The paper assesses the multilateral development financing system in the light of the replenishments of three key funds in 2013. It argues that the replenishments showed strong continuing support for each institution, but identifies challenges emerging fro

Thanks to anti-retroviral therapies, people living with HIV in developing countries can now have a near-normal life at a cost of a few hundred dollars per year.  We postulate that given this newly low cost of maintaining lives, there is a moral duty to rescue those who are infected.  The core...

A consumer with diminishing marginal utility in consumption, who can search for lower prices, will balance the gains from spreading consumption evenly through time against the benefits of delaying consumption until lower prices are revealed. Optimal programs of consumption, savings and price are...