This paper studies the problem of fairly allocating an amount of a divisible resource when preferences are single-peaked. We characterize the class of envy-free and peak-only rules and show that the class forms a complete lattice with respect to a dominance relation. We also pin down the...

Media pundits and some politicians would have us believe that industrial production has been declining in the United States. Some would even say that “we don't make things anymore.” However, the statistics show a different picture. This paper examines the trade statistics for the United...

There are existing legal systems that embody planned resiliency. One of these is the “multiple-use” paradigm, which instructs resource managers to manage resources to maximize their multiple uses. Despite this built-in resiliency, the agencies charged with such management have not been able...

This testimony makes three main points. First, inheritances tend to exacerbate existing economic disparities and may be the most important barrier to intergenerational economic mobility. These tendencies are most pronounced at the top of the income distribution. While inherited income is...

Monetary Policy Committees differ in the way the interest rate proposal is prepared and presented in the policy meeting. In this paper we show analytically how different arrangements could affect the voting behaviour of individual MPC members and therefore policy outcomes. We then apply our...

Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change...

The economics of electricity is shaped by its physics. A well know example is the non-storability of electricity that causes its price to fluctuate widely. More generally, physical constraints cause electricity to be a heterogeneous good along three dimensions - time, space, and lead-time....

Bioenergy is a major source of energy in developing countries. However, increasing demand for agricultural commodities can lead to a stronger competition for natural resources with the bioenergy production. The nexus among energy, food production and natural resource use may result in trade-offs...