[70 
PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2§ 
it follows that 
(= 
Thus, © appears as the average amortization period for primary 
capital C, (§ 141), and since the process considered is a statio- 
nary one, this average period © is independent of the amorti- 
zation rule. 
For positive rates of interest and from (141-3), C/R, is. 
always superior to ©. 
As far as the ratio y/® is concerned and as will be shown 
later, it may be greater than, smaller than or equal to unity (1), 
even in the case of a stationary process (2). 
227, relation (227-6). 
240 (relations 240-5 and 240-11, with p=o). 
che same time, in the case of the exponential model, y=0 for p=o 
relation 251-171) 
11] Allais - pag. 74