This paper computes a quality adjusted price index for the personal computer CPU from 1996 to 2000. The index is based on the pure characteristics demand model. I …rst compute the quality adjusted price index for the whole market, and show that it is very comparable with the hedonic price index but more sensitive to changes in product quality. Two types of the hedonic index are considered. One ...

This paper studies welfare criteria under an environment in which a decision maker is endowed with a nontransitive preference relation. In such an environment, the classical utilitarian welfare criterion may not identify the welfare order, and the problem of maximizing the decision maker’s welfare becomes ambiguous. In order to find a criterion that applies to nontransitive preference relations...

The heterogeneous reactions of benzo[a]pyrene-d12 (BaP-d12), benzo[k]fluoranthene-d12 (BkF-d12), benzo[ghi]perylene-d12 (BghiP-d12), dibenzo[a,i]pyrene-d14 (DaiP-d14), and dibenzo[a,l]pyrene (DalP) with NO2, NO3/N2O5, and OH radicals were investigated at room temperature and atmospheric pressure in an indoor Teflon chamber and novel mono-NO2-DaiP and mono-NO2-DalP products were identified. Quar...

It is well-known that the ability of the Vickrey-Clarke-Groves (VCG) mechanism to implement e¢ cient outcomes for private value choice problems does not extend to interdependent value problems. When an agent’s type a¤ects other agents’utilities, it may not be incentive compatible for him to truthfully reveal his type when faced with CGV payments. We show that when agents are informationally sma...

This paper studies the consequences of opening asset markets more often for the properties of asset prices and social welfare. For all reasonable parameter values, increasing trading hours lowers average asset prices, increases unconditional asset price volatility at a given point in time, and decreases unconditional asset price volatility when averaged over the period of time that includes the...

Risks continue near the coasts such as flooding, oil spills, deaths and unemployment despite numerous policies to prevent and mitigate their effects. Such policies are typically analyzed in their natural units, such as jobs, and so comparisons are difficult across risk categories. An approach similar to supplemental national income and product accounting allows direct comparison of the relative...

This paper investigates a fund manager’s risk-taking incentives induced by an increasing and convex fund-flows to relative-performance relationship. In a dynamic portfolio choice framework, we show that the ensuing convexities in the manager’s objective give rise to a finite risk-shifting range over which she gambles to finish ahead of her benchmark. Such gambling entails either an increase or ...

This paper analyzes nature protection by a social planner under different ‘utilitarian’ social welfare functions. For that purpose we construct an integrated model of the economy and the ecosystem with explicit consideration of nonhuman species and with competition between human and nonhuman species for land and prey biomass. We characterize and compare the efficient allocations when social wel...

The ORDO review group was an influential German-speaking liberal school made up of outstanding economists. One those leaders Wilhelm Röpke, who did a critical the political economy development during social policy period. Our aim is to show its advisability in order reconsider role state at «the post-welfarist age». Röpkean thought based on humanistic approach economy, from which he criticized ...

In this paper we investigate experimentally the effects of a wage tax financed unemployment benefit system on the development of the budget deficit, unemployment, and some other indicators of economic performance in an international economy. We find support for the hypothesis that out-of-equilibrium price uncertainty affects the behavior of economic agents. Due to uncertainty about prices risk-...