A well-known impossibility theorem in social choice theory states that every non-dictatorial social choice function, assigning a unique alternative from a set of at least three to every profile of individual preferences, can be manipulated. In this paper we examine a particular family of social...

Over the 400 years covered by this study European grain markets became increasingly integrated as measured by the speed of adjustment back to equilibrium after a shock. Market integration smoothened local supply shocks and therefore generated price stability which can be seen as having a...

This paper discusses a number of likelihood ratio tests on long-run relations and common trends in the I(2) model and provide new results on the test of overidentifying restrictions on β’xt and the asymptotic variance for the stochastic trends parameters, α⊥1: How to specify deterministic...

In a recent paper Happich and Mühlbacher [Eur J Health Econom (2003) 4:292-294] proposed an axiom of constant absolute trade-off in life years, and studied the family of QALY models satisfying this axiom under expected utility and mutual utility independence between life years and health state....

We consider an artificial world of two interdependent economies which produce differentiated commodities and accumulate human capital. Commodities are traded and human capital production depends on country-specific public expenditures and world-wide knowledge. Public goods are differentiated in...

Several axioms have been proposed for the axiomatization of input measures of technical efficiency. In this paper our primary concern is the Färe-Lovell efficiency measure. It is shown that this measure can be characterized by a set of five independent axioms.

The long-run and short-run structure of the Danish manufacturing export sector is analyzed within a cointegrated vector autoregressive model. The price variables of the analysis can be characterized as integrated of second order, I(2), but long-run homogeneity seems to cancel the I(2)-trend...

An uncertain and not just risky situation may be modeled using so-called belief functions assigning lower probabilities to events, that is, to sets of possible outcomes. In this paper we introduce an axiom of consistency by which we extend the von Neumann-Morgenstern expected utility theory to...

A formula is developed that enables labour productivity ranking of regions with minimum access to data. Furthermore, a probability approach is chosen in the use of uncertain information. Results indicate a productivity gap in favour of 14th century Italy compared to England.

We consider economies with incomplete markets, one good per state, private ownership of initial endowments, a single firm, and no assets other than shares in this firm. In this simple framework, arbitrarily small income effects can render every market equilibrium resulting from some production...