A three-good-two-primary-factor (3x2) general equilibrium model, along with parallel numerical illustrations, is developed to analyze the incidence and welfare cost of several taxes. The approach, blending theory and computed examples, enriches some well-known tax models and provides more...

Genetic tests can be expected to produce a large amount of economically important information in the future. What are the effects on a life insurance market if more information becomes available over time, for individuals and possibly also for insurers? Should people buy insurance before or...

In a discounted expected-utility problem, tomorrow's utilities are aggregated across tomorrow's states by the expectation operator. In our problems, this aggregation is accomplished by a Choquet integral of the form iudP a, where a specifies uncertainty aversion. We solve all finite-state...

In this paper we use a general equilibrium model of Vietnam, calibrated to 1995 data, to analyze tax reform options for Vietnam. We focus on aggregate welfare impacts as well as welfare of household groups ranked by income. The main focus is on indirect tax reform (VAT), but we also examine...

This paper studies volatility in individual stocks of the Toronto Stock Exchange (TSE), using a recently developed nonlinear approach, a stochastic threshold model. Trading information is embedded into the determination process for volatility in the stochastic threshold model with a generalized...

This paper is an attempt to understand the Milosevic regime in Serbia. I focus on nationalism, ethnic cleansing and war, especially on the most recent war with NATO. I first look at how its behaviour has typically been understood in the popular press and in the light of the most prominent social...

This paper assumes that in addition to the conventional (selfish) preferences over outcomes, players in a strategic environment have preferences over strategies. In the context of two-player games, it provides conditions under which a player's preferences over strategies can be represented as a...

Differences in the relative price of investment over consumption goods across countries are big, even after excluding non-tradable consumption goods. We interpret these differences as arising from differences in a wide range of policies that increase the cost of investment. Under this...

This paper examines the effect of the Worker Profiling and Reemployment Services (WPRS) system. This program "profiles" UI claimants to determine their probability of benefit exhaustion (or expected spell duration) and then provides mandatory employment and training services to claimants with...