiased accounting system (Feltham and Ohlson, 1995), which would make such an interpretation acceptable, is unlikely to exist in actual financial statements. Finally, I argue that because an accounting system can be deemed to be unbiased only if the firm's value is already known, the concept is of little practical use for actual valuation work.

The purpose of this paper is to explain the virtues (despite Moellendorf's criticisms) of the geoliberal framework of social justice, which assumes that people have rights to themselves and that all people have equal rights to natural opportunities.

After describing geoliberalism, the paper responds to Moellendorf's arguments, enlarging on the issues that arise.

Geoliberalism withstands Moellendorf's criticisms.

People can advocate geoliberal institutions in good conscience.

The paper provides principled, succinct responses to concerns people may have had about geoliberalism.