We investigate the structure of fuzzy aggregation rules which, for every permissible profile of fuzzy individual preferences, specify a fuzzy social preference. We show that all fuzzy aggregation rules which are strategyproof and satisfy a minimal range condition are dictatorial. In other words,...

We use univariate GARCH models of inflation and output growth and monthly data on inflation and output growth in the G7 for the 1960-2000 period to examine all possible causal relationships between inflation, output growth, real, and nominal uncertainty, and hence test for a number of economic...

Willingness-to-pay studies are increasingly being used in the evaluation of health care programmes. There are, however, methodological issues that need to be resolved before the potential of willingness-to-pay can be fully exploited as a tool for the economic evaluation of health care...

The present paper analyses different formulations of individual rights within a traditional social choice-theoretic framework and a game form framework. It proposes a theory of social situations as a basis for some new formulations of individual rights that better incorporates some positive...

In this paper we attempt to examine the issue of sustainability of current account imbalances in eight East Asia countries using the latest developments in nonstationary panel data analysis. The methods of nonstationary time series panels provide a much more promising explanation than would an...

Real analysis, founded on the Zermelo-Fraenkel axioms, buttressed by the axiom of choice, is the dominant variety of mathematics utilized in the formalization of economic theory. The accident of history that led to this dominance is not inevitable, especially in an age when the digital computer...

The paper claims that the Monotone Consistency condition utilized by Baigent in his proof of the impossibility theorem is too strong. We factorize this condition into two different weaker conditions and show that they are inconsistent with some variants of the Simple Uncertainty Aversion and the...

The paper presents an axiomatic analysis of opportunity ranking within a logical framework. It establishes that any opportunity or freedom ranking is completely determined by a subjacent logical chain that is interpreted as a freedom standard. However, a preferential interpretation of the chain...

It is shown that for a `complex economy', characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an effective theory of policy.

Using a bivariate GARCH model of inflation and output growth we find evidence that higher inflation and more inflation uncertainty lead to lower output growth in the Japanese economy. These results support the argument of a price stability objective for the monetary authority.