ABSTRACT
In one sense, the essence of Solomon’s paper is a reiteration of the arguments of Canning [3] and Alexander [1], but from the point of view of the financial analyst rather than the economist-statistician (Canning) or theoretical economist (Alexander). Solomon implicitly adopts Hicks’s thesis that the income of a person should be defined as “the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning,” 1 though he speaks of the divergence of “book yield” from “true yield.”
