In this paper we compare five well-known methods of apportionment, advanced respectively by Adams, Dean, Hill, Webster and Jefferson. The criterion used for this comparison is the minimization of the distance between a power vector and a population vector. Power is measured with the well-known...

This paper deals with real estate portfolio optimization when investors are risk averse. In this framework, we determine several types of optimal times to sell a diversified real estate and analyze their properties. The optimization problem corresponds to the maximization of a concave utility...

In this paper, we compare five well-known methods of apportionment, the ones by Adams, Dean, Hill, Webster and Jefferson. The criteria used for this comparison is the minimization of a distance between a power vector and a population vector. The power is measured with the well-known Banzhaf...

The purpose of this paper is to present a structural specification of the Shapley- Shubik and Banzhaf power indices in a weighted voting rule. We compare them in term of the cardinality of the sets of power vectors (PV). This is done in different situations where the quota or the number of seats...

Using data from financial reorganization plans filed by insolvent Canadian firms, we estimate the discount rate implicit in theunsecured creditors' reorganization decision. Using (HARA) utility functions, we find the implicit monthly discount rate of creditors to be 4.9%, which corresponds to an...

We propose a Bayesian approach for inference in a dynamic disequilibrium model. To circumvent the difficulties raised by the Maddala and Nelson (1974) specification in the dynamic case, we analyze a dynamic extended version of the disequilibrium model of Ginsburgh et al. (1980). We develop a...

This paper examines the determinants of equilibrium wage and unemployment rates in Belgium within the framework of a quantity rationing, right-to-manage model with decentralised wage setting. Empirical results are obtained by first using the Johansen maximum-likelihood procedure for the analysis...

This paper provides a new estimation of an international poverty line based on a Bayesian approach. We found that the official poverty lines of the poorest countries are related to the countries’ mean consumption level. This new philosophy is to be compared to the previous assumptions made by...