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For over 60 years, Lerner's (1944) probabilistic approach to the welfare evaluation of income distributions has aroused controversy. Lerner's famous theorem is that, under ignorance regarding who has which utility function, the optimal distribution of income is completely equal. However, Lerner's probabilistic approach can only be applied to compare distributions with equal means when the number of possible utility functions equals the number of individuals in the population. Lerner's most controversial assumption that each assignment of utility functions to individuals is equally likely. This paper generalizes Lerner's probabilistic approach to the welfare analysis of income distributions by weakening the restrictions of utilitarian welfare, equal means, equal numbers, and equal probabilities and a homogeneous population. We show there is a tradeoff between invariance (measurability and comparability) and the information about the assignment of utility functions to individuals required to evaluate expected social welfare.

This study employs a multivariate GARCH model to investigate the relative sensitivities of the first and the second moment of bank stock return distribution to the short‐term and long‐term interest rates and their respective volatilities. Three portfolios are formed representing the money center banks, large banks, and small banks, respectively. Estimation and testing of hypotheses are carried out for each of the three portfolios separately. The sample includes daily data over the 1988‐2000 period. Several hypotheses are tested within the multivariate GARCH specification. These include the hypotheses of: (i) insensitivity of bank stock return to the changes in the short‐term and long‐term interest rates, (ii) insensitivity of bank stock returns to the changes in the volatilities of short‐term and long‐term interest rates, and (iii) insensitivity of bank stock return volatility to the changes in the short‐term and long‐term interest rate volatilities. The findings indicate that short‐term and long‐term interest rates and their volatilities do exert significant and differential impacts on the return generation process of the three bank portfolios. The magnitudes and the direction of the effect are model‐specific namely that they depend on whether the short‐term or the long‐term interest rate level is included in the mean return equation. These findings have implications on bank hedging strategies against the interest rate risk, regulatory decisions concerning risk‐based capital requirement, and investor’s choice of a portfolio mix.

For equity, societies may wish to eliminate certain forms or manifestations of inequality. Horizontal equity and vertical equity in the income tax are topics which have interested me for some years. Although any shortfall from each of these objectives can be measured in terms of unwanted inequalities, equity per se is a different concept from equality. Equity relates to fairness, justice and other societal norms which give expression to the best aspirations of our collective social conscience. For example, equal access to health care for those in equal need is an accepted norm for horizontal equity in the health field. Vertical equity in this context means treating appropriately differently those who have different needs. When offered the opportunity to be Guest Editor of this volume of Research on Economic Inequality, I decided to define the focus simply as “equity”, without placing any further restriction on topics. The papers which were ultimately included in this volume are the ones, from among those offered, which survived a rigorous refereeing process. Each has its own “take” on the concept of equity, and its link with equality. I hope that you, the reader, will gain from reading all of these contributions and pondering their significance.

Given the rise of individuals who have complex communication needs (CCN), it is important to identify appropriate assistive technology systems that can support the individual's communication needs. Augmentative and alternative communication (AAC) systems can serve as a means to assist individuals to communicate independently. The goal of AAC is to enhance or replace the individual's current and limited verbal or written communication skills. This chapter focuses on feature matching, aided communication and the selection process for aided communication systems including low to high technology systems. It also emphasises other key considerations pertaining to person-centred planning such as conducting preference assessments and trial periods to minimise system abandonment.

Researchers of the history of women teachers have included fiction, as well as memoirs and history, as an important part of that testimony. The aim of this article is to examine the novel, Anne of Avonlea (1925) by Lucy Maude Montgomery as both a source of information about the working life of a woman teacher and, due to the immense popularity of the book, as a shaper of how women understand and enact teaching. Anne is a young teacher in her first posting consisting of a rural Canadian one‐ teacher school. She struggles to resist using corporal punishment in favour of winning her students respect, stimulating their minds and finding a ‘genius’. However, the local community, fellow teachers and her students have different notions of how teachers should behave. Her beliefs are further undermined when in a fit of anger she succumbs to beating one her students. Her reflections on what drove her actions are realistic and contain warnings for contemporary teachers to appreciate the often fragile hold they have on their espoused educational philosophy. Another danger revealed is the unconscious leaking of the shadow side of the psyche in the necessary close but dangerous relationships between students and teacher thereby providing a complex view of what motivates young women to teach and how they approach their work.

Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover specific articles devoted to certain topics. This Bibliography is designed to help. Volume III, in addition to the annotated list of articles as the two previous volumes, contains further features to help the reader. Each entry within has been indexed according to the Fifth Edition of the SCIMP/SCAMP Thesaurus and thus provides a full subject index to facilitate rapid information retrieval. Each article has its own unique number and this is used in both the subject and author index. The first Volume of the Bibliography covered seven journals published by MCB University Press. This Volume now indexes 25 journals, indicating the greater depth, coverage and expansion of the subject areas concerned.

Valuing People (DoH, 2001) proposes person‐centred planning (PCP) as a way for service users to exercise more power and control. Active support (AS) is also an approach designed to improve the quality of life of people with severe disabilities by enabling them to participate as fully as possible in daily activities. PCP and some of the components of AS are complementary rather than mutually exclusive. While PCP can generate ideas, AS can help implement them, and used together PCP and AS can provide a way to facilitate user participation and improve users' quality of life. This paper uses a case history to illustrate this potential, and describes how a particular form of PCP, essential lifestyle planning (ELP), was used in conjunction with some of the planning and programming components of AS.

This note considers UK pure alcohol consumption per head as a function of real disposable income, real prices, the numbers of retail outlets, the level of television and press advertising, the number of deaths in the population, inflation, unemployment and economic prospects. The technique used is ordinary least squares regression with the variables in first difference form, in order to minimise serial correlation. Annual data for 1956–79 is used. For detailed definitions of the variables used see McGuinness and Kitchin.