We are concerned with the problem of aggregating infinite utility streams and the possible adoption of consequentialist equity principles when using numerical evaluations of the streams. We find a virtually universal incompatibility between the Basu-Mitra approach (that advocates for social...

In this paper, we introduce the weak and the strong notions of partially honest agents (Dutta and Sen, 2012), and then study implementation by natural price-quantity mechanisms (Saijo et al., 1996, 1999) in pure exchange economies with three or more agents in which pure-consequentialistically...

We estimate the willingness to pay (WTP) of individuals to have increased spatial access to hospitals using a spatial hedonic price model. Employing a dataset of over 90,000 detailed housing observations, we find that WTP of individuals to live one mile closer to a hospital is positive if the...

In light of the recent and growing literature which has extended the use of search and matching models even to the housing market, this paper introduces dynamic analysis to a simple stationary state equilibrium model. Contrary to what occurs in the labour market, the dynamic adjustment to...

This paper determines how mortgage rate and income shocks affect new and resale housing prices, housing starts, and housing sales in Canadas metropolitan areas. We assess the variance decompositions and impulse response results to mortgage rate and income shocks. An additional set of VARs is...

Entry for the Concise Encyclopedia of Economics on Housing covering housing markets and zoning regulations.

This paper presents a model in which government may affect outcomes by manipulating individual choice probabilities through the design of the domain of choice or the use of fiscal instruments. Such manipulations are ineffective when individuals are perfectly rational, provided all alternatives...

With varying aptitudes in different occupations,individuals typically maximize income by specializing in one occupation which promises the highest income. Due to numerous labor market imperfections anduncertainties, the choice of best occupation is accomplished with only partial success. We...

The high level of extreme poverty or those experiencing hunger in the country is the most pressing issue that needs to be addressed by our policymakers. Official government statistics and data from self-rated hunger surveys show an increasing trend in hunger incidence among households. On the...

Public pension system costs constitute a significant part of government expenses. Private pension systems have been developed as an alternative and/or as a complement to the public systems. In Turkey, the Private Pension System was given a head start in 2003. Although the system aims to provide...