Global energy demand is likely to increase by 45 percent by 2030. Climate change will threaten existing employment and necessitate new green jobs. Funding has gone towards such renewable energy technologies as wind and solar; such fuel economy options as second-generation hybrids, plug-in...

This paper solves explicitly a dynamic choice problem for a class of stochastic volatility models. The explicit solution is used to show that intuitions on static choice problems do not apply in a dynamic choice setting. For example, even though the risk premium of the risky asset in the problem...

Consumers choosing a cellular calling plan typically have many options to choose from. While the number of firms may be small, each offers a large number of calling plans, each one dealing with many options for each of the different types of services included in the contract (voice...

This paper shows that Hausman-McFadden and related tests for the multinomial logit model are not informative about failure of IIA, but only about specification error in the deterministic part of the utilities attached to choice alternatives. It is shown that the multinomial logit cannot be...

Anecdotal, empirical, and experimental evidence suggests that offering extrinsic rewards for certain activities can reduce people's willingness to engage in those activities voluntarily. We propose a simple rationale for this `crowding out' phenomenon, using standard economic arguments. The...

The note documents and discusses the modalities and consequences of the phenomenon of siphoning profits of state enterprises for private uses by state enteprise managers and insiders in Bulgaria during the period of early transition.

Undesirable outputs are often produced together with desirable outputs. This joint production of good and bad outputs brings about a difficulty for productivity measurement. Here we introduce a directional distance function and use it as a component in a new productivity index. This index, as an...

Reply to professor Vanek's comment on Bogetic's paper in the same issue of the Economic Analysis and Workers' Management.

I show that the Pigovian solution to a simple externalities problem and a particular Coasian solution can be viewed as competitive equilibria from different initial endowments. I also describe the ``compensation mechanism,'' a mechanism that implements either the Coasian or Pigovian solution as...

This paper studies efficient and egalitarian allocations over a single heterogeneous and infinitely divisible good. We prove the existence of such allocations using only measure-theoretic arguments. Under the additional assumption of complete information, we identify a sufficient condition on...