Understanding of the substantial disparity in health between low and high socioeconomic status (SES) groups is hampered by the lack of a suffciently comprehensive theoretical framework to interpret empirical facts and to predict yet untested relations. We present a life-cycle model that...

Expectations and information about the growth of GDP per capita have a large influence on decisions made by private and public economic agents. It will be argued here that GDP (per capita) is far from a robust indicator of social welfare, and that its use as such must be regarded as a serious...

The main goal of this study is two-fold: (1) to provide a general overview of the contributions to the literature on the informal sector, with a special focus on the Public Choice approach; and (2) to compare these contributions across two institutionally different types of countries: developed...

This paper discusses various ways to organise these consultations, so that a compromise agreement is reached on the solution of the (re)distribution problem. These institutionalised structures of consultation are referred to as 'matching zones' here. Practical experiences, mainly from the...

A government officials' propensity to corruption, or corruptibility, can be affected by his intertemporal preference over job benefits. Through a dynamic model of rent-seeking behavior, this paper examines how endogenously determined corruptibility changes with monitoring intensity, salary...

We provide an explanation why centralisation of political decision making

This paper explores the feasibility to extend the Standard Cost Model (SCM) for calculating the costs of government regulation by taking all transaction costs into account which stem from the principal/agent relationship between regulatory authorities and economic entities. From that perspective...

A recent literature has emerged providing compelling evidence that a major shift in the organization of the developed economies has been taking place: away from what has been characterized as the <I>managed economy</I> towards the <I>entrepreneurial economy</I>. In particular, the empirical evidence provides...</i></i>

At the time of writing this article, Fourier inversion is the computational method of choice for a fast and accurate calculation of plain vanilla option prices in models with an analytically available characteristic function. Shifting the contour of integration along the complex plane allows for...

In a standard general equilibrium model it is assumed that there are no price restictions and that prices adjust infinitely fast to their equilibrium values. In this paper the set of admissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannot be guaranteed...