It is well known that the core of an exchange market with indivisible goods is always non empty, although it may contain Pareto inefficient allocations. The strict core solves this shortcoming when indifferences are not allowed, but when agents' preferences are weak orders the strict core may be...

This paper proposes a notion of partial Additivity in bankruptcy, -Additivity. We show that this property, together with Anonymity and Continuity, identifies the Minimal Overlap rule, introduced by O'Neill (1982).

This paper provides an ‘escape route’ from the efficiency-equity trade-off in the School Choice problem. We achieve our objective by presenting a weak notion of fairness, called τ-fairness, which is always satisfied by some allocation. Then, we propose the adoption of the Student Optimal...

Executive Stock Options (ESOs) are modified American options that cannot be valued using standard methods. With a few exceptions, the literature has discussed the ESO fair value by assuming unpredictable stock returns which are not supported by the available empirical evidence. In this paper we...

We derive closed-form expressions for the performance measures(PMs)based on the lower partial moments (LPMs), such as the Farinelli-Tibiletti and Kappa measures, with Gram-Charlier (GC) density for returns. It is verified that the LPMs can be obtained as a linear function on both higher...

Desde que existen las comunidades autónomas no ha cesado el debate entorno a su modelo de financiación. ¿Es una historia interminable? Es evidente que el contexto económico, político y social es cada vez más cambiante y las políticas, modelos e instrumentos tienen que ir adaptándose a...

En el presente trabajo se avanzan una serie de recomendaciones para la reforma del sistema de financiación de las comunidades autónomas de régimen común. La primera de ellas tiene que ver con la estructura del sistema y con el reparto de recursos entre regiones. El resto se centran en...

This paper proposes a reform for school allocation procedures in order to help integration policies reach their objective. For this purpose, we suggest the use of a natural two-step mechanism. The (equitable) first step is introduced as an adaptation of the deferred-acceptance algorithm designed...

We propose a new procurement procedure which allocates shares of the total amount to be procured depending on the bids of suppliers. Among the properties of the mechanism are: (i) Bidders have an incentive to participate in the procurement procedure, as equilibrium payos are strictly positive....

The notion of a stable set (introduced by von Neumann and Morgenstern, 1944) is an important tool in the field of Decision Theory. However, unfortunately, the stable set has some disadvantages: it is not unique, it may select too many alternatives and, most importantly, it may fail to exist....