U.S. budget would increase R&D, but cut many science programs

Policy Punctuations : US Budget

President Bush's 2002 budget proposal would hamper geriatric education.

Implementing New Regulation Promotes Health but May Increase Inequality

Infinitely Many-Armed Bandits with Budget Constraints

We study the infinitely many-armed bandit problem with budget constraints, where the number of arms can be infinite and much larger than the number of possible experiments. The player aims at maximizing his/her total expected reward under a budget constraint B for the cost of pulling arms. We introduce a weak stochastic assumption on the ratio of expected-reward to expected-cost of a newly pull...

How Much Would a Permanent Tax Cut Boost Japanese Consumption?

Papers in a variety of disparate literatures have recently suggested that habit formation in consumption may explain several empirical puzzles, ranging from the level and cyclical variability of the equity premium (Abel (1990, 1999); Constantinides (1990); Jermann (1998);Campbell and Cochrane (1999)) to the ‘excess smoothness’ of aggregate consumption (Fuhrer (2000)) to the apparent fact that i...