Profit and Cost in "Modern" Post-Marxian Profit Theory: A Case Study from Varian's "Intermediate Microeconomics"

In this paper, I examine the treatment of competitive profit of professor Varian in his textbook on Microeconomics, as a representative of the “modern” post-Marxian view on competitive profit. I show how, on the one hand, Varian defines profit as the surplus of revenues over cost and, thus, as a part of the value of commodities that is not any cost. On the other hand, however, Varian defines profit as a cost, namely, as the opportunity cost of capital, so that, in competitive conditions, the profit or income of capital is determined by the opportunity cost of capital. I argue that this second definition contradicts the first and that it is based on an incoherent conception of opportunity cost.

Higher-order moments in the theory of diversifying and portfolio composition

This paper examines the role of higher-order moments in portfolio choice within an expected-utility framework. We consider two-, three-, four- and five-parameter density functions for portfolio returns and derive exact conditions under which investors would all be optimally plungers rather than diversifiers. Through comparative statics we show the importance of higher-order risk preference properties, such as riskiness, prudence and temperance, in determining plunging behaviour. Empirical estimates for the S&P500 provide evidence for the optimality of diversification.

Revisiting the 'modern' multinational enterprise theory: an emerging-market multinational perspective

Using Triad-based multinational enterprises as their empirical setting, influential scholars in international management uncovered key organizational characteristics needed to create globally integrated and locally responsive multinationals. They proposed a “modern” theory of multinationals' organization (Hedlund, 1994). But recently, a new generation of multinationals from emerging markets has appeared. Little is known about their organizational choices and some scholars even doubt that they leverage organizational capabilities altogether. Does the “modern” theory still hold in their case? This exploratory study of three emerging-market multinationals (EMNEs) discloses that for reasons related to their origin in emerging economies and to the competitive specificities of these economies, EMNEs approach the global and local conundrum in ways which are both similar – and vastly different – from recommendations of the “modern” theory. We inductively develop a new theory that accounts for the evolution of organizational capabilities in EMNEs to reconcile global integration and local responsiveness. We discuss its implications for the executives of both emerging and Triad-based multinationals.

Portfolio choice with a correlated background risk : theory and evidence

We extend the static portfolio choice problem with a small background risk to the case of small partially correlated background risks. We show that respecting the theories under which risk substitution appears, except for the independence of background risk, it is perfectly rational for the individual to increase his optimal exposure to portfolio risk when risks are partially negatively correlated. Then, we test empirically the hypothesis of risk substitutability using INSEE data on French households. We find that households respond by increasing their stockholdings in response to the increase in future earnings uncertainty. This conclusion is in contradiction with results obtained in other countries. So, in light of these results, our model provides an explanation to account for the lack of empirical consensus on cross-country tests of risk substitution theory that encompasses and criticises all of them.

Modern charge density studies: the entanglement of experiment and theory

This tutorial review article is intended to provide a general guidance to a reader interested to learn about the methodologies to obtain accurate electron density mapping in molecules and crystalline solids, from theory or from experiment, and to carry out a sensible interpretation of the results, for chemical, biochemical or materials science applications. The review mainly focuses on X-ray diffraction techniques and refinement of experimental models, in particular multipolar models. Neutron diffraction, which was widely used in the past to fix accurate positions of atoms, is now used for more specific purposes. The review illustrates three principal analyses of the experimental or theoretical electron density, based on quantum chemical, semi-empirical or empirical interpretation schemes, such as the quantum theory of atoms in molecules, the semi-classical evaluation of interaction energies and the Hirshfeld analysis. In particular, it is shown that a simple topological analysis based on a partition of the electron density cannot alone reveal the whole nature of chemical bonding. More information based on the pair density is necessary. A connection between quantum mechanics and observable quantities is given in order to provide the physical grounds to explain the observations and to justify the interpretations.

The modern study of literature; an introduction to literary theory and interpretation by Richard Green Moulton ...

Introduction: Dominant ideas of modern study: unity, induction, evolution.--book I. Literary morphology: varieties of literature and their underlying principles.--book II. The field and scope of literary study.--book III. Literary evolution as reflected in the history of world literature.--book IV. Literary criticism: the traditional confusion and the modern reconstruction.--book V. Literature as a mode of philosophy.--book VI. Literature as a mode of art. Conclusion: the traditional and the modern study of literature. Syllabus. Works of the author. General index. Seventh impression, June, 1928

Modern medicine : its theory and practice, in original contributions by American and foreign authors /

Vols. 4-7, have imprint: Philadelphia and New York, Lea & Febiger.

Patterns for modern living, based on fact and theory;

[division 1] Psychological patterns. 3 v.--[division 2] Political patterns. 3 v.--[division 3] Cultural patterns. 3 v.

The illustrated glossary of practical architecture and civil engineering : comprising the theory and modern practice, with the subjects of office and field work, the steam engine, mechanical engineering, surveying, levelling, & use of instruments, mining and quarrying, manufacture of iron, bricks, lime & cements, carpentry, joinery, bricklaying, and masonry, slating, painting and glazing, building, etc. /

Mode of access: Internet.

Modern photography in theory and practice; a hand book for the amateur.

Mode of access: Internet.

Modern letter engraving in theory and practice; a manual for the use of watchmakers, jewelers and other metal engravers ...

Mode of access: Internet.

The modern theory of the Bible,

Mode of access: Internet.