Although the pectin content of tomatoes is relatively low in comparison with other fruits (Money & Christian, 1950), the activity of pectinesterase (pectin pectyl-hydrolase, EC 3.1.1.11) is particularly high (Kertesz, 1938). Softening of the fruit takes place relatively rapidly during ripening (Hobson, 1959), and the classical mechanism by which the effect is usually explained assumes the solub...

A simple pressure-based feedback control strategy for wall-transpiration control of incompressible unsteady two-dimensional channel flow was recently investigated by Aamo, Krstic & Bewley (2003). Nonlinear two-dimensional channel flow simulations which implemented this control strategy resulted in flow transients with instantaneous drag far lower than that of the corresponding laminar flow. The...

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Knowledge of what lies behind earnings changes is crucial to an understanding of the determination of pay and the distribution of income. A striking feature of the distribution of wage growth observable from individual panel surveys is the diversity of wage growth. Many workers enjoy pay rises, but some appear willing to take pay cuts – in nominal as well as real terms. This paper examines whet...

This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of inflation can be extremely large. With log utility and parameter values that best match both the aggregate...

The traditional deterministic general equilibrium theory with infinitely many commodities cannot cover economies with private information constraints on the consumption sets. We bring the level of asymmetric information equilibrium theory at least at par with that of the deterministic. In particular, we establish results on equilibrium existence for exchange economies with asymmetric (different...

This paper attempts to test the morale theory of nominal wage rigidity by identifying the causal effect of pay cuts on workers’ income satisfaction and work morale. This paper uses the current deflationary recession in Japan to estimate this causal effect. Our original survey of Japanese firms and their employees conducted in 2000 revealed that about 17 percent of our sample experienced a nomin...

Entrepreneurs may undertake investments when returns cannot be precisely evaluated: they are decisive. Lenders may require high compensation to place funds in those ventures: they are cautious. We analyze optimal ̄nancing contracts between entrepreneurs and lenders. Decisiveness and cautiousness are characterized using Bewley's (1986) incomplete preferences framework. Preferences are represente...