This paper extends a New Keynesian model with features of endogenous growth. This allows temporary shocks to have persistent effects, which in turn feeds back to short run demand and thus changes both the short and medium run response of the economy. The first major finding is that the model...

We consider the problem of reallocating the total initial endowments of an infinitely divisible commodity among agents with single-peaked preferences. With the uniform reallocation rule we propose a solution which satisfies many appealing properties, describing the effect of population and...

The judicious use of natural resources is a crucial prerequisite for sustainable growth not only in developed countries, but even more so in the Third World. To a substantial degree, natural resource use is determined by the tax structure governing a country''s economic activity. When a tax...

The recent Bertelsmann buy-out of Springer ends 157 years of fiercely independent scholarly publishing. On Tuesday February 16, 1999, the European Commission decided that, although both companies are active in professional publishing, the takeover does not raise any competitive objections...

Consider the problem of exact Nash Implementation of social choice correspondences. Define a lottery mechanism as a mechanism in which the planner can randomize on alternatives out of equilibrium while pure alternatives are always chosen in equilibrium. When preferences over alternatives are...

In cumulative prospect theory models, different behavior concerning gains and losses is per-mitted. For gains different decision weights are assigned than for losses, and the shape of utility can reveal loss aversion. Decision analyses concentrate on both, the capacities, which determine the...

We propose an approach for checking the data admissibility of non-stationary multivariate time series models (VAR or VARMA) through that of their implied individual ARIMA specifications. In particular we show that the presence of different kinds of common cyclical features restrictions, leading...

Problem-based learning is rather labor intensive for teaching staff. In addition, the problem-based structure does not work always optimally in practice. Brainstorming during pre-discussion of tasks becomes very superficial, preparation of the students is far from optimal, and post-discussion is...

We consider the problem of determining a set ofoptimal tariffs for a revenue maximizing operator, on a subset ofall arcs of a telecommunications network. We suppose multiplerational clients are active on the network who route their demandson the cheapest paths from source to destination, where...

A method to allocate the benefits to the players of a cooperative game is the Shapley value. Its computation demands the knowledge of all coaltion worths with certainty. This paper introduces the expected Shapley value, an extension of the Shapley to games were not all the worths are known with...