We derive closed-form expressions for the performance measures(PMs)based on the lower partial moments (LPMs), such as the Farinelli-Tibiletti and Kappa measures, with Gram-Charlier (GC) density for returns. It is verified that the LPMs can be obtained as a linear function on both higher...

Desde que existen las comunidades autónomas no ha cesado el debate entorno a su modelo de financiación. ¿Es una historia interminable? Es evidente que el contexto económico, político y social es cada vez más cambiante y las políticas, modelos e instrumentos tienen que ir adaptándose a...

En el presente trabajo se avanzan una serie de recomendaciones para la reforma del sistema de financiación de las comunidades autónomas de régimen común. La primera de ellas tiene que ver con la estructura del sistema y con el reparto de recursos entre regiones. El resto se centran en...

Heckscher-Ohlin versions of the two-sector neoclassical growth model predict that late-blooming nations can remain permanently poorer. This is an important result that warns us about the dangers of international trade. We show, however, that the result vanishes once inputs in fixed supply such...

This paper provides an ‘escape route’ from the efficiency-equity trade-off in the School Choice problem. We achieve our objective by presenting a weak notion of fairness, called τ-fairness, which is always satisfied by some allocation. Then, we propose the adoption of the Student Optimal...

A new voting rule for electing committees is described. Specifically, we use approval balloting and propose a voting procedure guaranteeing that if a committee representing (in a determined proportion) all voters exists, then the selected committee has to represent all voters at least in the...

A minimum cost spanning tree (mcst) problem analyzes the way to effciently connect individuals to a source when they are located at different places. Once the effcient tree is obtained, the question on how allocating the total cost among the involved agents defines, in a natural way, a...

We study union wage effects when membership is non-coercive and employers reserve the right of union recognition. Using the BHPS during 1995-2009 we find evidence of membership differentials for the lower male and middle female observed skill groups. The coverage differential at the bottom of...

Although classic bankruptcy problems take into account a single claims vector, Pulido et al. (2008) show that there are real bankruptcy situations where agents face more than one reference vector. In particular, they consider the claims and an additional reference vector. To analyze these...

I propose a new utility function based on the relative aversion to injustice to explain why, in classical bargaining games, classical equilibria do not hold when money is not windfall, but it is result of the effort.