The reversibility of sequential economic choices concerning production and consumption is addressed. A geometric approach to substitution effects and output/income effects is set forth in terms of vector fields on bundle space. By means of suitable fixing relations the 0-homogeneity of such...

The main purpose of this paper is to update the analysis of the 'Emilian model'. For decades, this Model has been the topic of many debates well beyond the Italian boundaries, mainly because of its ability to balance efficiency (e.g. productivity) and equity (e.g. social cohesion). Top ranking...

Sustainability and economic relevance of dividend policies are addressed in terms of an optimal control model set forth by Feichtinger et al. (2007), by means of which two different capitalization measures, accounting for dividends and capital gains, can be given explicit representation. In the...

The reversibility of sequential economic choices concerning production and consumption is addressed. A geometric approach to substitution effects and output/income effects is set forth in terms of vector fields on bundle space. By means of suitable fixing relations the 0-homogeneity of such...

Building on the isomorphism between the theories of risk aversion and precautionary saving, an objective index of prudent behavior is introduced, which generalizes the riskiness index set forth by Aumann and Serrano (2008). A benchmark framework for the monotone relation between risk aversion...