This paper studies a target-based procedure to rank lotteries that is normatively and observationally equivalent to the expected utility model. In view of this equivalence, the traditional utility-based language for decision making may be substituted with an alternative target-based language....

This paper describes a parametric family of utility functions for decision analysis. The parameterization is obtained by embedding the HARA class in a four-parameter representation for the risk aversion function. The resulting utility functions have only four shapes: concave, convex, S-shaped,...

The objective of this paper is to analyse the intergenerational transmission mechanisms within a theoretical framework which supposes a heterogeneous family structure. For that, we propose a modified version of the model of Becker and Tomes (1986) by supposing that they exist two groups of...

This paper applies parametric and nonparametric techniques to the most recent data from the Russian Longitudinal Monitoring Survey (RLMS) 1992- 2000 and shows the returns to schooling increased over the course of transition, overall and for attainment cohorts neither at the top nor bottom of the...

This paper analyzes some of the implications of North American labor market integration for fiscal policy. The economies of Canada and the US are both characterized by highly integrated internal markets for goods and services as well as for labor and capital, and subnational governments in both...

In this paper we explore the possibility, heretofore unexplored in the marketing literature, that firms “invest funds” in their pricing processes. This builds on some of the recent economic work on the costs of price adjustment. To do this we undertook a two-year, cross- disciplinary,...

I use a dynamic microsimulation model to analyse the distributional effects of an expansion of education in Côte d'Ivoire in the medium and long term. The simulations are performed in order to replicate several policies in force or subject to debate in this country. Various hypotheses...

The framework of a general equilibrium heterogeneous agent model is used to study the optimal design of an unemployment insurance (UI) scheme and the voting behaviour on unemployment policy reforms. In a first step, the optimal defined benefit and defined replacement ratio UI systems are...

Using the rich data from the National Longitudinal Survey of Youth, we show that several dimensions of college quality have positive impacts on young women's wages. We find evidence of ability sorting, but controlling for ability, women who attend higher quality colleges earn higher wages. Women...

This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It...