This paper is concerned with equity and efficiency in social security. If social security, ormore specifically unemployment insurance, leads to losses in employment and output, menwhy is it such a widely observed phenomenon? The first rationale for social security isutility interdependence or a preference for equality, combined with the public goodcharacter of income redistribut...

The set of fair (i.e. envy free and efficient) allocation rules may be empty in wellbehaved pure exchange economies if the agents are asymmetrically informed at the time of contracting. In addition, there may exist efficient allocation rules such that every agent envies another.

In this paper, we develop Ground Delay Program (GDP) models using continuum approximation. Both early GDP cancellations and GDP extensions are considered in the models. We then identify and define four performance criteria for GDP: capacity utilization, predictability, efficiency and equity. Using the proposed GDP models, we represent the trade-offs between the performance goals and relate thes...

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We compare the behavior of voters under simultaneous and sequential voting rules when voting is costly and information is incomplete. In many political institutions, ranging from small committees to mass elections, voting is sequential, which allows some voters to know the choices of earlier voters. For a stylized model, we generate a variety of predictions about the relative efficiency and par...

Recent macroeconomic research discusses credit market imperfections as a key channel through which inequality retards growth. Limited borrowing prevents the less affluent individuals from investing the efficient amount, and the inefficiencies are considered to become stronger as inequality rises. This paper, though, argues that higher inequality may actually boost aggregate output even with con...

BACKGROUND: Both economic and ethical perspectives are exerting increasing influence at all levels of mental health policy and practice; yet there is little consensus on how these two different perspectives are to be reconciled or explicitly incorporated into decision-making. AIM: This review article is directed towards a fuller understanding of the complex trade-offs and compromises that are o...

Business executives can answer such questions by focusing on customer equity—the total of the discounted lifetime values of all the firm’s customers. A strategy based on customer equity allows firms to trade off between customer value, brand equity, and customer relationship management. We have developed a new strategic framework, the Customer Equity Diagnostic, that reveals the key drivers inc...

Understanding air travelers’ values for aviation safety is essential to design effective and wellaccepted security measures. This study investigates changes in U.S. travelers trade-offs for passenger screening objectives using the occurrence of an international aviation incident (loss of Malaysian Airline Flight 370) as a natural experiment. We also examine how alternative screening procedures ...