We test for mean reversion in real exchange rates using data from five countries, four of whichhave experienced episodes of high inflation. We use monthly data for Argentina, Brazil, Chile,Colombia and Israel from 1972 to 1993 and find that in all cases except Brazil a stochastic unitroot model...

Several policy issues arise in this context. If households are unable or unwilling to move inold age, their consumption behaviour may be constrained by asset illiquidity...

This paper shows that although small or nancially constrained environmentalistgroups may be in a weak position, relative to polluting industries, in the directcompetition for political inuence, they can compete indirectly through changingpublic preferences over environmental quality. However, in...

This paper illustrates the application of functional-equations results in population ethics.In an intertemporal framework, we provide characterizations of several classes of variablepopulationsocial orderings that may depend on individual lengths of life in addition tolifetime utilities...

We analyze the rationalizability of variable-population social-choice functions in a welfaristframework. It is shown that xed-population rationalizability and a weakening ofcongruence together are necessary and suffcient for rational choice, given a plausible dominanceproperty that prevents the...

This note provides an alternative proof of a known result on the existenceof collections of orderings generating intersection quasi-orderings. Instead of proving theresult from rst principles, it is illustrated how it can be obtained by making use of ananalogous relationship between partial...

This paper analyzes the problem of deriving the law of supply from plausible restrictions onobserved input-output choices of a competitive firm, when the firm makes random input-outputdecisions. It models such random production behavior in terms of a stochastic supply function,and introduces a...

We present a new approach to estimating health gains from treatments by asking respondentsto directly compare the ‘before’ and ‘after’ treatment health states in the time trade-off (TTO)framework. We found that responses to these direct comparisons were much more likely tocapture a...

The endowment effect, which is well documented in the contingent valuationliterature, alters people’s preferences according to a reference point established in theelicitation question...

Public pension programmes in many OECD countries are in difficulties. With anageing population, and declining participation of working age men in paid work,existing pension arrangements are far too costly in many countries, both now and inthe future. This paper examines the evidence as to...