This article examines the impact of varying mandatory pensions on saving, life insurance, and annuity markets in an adverse selection economy. Under reasonable restrictions, we find unambiguous effects on market size, participation rates, and equilibrium prices. The degree of adverse selection,...

Sorting models consist in assigning alternatives evaluated on several criteria to ordered categories. To implement such models it is necessary to set the values of the preference parameters used in the model. Rather than fixing the values of these parameters directly, a usual approach is to...

This article describes the early development of the Human Relations School at the Harvard Business School under the leadership of Elton Mayo and Wallace Donham. It shows how both achieved early success by positioning themselves as solutions to pressing social, economic, and political issues of...

We consider a multivariate financial market with transaction costs as in Kabanov. We study the problem of finding the minimal initial capital needed to hedge, without risk, European-type contingent claims. We prove that the value of this stochastic control problem is given by the cost of the...

This article analyses the respective impact of aid, remittances and medical brain drain (MBD) on child mortality using panel and cross-country quintile-level data on respectively 84 and 46 developing countries. Our results show that remittances reduce child mortality while MBD increases it....