We derive sufficient conditions for non-emptyness of the efficient set for Stochastic Dominance Relations, commonly applied in Economics and Finance, over sets of distributions on the real line. We do so via the use of the concept of stochastic spanning and its characterization via a saddle type...

Understanding the exact connection between inequality and justice is important because justice is classically regarded as the first line of defense against self-interest and inequality. Absent a strong and clear link between inequality and justice, the sense of justice would not awaken to exert...

``The rich are getting richer'' implies that the population income distributions are getting more right skewed and heavily tailed. For such distributions, the mean is not the best measure of the center, but the classical indices of income inequality, including the celebrated Gini index, are all...

The evaluation of development processes and of public policies often involves comparisons of social states in which populations differ in size and longevity. This requires social evaluation principles to be sensitive to both the number and the length of lives. This paper explores the use of...

This paper proposes a comprehensive, path-independent decomposition formula of changes into ceteris paribus effects and interaction effects. The formula implies a reassessment of sequential decomposition methods that are widely used in the literature and that are restrictive in how they treat...

We use income satisfaction data in order to estimate equivalence scales. Our method differs from previous attempts to use satisfaction data for this purpose in that it can be used to estimate or evaluate any given parametric equivalence scale. It can also be employed to investigate specific...

How do individuals shape societies? How do societies shape individuals? This paper develops a framework for studying the connections between micro and macro phenomena. The framework builds on two ingredients widely used in social science − population and variable. Starting with the simplest...

This paper proposes a new model of wage determination and wage inequality. In this model, wage-setters set workers' wages; they do so either directly, as when individuals vote in a salary committee, or indirectly, as when political parties, via the myriad of social, economic, fiscal, and other...

This paper proposes a new unified theory of sociobehavioral forces. The goal of the new theory is to integrate theories describing five sociobehavioral processes - comparison (including justice and self-esteem), status, power, identity, and happiness - bringing under a single theoretical...

Using funded and unfunded pillars, the optimal pension structure is estimated usingan over-lapping generation model, calibrated to the average OECD countries. Whilesimulating different pillar sizes, a socio-economic characteristic was revealed in whichlow-earning groups are prone to unexpected...