Furthering equity as an achievable public policy objective is based on theability to assess needs accurately, and distribute resources accordingly.The purpose of this paper is to plot the development of the formulaegoverning resource allocation in education, health and social housingand to chart...

We explore the pricing of variance risk by decomposing stocks' total variance into systematicand idiosyncratic return variances. While systematic variance risk exhibits a negative priceof risk, common shocks to the variances of idiosyncratic returns carry a large positive riskpremium. This...

This paper presents an equilibrium model that provides a rational explanation for twofeatures of data that have been considered puzzling: The positive relation between USdividend yields and nominal interest rates, often called the Fed-model, and the time-varying correlation of US stock and bond...