There is a substantial amount of microeconomic evidence documenting diferential responses oflabor supply across productivity groups. In partic-ular, more productive individuals: (i) enjoy ahigher employment rate, (ii) have a lower volatility of employment and (iii) spend less time workingat...

Starting from a finite or countable set of states of health, and assuming the existence of an objective transitive preference relation on that set, we propose a way of performing interpersonal comparisons of states of health among individuals of different type. Then, a way of evaluating health...

This paper presents an algorithm for solving nonlinear dynamic stochastic models that computes value function by simulations. We argue that the proposed algorithm can be a useful alternative to the existing methods in some applications.

This paper focuses on some appealing properties for claims problems. Our main result is that the Constrained Equal-Losses Rule is the only rule satisfying equal treatment of equals, composition from minimal rights, and path independence.

This paper studies a complete-market version of the neoclassical growth model, where agents face idiosyncratic shocks to earnings. We show that if agents possess identical preferences of either the CRRA or the addilog type, then the heterogeneous-agent economy behaves as if there was a...

Nowadays, there is a growing interest about including indirect costs of health care programs in economic evaluations. In this paper, we provide a generalized cost-analysis of screening programs and propose a technique to measure production gains associated with these programs. We apply this...

This paper describes the evolution of the daily Euro overnight interestrate (EONIA) by using several models containing the jump component such asa single regime ARCH-Poisson-Gaussian process, with either a piecewisefunction or an autoregressive conditional specification (ARJI) for the...

In this paper a reconstruction of the theory of bargaining with claims in economic environments is addressed. The spirit of that reconstruction is similar to that made by Roemer of the standard bargaining theory.

This paper provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate...

In this paper we explore the notion that players are decent, in the sensethat their choices are bound by certain unwritten social rules. We apply thisidea to two cases: bankruptcy and bargaining in exchange economies. Wecharacterize the results that are generated by such a behavior in the cases...