Applying ‘green’ accounting to value the commercial contribution and depletion of a forest is only a short-run variation of the traditional approach to net national product (NNP) and arguably provides less information. Green adjustments can make a vital difference, however, by introducing nonmarketed values. Since optimal NNP is the linearized Hamiltonian, values are taken at the margin and exc...

The accession of the eight CEE member states to the EU will integrate about 450 million consumers with rather similar consumption patterns for animal products. Both the old and the new EU members produce surpluses, but in ruminant meat production the EU will become a net importer. As the EU will be forced to reduce import barriers from the World market, price levels will decline, but probably b...

We present the first combinatorial polynomial time algorithm for computing the equilibrium of the Arrow-Debreu market model with linear utilities. Our algorithm views the allocation of money as flows and iteratively improves the balanced flow as in [Devanur et al. 2008] for Fisher’s model. We develop new methods to carefully deal with the flows and surpluses A preliminary version of this paper ...

We empirically examine the influence of risk on firms’ capital structure adjustments. The process of adjustment is asymmetric and depends on the type of risk, its magnitude, the firm’s actual leverage with respect to its target, and its financial status. We show that firms with financial surpluses and above-target leverage adjust their leverage more rapidly when firm-specific risk is low and wh...

Since early 1985, four social health maintenance organizations have delivered integrated health and long-term care services to Medicare beneficiaries under congressionally mandated waivers that included shared public-program risk for losses. Three of four sites had substantial losses in the first 3 years, primarily because of slow enrollment and resultant high marketing and administrative costs...

This research aimed to determine the examine effect of financial autonomy, accumulated surpluses, budget calculation excess on social assistance budget. The population in this are all Regency/City Sumatera 2017-2020. sampling technique used purposive sampling. Total sampel 51 districts with 4 period years. statistical method panel data regression analysis. result showed that had a positive

In spite of the mystique behind a central bank’s balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute resources across regions. In a simple model of sovereign default, where multiple equilibria arise if deb...

We model a market where the surpluses from seller-buyer matches are heterogeneous but common knowledge. Price setting is synchronous with search: buyers simultaneously make one personalized offer each to the seller of their choice. With impatient players efficient coordination is not possible, and both temporary and permanent mismatch occurs. Nonetheless, for patient players efficient matching ...

We examine markets in which agents make investments and then match into pairs, creating surpluses that depend on their investments and that can be split between the matched agents. In general, each of the matched agents would “own”part of the surplus in the absence of interagent transfers. Most of the work in the large bargaining-andmatching literature ignores this initial ownership of the surp...