The United States adopted a flat-rate 7 percent investment tax credit in the Revenue Act of 1962 to induce higher rates of new capital investment. The underlying purposes were to stimulate the economy and increase its rate of growth in real terms, to reduce unemployment and to make American industry more competitive with foreign firms. Although enacted as a "permanent" credit, certain changes w...

We estimate the effect of electorally induced policy uncertainty on investment in the manufacturing sector. Because state governors exercise considerable influence over legislation and considerable discretion over regulation and permitting, and because the policies relevant to business investment vary systematically by party, uncertainty over the partisan affiliation of the future governor is a...

Maintaining information superiority will be vital to the 21st-century warfighter, and the military's documented shortcomings in acquiring leading-edge information technology systems must be addressed in order to meet this need. The investment-based approach to the acquisition of software-intensive systems discussed here considers recent management reform legislation and will help DoD meet infor...

Ð Although barriers to international trade were removed during the 1990s, log prices remain ineciently low in Ecuador. Oligopsonistic conditions, which prevailed in the forestry sector under protectionism, have not been relieved by increased competition. The problem is that new investment is discouraged by weak property rights, corruption, and dated legislation that hinders forest dwellersÕ pa...

The study of memory for event duration in pigeons has, for the most part, centered on an unusual behavioral phenomenon and an interesting theoretical explanation for it. A typical experiment on memory for event duration involves trials initiated by a sample stimulus that is either short or long in duration (e.g., 2 vs. 10 sec of houselight) and that is later followed by the simultaneous present...