This paper studies the optimal linear tax-transfer policy in an economy where agents di¤er in productivity and in genetic background, and where longevity depends on health spending and genes. It is shown that, if agents internalize imperfectly the impact of genes and health spending on longevity, the utilitarian social optimum can be decentralized with type-speci…c redistributive lump sum trans...

Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall within empirical bounds reported in the literature (in sharp contrast to the implausibly low values ...

Due to the use of distortionary taxation, many believe that real-world economies should attain a lower level of public expenditures than one might suspect from the analysis of arti cial models where lump-sum taxes are assumed to be available. The paper examines this popular hypothesis by means of the two-type self-selection model of income taxation. I provide su cient conditions for both a lowe...

Many people invest regularly in sinking funds that track stock market indices. When stock markets themselves sink significantly, as in the current credit crunch, investors face a decision as to whether they should continue paying into a falling fund, or switch payment to a risk-free deposit account until the market recovers. Most financial advice is to keep investing on the grounds that as the ...

We present the construction of a planar vector field that yields the firing rate of a bursting Izhikevich neuron can be read out, while leaving the sub-threshold behavior intact. This planar vector field is used to derive lumped formulations of two complex heterogeneous networks of bursting Izhikevich neurons. In both cases, the lumped model is compared with the spiking network. There is excell...

Lumped and transfer rate constants in ischemic brain tissue must be measured to estimate accurately cerebral glucose utilization by the deoxyglucose method. We studied the bilateral middle cerebral artery occlusion model in 17 cats, 5 with a 1-hour occlusion, 5 with a 4-hour occlusion, and 7 with a sham operation. The time course of cerebral tissue radioactivity (Ci*(t)) was monitored by extern...

mathematical modeling and simulation of microbial polyhydroxybutyrate (phb) production process is beneficial for optimization, design, and control purposes. in this study a batch model developed by mulchandani et al., [1] was used to simulate the process in matlab environment. it was revealed that the kinetic model parameters were estimated off the optimal or at a local optimal point. therefore...

Lumped element models, also known as, mass-spring-damper models, are widely used to simulate deformable objects because of their simplicity and computational efficiency. However, the parameters of lumped element models are typically determined in an ad hoc fashion through trial-and-error, as these models are not directly based on continuum mechanics of deformable objects. In this paper, an alte...

If menu costs have a non-negligible lump-sum component and with larger firms having greater benefits from price adjustments, then larger firms will change price more frequently than smaller firms. Data from New Zealand firms support this hypothesis. Price duration decreases as firm size increases. Ordered probit analysis indicates the effect comes primarily from larger firms being more likely t...