In a discounted expected-utility problem, tomorrow's utilities are aggregated across tomorrow's states by the expectation operator. In our problems, this aggregation is accomplished by a Choquet integral of the form iudP a, where a specifies uncertainty aversion. We solve all finite-state...

Researchers have long been interested in understanding why a Strong relationship between family income and educational attainment exists at virtually all levels of schooling. In part due to a recent increase in the disparity between the wages of college graduates and the wages of individuals...

In this paper we use a general equilibrium model of Vietnam, calibrated to 1995 data, to analyze tax reform options for Vietnam. We focus on aggregate welfare impacts as well as welfare of household groups ranked by income. The main focus is on indirect tax reform (VAT), but we also examine...

This paper studies volatility in individual stocks of the Toronto Stock Exchange (TSE), using a recently developed nonlinear approach, a stochastic threshold model. Trading information is embedded into the determination process for volatility in the stochastic threshold model with a generalized...

This paper surveys the literature of the Bullionist controversy which dominated the development of Classical monetary economics between 1797 and the early 1820s. It highlights the contributions of Henry Thornton to the early phase of the debate, particularly his refutation of the Real Bill...

Constant risk aversion means that adding the same constant to all outcomes of two distributions, or multiplaying all their outcomes by the same positive constant, will not change the preformence relation between them. In this paper we prove several representation theorems, where constant risk...