Political campaign spending ceilings are purported to limit the incumbent’s ability to exploit his fundraising advantage. If the challenger does not have superior campaign effectiveness, in contrast to conventional wisdom, we show that the incumbent always benefits from a limit as long as he...

This paper investigates the causal linkages between monetary and equity market integration of the new member states (NMS) as well as of the non economic monetary union (Non- EMU) member states with the euro zone, after the official launch of the euro. Granger causality in mean and in variance...

This paper examines the relationship between aggregate inequality and its underlying components for a number of European countries. We use a well established GMM approach to separate the permanent component from the transitory component of earnings inequality. Our results show that three...

There is growing interest in the United States and elsewhere in the use of a points-based system for selecting immigrants on the basis of their observed human capital. This paper explores the design of an optimal skills-based immigrant selection system based on two basic elements: a...

A general model of judgment aggregation is presented in which judgments on propositions are not binary but come in degrees. The primitives of the model are a set of propositions, an entailment relation, and a “triangular norm” which establishes a lower bound on the degree to which a...

There is growing international interest in a Canadian-style points system for selecting economic immigrants. Although existing points systems are influenced by the human capital literature, the findings have traditionally been incorporated in an ad hoc way. This paper explores a formal method...

This paper studies the redistribution effect of personal income tax in Pakistan. We decompose the overall tax system in order to evaluate the contribution of rate, allowances, deductions, exemptions and credits. The structure given in Income Tax Ordinance 2001 is applied to gross household...

To what extent are stakeholders’ land use decisions influenced by heterogeneous land-use preferences, spatial externalities, and heterogeneous suitability features? To explore this issue we develop and calibrate a heterogeneous-agent portfolio-theory model to the 1940-1993 Indiana land-use...

It is well known that many social decision procedures are manipulable through strategic behaviour. Typically, the decision procedures considered in the literature are social choice correspondences. In this paper we investigate the problem of constructing a social welfare function that is...

This paper studies the impact of changes in the external balance of a developing economy (Pakistan). We explain that the economic growth achieved during the past decade is highly dependent on the improvements in external balance. Between 2001 and 2007 Pakistan has benefited from, an increase in...