We use a simple Lotka-Volterra model of the disease transmission process to analyse the dynamic population structure when a vaccine is available at a constant price through time which gives partial immunity to the disease. In contrast to earlier results for the full immunity case, we find that...

We deal with the important question of estimating the long-run variance of a stationary sequence. We derive the asymptotic properties of a generalized Newey-West type of estimator in the case of a linear I(d) process. The results show that the bias and asymptotic distribution of the generalized...

We consider resource allocation within an organisation when agents have a preference for autonomy and show how delegation bears on moral hazard and adverse selection. Agents may care about autonomy for reasons of job-satisfaction, status or greater reputation of perform-ance under autonomy....

We analyse the implications of multiple Nash equilibria in consumption patterns. Multiple equilibrium theory has been extensively used in macroeconomics to explain the convergence of the system to a low inefficient equilibrium. Its microfoundations appear very abstract and stylised. It has been...