, allows us estimating the socio-demographic determinants of retail profitability. Using a simulation model, we are able to … predict the development of bank profitability due to demographic shifts up to 2025. One of the main findings is that the … the population reduces the customer base, ageing per se increases profitability as older customers typically generate …

workers forgo profits by submitting to their tastes. In a competitive market their firms lack efficiency and are therefore …

decreasing efficiency, which becomes more severe as the centralized budget increases. We also analyze partial ex-ante commitment … through alternative decision-making institutions: Both majority rule and exogenous tax rules can improve efficiency. …

by the Ramsey government not only increases aggregate efficiency, but it also decreases inequality. This result is in …

training. While there is little if any evidence in support of under-provision because of liquidity constraints to the demand …

to advance both efficiency and equity. Returns to educational investments tend to decrease over the life cycle. Moreover … life cycle. This creates complementarities between efficiency and equity at early stages and trade-offs at late stages. The … paper goes on to discuss specific policies for efficiency and equity at each educational stage, ranging from early childhood …