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In many economic applications involving comparisons of multivariate distributions, supermodularity of an objective function is a natural property for capturing a preference for greater interdependence. One multivariate distribution dominates another according to the `supermodular stochastic...
Persistent link: https://www.econbiz.de/10011083601
In this paper, we propose to identify the dependence structure existing between the returns of equity and commodity futures and its evolution through the past 20 years. The key point is that we do not do not impose the dependence structure but let the data select it. To do so, we model the...
Persistent link: https://www.econbiz.de/10011084009
States in terms of unemployment, productivity growth and wage inequality. To show this, we construct two fictitious economies …. In the laissez-faire economy (United States), unemployment remains constant, but wage inequality increases more and …
Persistent link: https://www.econbiz.de/10005788908
The paper examines the appropriate domain of the Welfare State by exploring the areas in which free enterprise fails to provide adequate welfare state services. The paper outlines a simple coherent strategy for formulating government welfare state policy by identifying the relevant market...
Persistent link: https://www.econbiz.de/10005788942
This paper explores the implications of the ongoing reorganization of firms for inequality in the labour market. We …, creating demands for new combinations of skills, and thereby leading to new patterns of wage inequality. Specifically, our …
Persistent link: https://www.econbiz.de/10005789077
curve in many Western economies during this period, with the fall in inequality following redistribution due to …
Persistent link: https://www.econbiz.de/10005791338
in time. In politico-economic equilibrium, more inequality (in terms of the skewedness of the distribution) yields a …
Persistent link: https://www.econbiz.de/10005791379
Mobility of workers involves flows of labour, human capital and other production factors and thus contributes to a more efficient allocation of resources. Besides these effects on allocative efficiency, migrant flows affect relative wages and also change the international and national...
Persistent link: https://www.econbiz.de/10005791628
inequality when workers are ex-ante equal, but their adaptability to new technologies is subject to stochastic factors that are … the demand for adaptable workers. In the model the rise in within-group inequality is mainly transitory, and is mirrored …
Persistent link: https://www.econbiz.de/10005791715
If redistribution is distortionary, and if the income of skilled workers is due to knowledge-intensive activities and depends positively on intellectual property, a social planner which cares about income distribution may in principle want to use a reduction in Intellectual Property Rights...
Persistent link: https://www.econbiz.de/10005791837