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Liberal principles for social welfare relations in infinitely-lived societies

Lombardi, Michele; Veneziani, Roberto - 2009

This paper extends the analysis of liberal principles in social choice recently proposed by Mariotti and Veneziani (2009a) to infinitely-lived societies. First, a novel characterisation of the inegalitarian leximax social welfare relation is provided based on the Individual Benefit Principle,...

Persistent link: https://www.econbiz.de/10003877125

Policy and welfare effects of within-period commitment

Martin, Fernando M. - 2011

I study the implications of different institutional frameworks for the conduct of fiscal policy, under the assumption that the government cannot commit to future policy choices. The environments analyzed vary on whether the government is endowed with the ability to commit to beginning-of-period...

Persistent link: https://www.econbiz.de/10009312804

The value of constraints on discretionary government policy

Martin, Fernando M. - 2016

This paper investigates how institutional constraints discipline the behavior of discretionary governments subject to an expenditure bias. The focus is on constraints implemented in actual economies: monetary policy targets, limits on the deficit and debt ceilings. For a variety of aggregate...

Persistent link: https://www.econbiz.de/10011585839

Money and capital as competing media of exchange in a news economy

Andolfatto, David; Martin, Fernando M. - 2009

Persistent link: https://www.econbiz.de/10003879120

Strong subjectivism in the Marxian theory of exploitation : a critique

Veneziani, Roberto; Yoshihara, Naoki - 2009

This paper critically analyses the strongly subjectivist approach to exploitation theory recently proposed by Matsuo … exploitation index can be constructed. It is argued that a minimal objectivism is necessary in exploitation theory, whereby … related to the 'New Interpretation' ([1]; [3]). It is argued that it captures the core intuitions of exploitation theory and …

Persistent link: https://www.econbiz.de/10003933905

Exploitation as the unequal exchange of labour : an axiomatic approach

Yoshihara, Naoki; Veneziani, Roberto - 2009

Roemer's (1982, 1988) classical approach and all the crucial insights of exploitation theory are generalised, proving that …

Persistent link: https://www.econbiz.de/10003933908

A product-market theory of industry-specific training

Gersbach, Hans (contributor); Schmutzler, Armin (contributor) - 2006

We develop a product market theory that explains why firms provide their workers with skills that are sufficiently …

Persistent link: https://www.econbiz.de/10003387557

Moral hazard and lack of commitment in dynamic economies

Karajvanov, Alexander K.; Martin, Fernando M. - 2011

We revisit the role of limited commitment in a dynamic risk-sharing setting with private information. We show that a Markov-perfect equilibrium, in which agent and insurer cannot commit beyond the current period, and an infinitely-long contract to which only the insurer can commit, implement...

Persistent link: https://www.econbiz.de/10009312805

Dynamic optimal insurance and lack of commitment

Karajvanov, Alexander K.; Martin, Fernando M. - 2011

This paper analyzes dynamic risk-sharing contracts between profit-maximizing insurers and risk-averse agents who face idiosyncratic income uncertainty and may self-insure through savings. We study Markov-perfect insurance contracts in which neither party can commit beyond the current period. We...

Persistent link: https://www.econbiz.de/10009312807

Social democracy and distributive conflict in the UK : 1950 - 2010

Fiorio, Carlo V.; Mohun, Simon; Veneziani, Roberto - 2013

In the last three decades, two questions have been central for the Left. Is there a future for electoral socialism and social democracy? And, is it any longer possible to promote a significant redistribution of income in favour of labour? Political and economic events seem to suggest negative...

Persistent link: https://www.econbiz.de/10009753328