The engine of growth in the capitalist economy and the main source of the wealth of nations is productively employed human capital. This means that there are at least three key elements that must be present in an economy for successful development: 1) adequate supply of potential human capital...

Most models of international trade assume extremes of factor mobility between productive uses. From perfectly mobile factors in the Heckscher-Ohlin model, to fixed capital and mobile labor in the Ricardo-Viner-Jones model, factors are assumed to move costlessly or not at all. In reality, factors...

In this paper we introduce a property of balanced contributions in the context of multi-issue allocation situations.Using this property, we characterise the run-to-the bank rule for multi-issue allocation situations

This paper compares the performance of direct negotiation, double auction, and a two-sided combinatorial call market for consolidating fragmented land. Experimental results suggest direct negotiation produces higher efficiencies than other mechanisms 1) when all commodities need to be traded to...

The aim of this paper is to investigate the spatial distribution of the jobs created in Brazil between 1992 and 2002, based on the information provided by the PNAD - a national household survey carried out on a yearly basis. In addition to total employment, spatial changes related to specific...

This paper considers two-stage solutions for multi-issue allocation situations. Characterisations are provided for the two-stage constrained equal awards and constrained equal losses rules, based on the properties of composition and path independence

In an exchange economyw ith a finite number of indivisible goods, we analyze a dynamic trading process of coalitional recontracting where agents may make mistakes with small probability. We show first that the recurrent classes of the unperturbed (mistakefree) process consist of (i) all core...

The economic contribution of open spaces extends beyond the regular farmers' agricultural profits. This contribution is expressed in positive environmental externalities which include an attractive landscape, improved air quality, noise reduction, lower temperatures, shading, and potential use...

The competitive market structure of a decentralized economy is converted into a self-policing system treating the bureaucracy and enforcement of the legal system endogenously. In particular we consider money systems as constructs to make agents' economic strategies predictable from knowledge of...

The objective of this paper is to assess the likely allocation effects of the current climate protection strategy as it is laid out in the National Allocation Plans (NAPs) for the European Emissions Trading Scheme (ETS). The multi-regional, multi-sectoral CGE-model DART is used to simulate the...