This paper studies the provision of deposit insurance along with liquidation decisions without commitment in an economy with heterogenous households. The analysis separates control of the balance sheet of a failed bank from the provision of deposit insurance. We study the factors that determine orderly liquidation and the effects of this policy on the prospect of bank runs. We also study the pr...

Key Findings. (1) A larger proportion of the rural population than the urban population is uninsured and low income (living at or below 138% of the federal poverty line [FPL]) (9.9% as compared to 8.5%) and a larger proportion of the rural population than the urban population will be eligible for subsidized Health Insurance Marketplace (HIM) coverage due to income levels and current lack of ins...

In the present paper we provide a statistical theory for the vibrational pooling and fluorescence time dependence observed in infrared laser excitation of CO on an NaCl surface. The pooling is seen in experiment and in computer simulations. In the theory, we assume a rapid equilibration of the quanta in the substrate and minimize the free energy subject to the constraint at any time t of a fixe...

Nonequilibrium collective motion is ubiquitous in nature and often results in a rich collection of intringuing phenomena, such as the formation of shocks or patterns, subdiffusive kinetics, traffic jams, and nonequilibrium phase transitions. These stochastic many-body features characterize transport processes in biology, soft condensed matter and, possibly, also in nanoscience. Inspired by thes...