In this paper I provide a solution to Proebsting's Paradox, an argument that appears to show that the investment rule known as the Kelly criterion can lead a decision maker to invest a higher fraction of his wealth the more unfavorable the odds he faces are and, as a consequence, risk an...

Ravallion (2012a) argues that the Human Development Index (HDI) embeds questionable tradeoffs between the dimensions used to compute the index. To alleviate these problems he proposes the adoption of one of the indices developed by Chakravarty (2003). In this paper I identify the following...

In 2010 the UNDP unveiled a new methodology for the calculation of the Human Development Index (HDI). In this paper I investigate the merits of this change by evaluating the tradeoffs between the core dimensions of wellbeing implied by the index and try to understand the extent to which those...

In this paper I prove a theorem that establishes bounds on the marginal rate of substitution between losing $x and winning $y, starting from wealth level $w for a risk averse individual that rejects a small stake gamble for a range of initial wealth levels. I am then able to prove a theorem that...

In this note I study Nash bargaining when the utility possibility set of the bargaining problem is not-convex. A simple variation of Nash's Symmetry axiom is all that is necessary to establish a set-valued version of Nash's solution in non-convex settings

Many people object to the creation of a market for kidneys on the grounds that such reform would hurt those patients unable to afford the market price of a kidney and that donors do not understand the risks they’re taking when donating. In this paper, we propose a mechanism, the kidney...

In 2010 the UNDP unveiled a new methodology for the calculation of the Human Development Index (HDI). In this paper I investigate the normative and practical properties of this change vis a vis the original formulation of the HDI in 1990. The main conceptual innovation of the new index can be...