We study a small open economy displaying Pareto-distributed wealth resulting from random death. The government runs a distribution scheme on inheritance. We present the mathematical background that allows to study the dynamics of means. We end up with ordinary differential equations for the mean...

In this article, we study stochastic orders over an interval. Mainly, we focus on orders related to the Laplace transform. The results are then applied to obtain a bound for heavy-tailed distributions and are illustrated by some examples. We also indicate how these ordering relationships can be...

This paper provides two axiomatizations of the probabilistic serial mechanism. First, the mechanism is characterized by ordinal efficiency, envy-freeness, and truncation robustness. Truncation robustness restricts changes in assignments when agents truncate their preference lists. In this...

We study the assignment of objects to people via lotteries. We consider the implementation of solutions that are based only on ordinal preferences over the objects. There are three natural ways of comparing lotteries, each of which corresponds to a different notion of Nash equilibrium. For each...

To compare distributions of ordinal data such as individuals' responses on Likert-type scale variables summarizing subjective well-being, we should not apply the toolbox of methods developed for cardinal variables such as income. Instead we should use an analogous toolbox which takes account of...