Blockchain Papers

Ellis L. Johnson

No abstract is available for this record.

R. N. Bradt

Professor Keeping's book is a text for a one-year course (90-100 hours) for students having a knowledge of elementary calculus-second or third year students.It is unusually complete in that it is difficult to think of a topic which is not treated, at least briefly, but which one might like to see included in such a course.As would be expected of a widely ranging book at this level, many results are stated without proof but it is by no means a " how to do it" book.In addition to the usual elementary probability theory, standard distributions, and classical estimation and testing, one finds, e.g. the cumulants and Ar-statistics, sampling techniques, sequential and nonparametric procedures, fixed, random and mixed models as well as latin square and incomplete block designs considered, and a last chapter which looks at multivariate problems and introduces stochastic processes.There is a laudable concern for the power of the tests discussed and the required non-central distributions are introduced.Appropriate tables, a large number of exercises (with answers) and a thirty page appendix on various mathematical topics are included as well.The price paid for the virtue of comprehensiveness is, of course, the brevity of some particular parts; one cannot have everything.However, one might reasonably suggest that the briefer the treatment the more precise should be the statements.This book is somewhat marred by puzzling, misleading, or false statements, e.g. both the sample and population moments are defined to be the " rth moment of X about zero"; "If T is sufficient, so is any function of T" (p.125); the variance of a maximum likelihood estimator is asserted to be the Cramer-Rao lower bound; in discussing the Mann-Whitney U-test, it is not clear at given points just what alternatives are being considered and while one statistic is described as the test statistic, we are instructed to reject for small values of another.

Yasuo Kotaka

(1) As it is shown in the answering rate itself, concern of top management on the rationalization of business finance is very sincere. (2) As for depreciation system, contraction of depreciation terms and general or partial widening of the rooms for arbitrary depreciation are earnestly desired. (3) Corporate tax has been intensely criticized, and opinion of the majority takes its revision as a premise for financial rationalization. (4) Regarding budget system, opinion of the majority asserts concentrative management, but not a few recognize the necessity of decentralized system. (5) Upon internal audit and concept of cost, a fundamental shift from the traditional idea is fairly evident.

John M. Campbell

Abstract As the petroleum industry has embraced the concept of rate of return as an investment criterion, numerous papers on the subject have appeared in the literature. The purpose of this paper is to clarify the significance of these methods and extend their application. Because of space limitations, no attempt has been made to duplicate these previous efforts. Instead, the emphasis has been placed on proper utilization of the results. Discussed are:the problem of multiple rates of return on acceleration projects;effect of time on comparative results;development of realistic mathematical model; andformal consideration of probability in the economic evaluation. Several reasonable solutions to these problems are presented. Introduction The rate-of-return concepts embraced by the petroleum industry in the last few years represent techniques that have been widely employed by other groups in the fields of finance and banking for the past century. In the process of attempting to utilize these "new" methods in the industry, many modifications of the basic compound-interest equations have appeared. Refs. 1 through 11 out-line the more popular approaches used. In their preoccupation with obtaining numbers, many have lost sight of the inherent characteristics of many equations used, as well as the real goals of investment. Put another way-rate of return as found by any equation, no matter how good, is not in itself a satisfactory investment criterion. Any economic decision involves either formal or informal consideration of the following:risk factors, includingprediction of future events. and economic climate andprobability of success or failure;rate of return on investment;effect that failure(s) would have on an organization's economic future;tax ramifications;current investment needs and opportunities;cash generation needs in future years to remain in a sound and dynamic position (might involve deferral of revenue for economic reasons);romance factors; andan organization's financial structure. The detailed discussion here will be limited to Items 1 and 2. Usually, these are the ones formally considered by the practicing engineer, while the remainder are usually management prerogatives. Some understanding, though, of Items 3 through 8 is essential for intelligent engineering appraisal. Space does not permit a complete discussion of those latter factors, but a few comments are essential. In theory there is always an infinite number of investment opportunities available for the investment dollar. In practice this is never really true. There are always limitations imposed by organizational policy, personnel capabilities and governmental interference in economic affairs. A decentralized region, area or division, for example, has certain geographic limitations that restrict investment potential. An oil-company management is not likely to seriously consider a project to manufacture television seas unless they have an insufficient number of attractive oil investments. If they do consider it, they must include in their cost considerations the acquisition of new qualified personnel. Most managements inherently limit the largest portion Of their investments to areas where they have experience and are in a position to make qualified judgment decisions. This is one reason why diversification is necessarily slow. No comment should be necessary about the limitation imposed by governmental regulation. It must also be recognized that not all investments are profit motivated. Some are made for strategic reasons. Strategic here means that said investment is necessary to achieve long-range company goals. This class of investment must necessarily strengthen the organization so that it enhances the probability of success of profit-motivated investments. One example of this is represented by funds expended for laboratory research and field tests (pilot floods, special tests, etc.). These cannot be compared with profit-motivated investments by means of a single yardstick, such as rate of return, because strategic investments yield a return that is impossible to measure in dollars and cents. Can anyone cite the cash flowback resulting from research, public relations, college aid programs and similar efforts? No! Yet, any enlightened executive recognizes their value. The eight factors previously listed are primarily important in profit-motivated investments, which comprise the bulk of all investments made. No finite discussion is possible on such things as the romance factors. JPT P. 708^

E. DE RENZI, L. A. VIGNOLO

No abstract is available for this record.

Roger G. Newton

The nonrelativistic potential energy between two spinless particles is deduced from a knowledge of all phase shifts at a given energy. A spherically symmetric potential is found always to exist, but it is not unique. In particular, for every energy, there exists at least one nonzero potential which causes the scattering cross section to be zero. The paper contains both the formal construction procedure and the necessary existence and uniqueness (or lack of it) proofs. Some general examples are included.

G. Herdan

No abstract is available for this record.

C. Spearman

No abstract is available for this record.

Yiling WANG

positive relationship between scientific productivity and academic competition may be noted. According to the present explanation, this relationship is due to the impetus provided by competition for entering promising but undeveloped fields of research. This, however, suggests that the growth of discoveries in any field may be limited by the capacity for expansion of the institutional framework (jobs and facilities), a suggestion which seems to be worth further exploration. Another question concerns the quality of the impetus given to science by competition. The present hypothesis suggests that competition increases the gross amount of discoveries of all kinds through the thorough exploitation of potentially fruitful fields of research. It says nothing about the conditions conducive to the creation of fundamentally new ideas, and it is quite possible that the social conditions that stimulate basic innovations differ from those that facilitate the exploitation of fruitful ideas already discovered.47 Finally, nothing has been said about the conditions that maintain scientific competition. Political decentralization gave rise to competition in Germany, and political decentralization enhanced by private financing and administration of higher education led to competition in the United States. It is not argued, however, that competition is the only possible outcome of any state of decentralization, or that competition, once established, is self-maintaining. Decentralization may lead to collusion or mutual isolation as well as to competition; and competition may be replaced by either of these alternatives. Determination of the general conditions that ensure competition, therefore, is another problem which needs further study. 46 This is the subject matter of A. Zloczower, Career Opportunities and Scientific Growth in 19th Century Germany with Special Reference to the Development of Physiology, unpublished M.A. thesis, Hebrew University, Jerusalem, Israel, 1960. 47 Cf. Joseph Ben-David, Roles and Innovations in Medicine, American Journal of Sociology, 65 (May, 1960), pp. 557-568.

H. F. Trotter

One of the features of the text is an elaborate code which is used to refer to certain axioms, definitions, and theorems.For example, TIr is the Theorem on Irrational Numbers, which runs as follows: "If a non-zero rational number 'r is combined with an irrational number p by any one of the four operations of arithmetic, the result produced is an irrational number; in symbols, r + p, r -p, p -r, rp, r/p, p/r are irrational numbers."According to the author 1 s preface, "Experience in classroom teaching shows that the students use the code with alacrity and effectiveness in making full and concise proofs, " This reviewer feels that the book under review is a worthy addition to the literature; but on the whole he found the exposition somewhat clumsy.In a few places terms are used before they are explained (e.g."empty set," page 99) and in c some places no explanation is offered where one is clearly required, (e.g.01 is used, but never defined.Since 31 is defined, the reviewer presumes that no knowledge of factorials is assumed.)Functions are never mentioned, even though the use of functions could have simplified the treatment considerably.These objections, however, may possibly be regarded as minor.Finally, the exercises in the book are many in number and generally non-computational in nature.

J. R. Haynes

No abstract is available for this record.

Lloyd B. Wilson

Some of the special problems which have arisen in connection with operation of a facility such as this have been discussed and the types of calibration services provided by the Sperry Gyroscope Company, together with the calibration facilities used for those services described. In all work the reliability aspects of calibration, with particular emphasis on the hierarchy system of standards and calibrations, are stressed. Experience, since the establishment of the Electrical Standards Laboratory in 1941, indicates this type of facility is necessary and practical for operations in the Sperry Gyroscope Company. In fact, it is even more important today as a result of major reorganizations which have taken place in the last several years at Sperry and which have resulted in a more decentralized organization with a number of autonomous product divisions.

Jan Zdzitowiecki

Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/2016

D. Bohm, Y. Aharonov

No abstract is available for this record.

Harold M. Groves

No abstract is available for this record.

Chase C. Mooney, Edward Williamson

Abstract : The year 1935 marked the establishment of the General Headquarters Air Force, the first official recognition that the development of effective airpower necessitated authority for independent action. The purpose of this monograph is to show the organizational growth of the Army air arm from 1935 to September 1945 and to trace the ideas and influences that affects its development. Most significant of these was the continuous effort to attain an autonomous air force, one with a large degree of control over its own affairs internally and the necessary voice in determining its operational activities. Important internal developments included the establishment and implementation of an Air Staff, the application of management devices, the improvement of programming methods, the consolidation of AAF Headquarters offices, and decentralization of command responsibilities.

Kai Lai Chung

exists for every i (Theorem 9 of [3]).Following Levy the state i is called stable or instantaneous according as gt-as finite or infinite.We refer to [2 ] for the foundations of the theory of Markov chains under consideration.Although knowledge of these foundations will be necessary for a thorough understanding of what follows, we shall strive to make the present paper readable by itself.Let i be a stable state with q,>0; such a state always exists unless P{x(t) =x(0), 0^t<°° }=l [8, p. 375].Suppose that P{x(0)>=*} =1.LetX=X,(w) be the "first sojourn time" in the state i, namely the length of the first tinterval in which x(t, w)=i (seeTheorem 1 of [2]).Then P{\^t} =l-e~">', t^O [3, p. 54].Let j be an arbitrary state (not oo!) and defineIf J9*i, a is the "first entrance time intoj"; ii j = i, a is the "second entrance time into i" (the first being zero by hypothesis).It is easily shown that a is a random variable in the broad sense, namely a measurable w-iunction defined on a measurable w-set whose probability may be less than one.We define its distribution function in the broad sense by Fij(t)=P{a^t}.Now it can be proved that the two random variables X and a-X (which may be zero with positive probability) are independent^).This is a special case of Theorem 5 of [2], but we give a simple proof as follows.Let us first note that the distribution of a -X may be derived as follows.It can be shown that(3) a(w) considered as a point on the i-axis is the limit from the right of points of Sj(w) ={t: x(t, w) =j}; hence we havewhere h = 2~m, ra->• oo.Now for each 5 > 0 define two random variables X,=X,(w) and a, = aa(w) on the set {w: x(s, w)=i} as follows: X"(w) is the supremum of T such that x(t, w)=i, s^t<s + T; as(w) is the infimum of t such that t>\"(w) and x(t, w) =j.Thus X0 and a0 reduce to the previous X (2) The random variables Zi(w), ■ ■ ■ , z"(w), with domains of definition Ai, • ■ • , A", are said to be independent iff P{ flLx A*[z*M Set] }/P{ f|Li A*l = LTt-i P{A*tz*W £c*]}/P(At) for every real Cx, • • • , ck.(3) In fact, the set Sj(w) is dense in itself (see [2, §4, (ii)]).

Jack Hirshleifer

TN ORDER to achieve the benefits of decentralization in decision-making, many corporations have developed divisional organizations in which some or all of the separate divisions are virtually autonomous centers. This paper is concerned with the problem of pricing the goods and services that are exchanged between such divisions within a firm and with how these prices should be set in order to induce each division to act so as to maximize the profit of the firm as a whole. The problem is an important one, because the prices which are set on internal transfers affect the level of activity within divisions, the rate of return on investment by which each division is judged, and the total profit -that is achieved by.the firm as a whole. Two recent papers which have drawn attention to the crucial importance of transfer-price policies have also discussed alternative approaches to the problem.' The paper by Cook recommends the use of market-based prices, at least as an ideal, while Dean favors negotiated competitive prices. Such brief description does not, of course, do justice to either of the articles, both of which were more concerned with drawing attention to the importance of decentralization and transfer pricing than with rigorous determination of optimal transfer-price rules. The argument made in the present paper is that market price is the correct transfer price only where the commodity being transferred is produced in a competitive market, that is, competitive in the theoretical sense that no single producer considers himself large enough to influence price by his own output decision. If the market is imperfectly competitive, or where no market for the transferred commodity exists, the correct procedure is to transfer at marginal cost (given certain simplifying conditions) or at some price between marginal cost and market price in the most general case.2

G. Theodore Mitau

G. Theodore Mitau, Selected Aspects of Centralized and Decentralized Control over Campaign Finance: A Commentary on S. 636, The University of Chicago Law Review, Vol. 23, No. 4 (Summer, 1956), pp. 620-639

Douglas S. Paauw

No abstract is available for this record.

F. M. L. Thompson

T | HE 'Chandos clause' in the i832 Reform Act, which contemporaries believed delivered up the counties to Tory electoral domination, still has its place in the history books. Its author, Richard Plantagenet TempleNugent-Brydges-Chandos-Grenville, second Duke of Buckingham and Chandos, has virtually none. This is a pity, not because his political career is especially significant, although the activities of the Farmers' Friend particularly in influencing and organizing other Members of Parliament might repay investigation; but because his financial affairs are of exceptional interest. In his own time he earned wide notoriety through spectacular financial ruin and utter collapse, culminating in the sale of most of his landed property and personal effects in the course of I 848. It is something of this renown which deserves to be recaptured. Aristocratic indebtedness has attracted considerable attention from historians of many periods in late years, both because of its importance to the proper understanding of the economy of landownership, and because of its possible effects on aristocratic political and economic policy.' If serious debt was sufficiently widespread to be characteristic of the landed aristocracy as a class, or of a considerable section of it, we would rightly expect to see its influence reflected in the political and economic life of the country. In the nineteenth century, the preservation and enhancement of the value of the land which had to carry these debts would then rank as one of the principal interests at stake in the Corn Law controversy. We would expect to find a social and political revolution caused by extensive land transfers made under the pressure of debt, and failing to detect this would justifiably assume that a successful effort to stave off ruin by increasing incomes from land ought to take its place in any general interpretation of the process of economic growth, as part of the great landowners' contribution to that expansion. Eagerness to reach these realms of general speculation has tended to obscure the difficulties of making the first assumption. An array of impressive figures of debts has been taken as sufficient proof. Debts, however, require careful handling as evidence: they may as easily indicate increasing prosperity as increasing adversity, intelligent use of available resources as wayward misappropriation. It would be as unwise to conclude that all aristocrats were in a precarious situation because all had some debts as to say that all governments or all manufacturers were on the verge of bankruptcy because they had large national debts or operated largely on credit. It is common ground that there were several different sources of debt among the landed families of the eighteenth and nineteenth centuries, not all of which were of equal importance in causing serious financial embarrassment. Until

R. Dehem, J. N. Wolfe

The essence of federalism is the division of sovereignty between two levels of government. In any system of government, there are sovereign and delegated authorities. In a unitary government all sovereign powers are concentrated in the central government, although decentralization for the purpose of administrative efficiency may result in the delegation of certain powers from the central and supreme government to the regional and local subordinate authorities. In a federal state, on the other hand, regional governments, as well as the central authority, are invested with sovereign powers. In no actual case, however, do both levels of government enjoy sovereignty in all domains, since complete concurrence of jurisdictions would lead to incessant conflicts of coordinate authorities. For this reason, federal constitutions indicate, in a more or less precise way, the special fields of absolute competence of the central and the regional authorities. Partial concurrence of jurisdictions may not be excluded, in which case the problem of bringing about agreements between the sovereign powers arises. Administrative efficiency in a federal state requires both centralization and decentralization of executive functions, in much the same way as in a unitary state. If subordinate functions are delegated to the regional governments, these governments become subordinate to the central authority in these fields. On the other hand, administrative efficiency may require the centralized administration of certain matters in the realm of provincial supremacy, for example, the collection of provincial taxes. In this case, the central government would act as an agent of the provincial governments, and be subordinate to them. The two types of powers–sovereign and delegated–must be clearly distinguished in order to prevent unnecessary conflicts of authority.

Takichi Mitsui

Among the greatest obstacles in the postwar recovery of steel industry in Japan were. counted the shortage of coal, the removal of subvention to the iron and steelprices and -decentralization of large steel firms. A tragic atmosphere thus clouded was pushed away by the breakout of the Korean Incident (June 1950). Again the prices became enhanced. The export was extended and the production increased. Thence came a chance of modernization of iron and steel industry in Japan. The scheme of this plan that had been plotted by the Rationalization Council in the first half of 1951 was encouraged in the second half by establishment of Japan Development Bank, institution of special overeas credit by the Bank of Japan and the favorable development in Capital market.Capital development and production increase of steel firms in Japan was suceessively realized -during the year of 1951. However, towards 1952 the period of reaction began so that an intensification of the sales competition gradually invited a drop in the steel prices, notwith-standing a temporary short boom due to a steel strike in the United States.In April 1952, the industrial control of the Occupation Forces ended and Japan was again allowed to enter an international economic circles.At this moment, owing to establishment of the European Coal and Steel Community, progress of modernization progress in several countries and recovery of the West-Germany iron and steel industry, the steel industry of Japan too was obliged to be entangled with the international contest.In 1953, the steel market again tended to a slight boom due to domestic investment and consumption but at the end of the same year decrease in bath munition demands and steel export again occurred. Without finding domestic demands, the steel products of Japan began to flow out overseas. At this time happily owing to a shortage of steel export from Europe Japanese products filled the markets of South America and India and enjoyed higher prices. It was also evident at the end of 1954 that the iron and steel industry in rapan again inclined to an expansive production.After such historical introduction, the author described in detail (1) the process of rationalization and financing concerned; (2) trends in the situations of raw materials for iron and steel; (3) domestic market and export; (4) some tendencies in special steels; and (5) future prospects.

Peter J. Price

The applicability to a quantum liquid of the standard classical formula connecting the compressibility with the coherent scattering cross section for large wavelengths, questioned by the author in a previous paper, is examined. The correctness of the standard formula is proved (a) at absolute zero (the density fluctuations being infranormal); (b) under quantum conditions for all temperatures at which the Wigner expansion converges (it is conjectured that for liquid helium the expansion may diverge below the lambdapoint); and (c) for a one-dimensional crystal for all temperatures. These results, while they stop short of a complete proof of the standard classical formula for all conditions, do extend considerably our knowledge of its range of validity.