ASSET MANAGEMENT,ALLOCATION OF TIME,AND RETURNS TO SAVING*

The paper entertains the proposition that individuals' time performs a productive role in generating nonwage income through the management of nonhuman capital assets. The asset management hypothesis is used to develop a life cycle model of consumptive and productive decisions. The model allows for variations in gross rates of return both across persons at a point in time and for any one person over his life cycle. The behavioral implications developed show that differences across consumption units in their time allocations and in their borrowing, saving, and asset holding decisions may be the result of differences in opportunities rather than “tastes.”     

A Cognitive Approach to the Treatment of Offenders

Summary This is an initial attempt to apply the principles of cognitivetherapy to the treatment of adult offenders. The paper includesa brief presentation of the basic theory of cognitive therapyand a discussion of its relevance to criminal behaviour. Itthen describes a group of treatment techniques, with examplesof their application. The interventions fall into three generalcategories: cognitive restructing and impulse control, problem-solvingand social-skills training, and cognitive stimulation. Someof the techniques are borrowed, with adaptations. from the literatureof cognitive therapy and some are presented here for the firsttime.