This paper explores the implications of different regimes of taxation and fiscal policies on the existence of a one- or two-class economy in the Kaldor-Pasinetti approach of growth and income distribution. A simple model and its diagrammatical representation provide a complete taxonomy of the...

We develop a model of growth and distributional conflict which demonstrates that social tensions may peak at an intermediate development stage. In fact, unless the economy is caught in an underdevelopment trap, the relationship between average wealth and the likelihood of radical redistribution...

A number of studies have examined the implications of preference interdependence. This paper models individual utility as depending either on the level of other people's consumption or on the difference in consumption levels. It assumes that the impact of an increase in other people's...

This paper evaluates two well-known models of growth with inequality that have explicit micro underpinnings related to household choice. With incomplete markets or transactions costs, wealth can constrain investment in business and the choice of occupation and also constrain the timing of entry...

If the random variable T denotes the lifetime (T 0, with probability one) of a unit, then the random variable T <Subscript> (t) </Subscript>=[t − T|T ⩽ t],, for a fixed t, is known as the inactivity time or the reversed residual lifetime. In this paper, we define a new class of life distributions based on the...</subscript>

Cells of Voronoi diagrams in two dimensions are usually considered as having edges of zero width. However, this is not the case in several experimental situations in which the thickness of the edges of the cells is relatively large. In this paper, the concept of a thick Voronoi tessellation,...

The paper considers a volatility model which introduces a persistent, integrated or near-integrated, covariate to the standard GARCH(1, 1) model. For such a model, we derive the asymptotic theory of the quasi-maximum likelihood estimator. In particular, we establish consistency and obtain limit...