This paper studies the importance of dynamic earnings modeling for the design of income contingent student loans (ICLs). ICLs have been shown to be theoretically optimal in terms of efficiency in the presence of risk aversion, adverse selection and moral hazard, and have attractive equity...

A mortality surface is a measure of mortality indexed by year and age. A central limit theorem for aggregate data is established for the mortality surface defined by the logistic transform of the year and age-specific probability of death and this is used to postulate and estimate a regression...

Whose preferences determine the tradeoff between security and civilian output in deciding upon budget allocations to defence? This paper considers the role that consumer preferences might play in influencing military spending. We propose normative criteria to judge the economic or political...