William Whipple

Assessing unrecorded organic pollution from agricultural, urban, and wooded lands

Abstract An investigation was conducted of the organic pollution for seven small New Jersey watersheds representing agricultural, urban, and wooded lands. The 5-day biochemical oxygen demand (BOD) was used as a main index of organic pollution. Data obtained for a 2·5 yr period indicate background BOD concentrations averaging from 0·5 to 2·0 mg l −1 in all streams, except that a value of 9·0 mg l −1 was obtained for a residential-commercial-industrial area. During or after rainstorms, the BOD loadings, in pounds per day per unit area, averagely became more than ten times as the background amount for all streams. No significant correlation was found between BOD concentration and flow rate, but good correlations were obtained between BOD loadings and flows. The seasonal pattern of BOD loading distribution was examined. Also the frequency distribution of BOD concentrations and loadings were obtained.

The Disutility of Uncertain Losses

ABSTRACT The ancient hypothesis that equal quantities of money gained or lost may have different utilities depending upon the cirumstances of the recipient has never been fully accepted into the main body of economic theory. To eliminate confusion, it is essential to abandon the attempt to quantify a utility function of wealth or income, and to develop instead a utility function of uncertain gains and losses, basing it upon relative values placed upon alternative contingencies by the same individuals. The basic facts of life insurance and of health insurance show that the majority of persons are prepared to pay approximately twice the actuarial value to avoid major contingencies. These results allow definition of a marginal utility coefficient for this range of losses. Small losses and moderate gains apparently have utility coefficients approximating unity. A working hypothesis based upon the above is consistent with evidence as to risk aversion from the securities markets. The most important characterist...