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, but cannot regulate how this expenditure is subdivided among the commodities within a subset. We say that preferences are … in the partition depends on the effort level, and that preferences are weakly separable when there exists no such subset … insurance and preferences are nonseparable. This result appears to support the conclusion of the above mentioned folk theorem …
Persistent link: https://www.econbiz.de/10008468520
An indivisible good is to be consumed by one of several agents. The consumption involves identity-dependent externalities to the non-consumers. Resale markets for such goods are analysed in various institutional settings with complete information, assuming the agents cannot commit to future...
Persistent link: https://www.econbiz.de/10005124469
It is well known that ex post efficient mechanisms for the provision of indivisible public goods are not interim individually rational. However, the corresponding literature assumes that agents who veto a mechanism can enforce a situation in which the public good is never provided. This paper...
Persistent link: https://www.econbiz.de/10005504573
This Paper deals with collective decision making within a group of independent jurisdictions. The right to choose the public policy is delegated from the central authority of one of the jurisdictions through a bidding procedure among the group members. We identify the following trade-off:...
Persistent link: https://www.econbiz.de/10005661614
We study a general equilibrium model where agents' preferences, productivity and labour endowments depend on their … preferences and health enhancing consumption activities are sufficiently effective, so that income and health are substitutes. The … converse obtains when health aspects preferences, but health enhancing consumption activities are not very effective, and hence …
Persistent link: https://www.econbiz.de/10005662275
Using a simple monopoly model, this note analyses the incentives of a vaccine producer. Because a vaccine tends to eradicate the disease for which it is intended, it also tends to destroy its own market. This means that monopolistic producers may be tempted, in a socially non-optimal way, to...
Persistent link: https://www.econbiz.de/10005114442
This paper analyses the profit maximising capacity choice of a monopolistic vaccine producer facing the uncertain event of a pandemic in a homogenous population of forward-looking individuals. For any capacity level the monopolist solves the intertemporal price discrimination problem within the...
Persistent link: https://www.econbiz.de/10005661750
-one European airports over an eighteen-year period. We are able to extend the literature on the role of airports as an essential … main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports …
Persistent link: https://www.econbiz.de/10009351519
joint ownership of airports? Does airline countervailing power stop airports raising fees? Should airports be prohibited, as … upstream concentration or in the substitutability between airports always increases the landing fee; (b) the effect of … regime between airlines and whether airports can price discriminate: airline concentration reduces the landing fee when …
Persistent link: https://www.econbiz.de/10008854469
Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ‘fundamentals’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for...
Persistent link: https://www.econbiz.de/10005788957