The division of a cake by n players is modeled as a game of timing. We show that such games admit a unique Nash equilibrium.

In this paper we present an axiomatic analysis of several ranking methods for tournaments. We find that two of them exhibit a very good behaviour with respect to the set of properties under consideration. One of them is the maximum likelihood ranking, the most common method in statistics and...

The constrained egalitarian solution of Dutta and Ray (1989) for TU-games is extended to asymmetric cases, using the notion of weight systems as in Kalai and Samet (1987,1988). This weighted constrained egalitarian solution is based on the weighted Lorenz-criterion as an inequality measure. It...

This paper analyses the effects of reducing unfunded social security in a closed economy that consists of a service sector and a commodity sector.It is shown that if old agents mainly demand labour intensive services, a modest decrease of the pay-as-you-go pension scheme still raises long-run...

This paper analyses the effects of reducing unfunded social security and population ageing on economic growth and welfare, both for a small open economy and for a closed economy.The economy consists of a service sector and a commodity sector.Productivity growth only occurs in the latter sector...

Abstract: We analyze the impact of the countercyclical capital buffers held by banks on the supply of credit to firms and their subsequent performance. Countercyclical ‘dynamic’ provisioning that is unrelated to specific loan losses was introduced in Spain in 2000, and modified in 2005 and...