In this paper, I re-examined standard preferences in a small open economy (SOE) model with indivisible labor calibrated to Canada. It is well known that dynamic small open economy models rely on Greenwood, Hercowitz and Huffman (1988) preferences to match the countercyclical trade balance...

We investigate the economics of exploration and development of oil and gas fields in the United States over the period 1955-2002. We make four contributions to explaining the economic evolution of the oil and gas industry during this period. First, we derive a testable model of the dynamics of...

Risk adjustment deters selection and helps to assure fair and efficient payments among health insurers or capitated provider groups. However, since conventional risk adjustment allocates funds among insurers or regions according to current population health status, it does not reward - indeed,...