We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium prices. We introduce delegation into a standard Lucas exchange economy, where in equilibrium some investors trade on their own account, but others decide to delegate trading to professional fund managers. Flow-performance incentive functions describe how much capital clients provid...

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The symmetric numerical semigroups S (Fa, Fb, Fc) and S (Lk, Lm, Ln) generated by three Fibonacci (Fa, Fb, Fc) and Lucas (Lk, Lm, Ln) numbers are considered. Based on divisibility properties of the Fibonacci and Lucas numbers we establish necessary and sufficient conditions for both semigroups to be symmetric and calculate their Hilbert generating series, Frobenius numbers and genera.

Fibonacci cubes, extended Fibonacci cubes, and Lucas cubes are induced subgraphs of hypercubes 9 defined in terms of Fibonacci strings. It is shown that all these graphs are median. Several enumeration results on the number of their edges and squares are obtained. Some identities involving Fibonacci 11 and Lucas numbers are also presented. © 2005 Published by Elsevier B.V. 13

In his famous monograph, Lucas (1987) put forth an argument that the welfare gains from reducing the volatility of aggregate consumption are negligible. Subsequent work that revisited Lucas’ calculation continued to find only small benefits from reducing the volatility of consumption, further reinforcing the perception that business cycles don’t matter. This paper argues instead that fluctuatio...

Citizens are increasingly becoming involved in data collection, whether for scientific purposes, to carry out micro-tasks, or as part of a gamified, competitive application. In some cases, volunteered data collection overlaps with that of mapping agencies, e.g., the citizen-based mapping of features in OpenStreetMap. LUCAS (Land Use Cover Area frame Sample) is one source of authoritative in-sit...

Though few would go as far as David Laidler—who once argued that Robert Lucas, Thomas Sargent and company should properly be called ‘neo-Austrians’—many writers have seen some degree of parallelism between the Austrian trade cycle theory of Mises and Hayek, and the New Classical macroeconomics. Dr van Zijp offers a critical examination of this relationship. Taking the lead of Karl Popper, he pr...