Complementarity between multilateral and bilateral aid is essential to ensuring Official Development Assistance (ODA) has impact and is effective. This paper examines whether multilateral outflows and the “multi bi” (or earmarked) aid of Development Assistance Committee (DAC) members are...

We prove that the total risk of a portfolio held by an investor with preferences described by a power utility with subsistence or a HARA utility, is a weighted sum of the covariances between the portfolio's return and higher-order powers of that return, shifted by the subsistence level. We show...