Limit core allocations are the ones that remain in the core of a replicated economy.An equivalent notion for economies with public goods is Schweizer s concept of club e ciency under a variable number of economic agents.We extend this notion to economies with goods that have a semi-public...

Limit core allocations are the ones that remain in the core of a replicated economy. An equivalent notion for economies with public goods is Schweizer's club efficiency. We extend this notion to economies with goods that have a semi-public nature. The notion encompasses purely private as well as...

Abstract: This paper presents the main reasons why public-private partnerships (PPPs) are adopted as well as the possible disadvantages for the public and private sectors. By means of two case studies on bridge construction and railway infrastructure (Fertagus and Lusoponte), we elucidate how a...

We study the dynamic output and welfare effects of public infrastructure investment under a balanced budget fiscal rule, using an overlapping generations model of a small open economy. The government finances public investment by employing distortionary labor taxes. We find a negative short-run...

The paper studies the dynamic output effects of public infrastructure investment in a small open economy. We develop an overlapping generations model that includes a production externality of public capital and a wealth effect on labor supply. Public capital enters the firm's production function...

Abstract Abstract This paper empirically investigates the effect of fiscal decentralization on public safety, which is widely taken as an important issue in evaluating the performance of public service. In addition, we provide evidence to the transmission channels of the decentralization effect....

Abstract: This paper determines the optimal timing of dike heightenings as well as the corresponding optimal dike heightenings to protect against floods. To derive the optimal policy we design an algorithm based on the Impulse Control Maximum Principle. In this way the paper presents one of the...

The paper analyzes the contribution of public capital to private output using several metaanalytical techniques. Both fixed and random effects models are estimated by Weighted Least Squares. Sample overlap across studies is explicitly controlled for by employing a `full' Generalized Least...

Abstract: This paper documents the Portuguese experience in Public-Private Partnerships (PPPs). Since 1993, Portugal has been using PPPs intensively, mainly for highway construction and in the health sector. This has enabled the country to close the infrastructure gap and avoid the budget...