-funding is very effective in controlling guarantee costs in traditional DB plans, it is highly ineffective for DC-MB plans. This … larger than the DB benefit. This paper considers two approaches to controlling guarantee costs. The first approach borrows … in the bad states are subsidized. Both options are very effective at controlling guarantee costs, and they can be used …

uncertainty over the cost of completion. The first is technical uncertainty, i.e., uncertainty over the amount of time, effort … proceeds. The second is input cost uncertainty, i.e., uncertainty over the prices and quantities of labor and materials …'s value, and I use it to show how these two types of uncertainty have very different effects on investment decisions. As an …

technologies under uncertainty. Specifically, given two technologies, one with lower costs at present, but the other with greater … emissions. In the near-term, R&D investments, either by government or the private sector, can bring down the costs of these … uncertainty in the returns to R&D, how should one allocate the R&D budget? We develop a multi-stage stochastic dynamic programming …

How do communication costs affect the production of new ideas and inventions? To answer this question, we study the … showing how a fall in communication costs can increase the rate at which scientific knowledge is exchanged and new ideas and …

This paper derives the dependency of optimal tariff and inflation tax on tax collection and enforcement costs. The … analysis is done for a small, open economy. The existence of such costs can justify tariff and inflation tax policies as … the costs of tax collection …

costs and quantities. Unfortunately, neither in ordinary language nor in the jargon of moral philosophy can such ultimate … desiderata as liberty and justice be related to costs or quantities. Hence in the first section we sketch a model of social …