We study the impact of an anticipated "baby boom" in an overlapping generations economy.The rise of the working population lowers the wage, and the high demand for assets causes a rise in the price of capital which will be reversed when the baby boomers leave the work-force.However, the swings...

The problem of assessing a system of governance for composite services in the social economy is approached by means of original methods.The main innovation is that the welfare structure of a society is separated from the legal transaction- or institutional structure.As both the various types of...

Starting from MacIntyre's virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care and accuracy. We compare and contrast these codes of conduct...

This paper ranks Dutch economists using information about publications and citations. Rankings involve the aggregation of several performance dimensions. Instead of using a cardinal approach, where each dimension is weighted based on impact factors of journals for example, we use an ordinal...

If contract enforcers must be randomly selected from the same population and thus are as opportunistic as ordinary traders could a system of adjudication nevertheless increase the degree to which contractual obligations on large anonymous markets are fulfilled? Adopting an indirect evolutionary...

According to the permanent income / life-cycle hypothesis (PILCH), under standard preferences anticipated changes in employment status should not affect the changes in consumption. In this paper, we investigate the consumption behaviour of individuals who lose their jobs and those who find a...

In this paper we investigate global optimization for black-box simulations using metamodels to guide this optimization. As a novel metamodel we introduce intrinsic Kriging, for either deterministic or random simulation. For deterministic simulation we study the famous `efficient global...

Kriging is a popular method for estimating the global optimum of a simulated system. Kriging approximates the input/output function of the simulation model. Kriging also estimates the variances of the predictions of outputs for input combinations not yet simulated. These predictions and their...

In this paper we study distributionally robust constraints on risk measures (such<br/>as standard deviation less the mean, Conditional Value-at-Risk, Entropic Value-at-Risk) of decision-dependent random variables. The uncertainty sets for the discrete probability distributions are defined using...