Since the underlying of the weather derivatives is not a traded asset, these contracts cannot be evaluated by the traditional financial theory. Cao and Wei (2004) price them by using the consumption-based asset pricing model of Lucas (1978) and by assuming different values for the constant...

This paper presents a dynamic model of the reinsurance market for catastrophe risks. The model is based on the classical capacity-constraint assumption. Reinsurers choose every year the quantity of risk they cover and the level of external capital they raise to cover these risks. The model...

In this article we develop a dynamic model where an endogenous evolution of trust impacts a politician's choice for bribe-taking and tax re-distribution. The politician obtains utility from net income that comes from his wage income, tax embezzlements and bribe-taking, and he also has incentives...

We propose an analytical resolution of Schelling segregation model for a general class of utility functions. Using evolutionary game theory, we provide conditions under which a potential function, which characterizes the global configuration of the city and is maximized in the stationary state,...

This paper is concerned with groundwater management issues in the presence of rainwater harvesting (RWH). Namely, we propose a two-state model in order to take into account the standard dynamics of the aquifer and the dynamics of the storage capacity since the collected rainwater reduces the...

Purpose: To develop a comprehensive account for careers within the Greek academic system. Historical, cultural and geographical features of the country have created a unique context that has shaped the way academic careers evolve. Design/methodology/approach: The primary methods of data...

Given the increasingly prominent role the Internet plays in people's daily life, understanding its influence on individual well-being is crucial. Internet use yields direct utility and economic returns that may increase life satisfaction. But the Internet might also have detrimental effects...

This paper investigates the relationship between trust and macroeconomic volatility. In a cross section of countries, we show that higher trust is associated with lower macroeconomic instability. We use the inherited trust of Americans as an instrumental variable of trust in their origin country...

How can healthcare access for Chinese migrants be improved? Migrant workers face two types of healthcare-access exclusion in the workplace: a financial one (via income) and a legislative one (from the "hukou"). We use 2006 data from a survey of rural migrant workers conducted in five of the most...

This paper documents the co-evolution of social capital, measured as generalized trust, and financial development over the twentieth century. I use cross generations inherited trust of Americans with foreign ancestors to track trust in their home country in 1913 and 1990. The paper documents a...