Equality of opportunity is usually defined as a situation where the effect of circumstances on outcome is nullified (compensation principle) and effort is rewarded (reward principle). We propose a new version of the reward principle based on the idea that effort deserves reward for it is costly....

Equality of opportunity is usually defined as a situation where the effect of circumstances on outcome is nullified (compensation principle) and effort is rewarded (reward principle). We propose a new version of the reward principle based on the idea that effort deserves reward for it is costly....

This article describes, within a myopic intergenerational bargaining framework incorporating two discrete periods and binary states of risks, some new aspects regarding the mixture of intergenerational risk sharing and social security. Here, state-dependent utility under mortality risk proves to...

Welfarist justifications of democracy presume that citizens have policy preferences that are responsive to pertinent information. Is this accurate? This paper addresses that question by providing a model and empirical test of how citizens' policy preferences respond to information in the arena...