This paper provides an analysis of solutions to bankruptcy problems from an axiomatic point of view. In particular, we provide characterizations of certain classes of solutions involving the properties of linearity, symmetry and efficiency. Furthermore, we show that there is a unique solution...

The figures show that in Uruguay there are not significant changes in the composition of employment by qualifications during the last decade, being the majority group those of medium skilled workers. Even when in the period there was a significant increment in employment, it was not exempt of...

The Pareto optimal concept does not concern with fairness or equality, it is a concept related to efficiency. In this paper, using techniques from the general equilibrium theory, we relate efficiency, fairness and stability of an economy.

This paper describes the dynamics of the economic performance of the sub-national Mexican states from 1970 to 2006; the used state variables are the levels and the growth rates of the GDP per capita. The authors situate his approach in a conceptual and methodological panorama of the existent...

This paper analyzes the role of the sharply increases in the minimum wage after 2004 in Uruguay in the slight decrease on wage inequality. We Önd no impact of the miminum wage increases on wage inequality. This results can be explained by the low starting level of the minimum wage or lack of...

Analizamos las calificaciones de deuda soberana a partir de modelos logit para una muestra de 53 países entre 2000 y 2010. Dado que la literatura sobre el tema omite un tratamiento diferencial para variables explicativas no estacionarias incorporamos un factor de tendencia que interactúa con...

There is an increasing literature that discusses how to measure the middle class. Some approaches are based on an arbitrary deÖnition such as income quartiles or the poverty line. Recently, Foster and Wolfson developed a methodology which lacks of arbitrariness that enables us to compare the...

General Equilibrium Theory (GE) scrutinizes the ability of markets to achieve efficient allocation of resources. The main purpose of this work is, in the framework to the GE to analyze, the possibility of design a mechanism enabling agents to make independent decisions compatible with social...

In the case of natural monopolies there tends to be a trade-off between a higher quality of output provided by private firms, and a better access for poor consumers provided by public firms. This is partly the reflection of differences in objectives by private and public firms. The former tend...