We provide a necessary and a sufficient condition on an individual’s expected utility function under which any zero-mean idiosyncratic risk increases cautiousness (the derivative of the reciprocal of the absolute risk aversion), which is the key determinant for this individual’s demand for options and portfolio insurance. JEL Classification Codes: D51, D58, D81, G11, G12, G13.

This paper derives consistent standard errors for a panel Tobit model in the presence of correlated errors. The problem is framed in the context of Newey and West (1987), considering the Tobit model as a special case of a GMM estimator. JEL codes: C23, C24

For four alternatives and an even number of individuals, we prove a conjecture in a companion paper: It is impossible for a social choice rule to satisfy all of (1) Pareto, (2) anonymity, (3) full domain, and (4) independence of some alternative, a relaxation of Arrow’s IIA. JEL Codes: D70, D71

Evidence on the pre-modern relationship between wealth and fertility has so far almost entirely relied upon data from Europe. We use British colonial records from early 19thcentury India on widow suicides (satis) to show that there is a robust positive relationship between income and fertility. JEL codes: J13, N35, D31

The E12 epoxy method of sheet plastination for preparing thin, transparent and serially sectioned cadaveric teaching specimens has been utilised primarily for studying sectional anatomy and correlation of MRI and CT radiographic images. The unique properties of the E12 process offer an exceptionally vivid survey of the human body in any given plane resulting in precise deliniation of the struct...

PURPOSE In this study, we used laser capture microdissection (LCM) and microarray hybridization technology to compare the gene expression profiles of mouse embryonic days 10 and 12 lenses (E10 and E12). METHODS Lens cells of C57/BL6 mouse embryos at E10 and E12 were harvested using the PixCell II LCM System. Total RNA was extracted, amplified, labeled, and hybridized to the 430 2.0 mouse chip...

In a second-price auction with costly bidding, bidders can deter others from participating by publicly pre-committing to bid. Such “bid deterrence” increases total welfare when the reserve price is given, but allows the seller to increase expected revenue when the seller can pre-commit to a reserve price. JEL Codes: D44.

This paper uses the Clarke mechanism to construct an incentive compatible tâtonnement process which converges to the Lindahl allocation of a public good economy. We show truth telling is an equilibrium in the infinite horizon game induced by the tâtonnement. JEL Codes: C72, D44, H41

This paper provides a theoretical functional representation of the density function related to the DickeyFuller random variable. The approach is extended to cover the multivariate case in two special frameworks: the independence and the perfect correlation of the series. key words: Dickey-Fuller distribution, unit root JEL codes: C12, C16, C22