This paper proposes differentiability properties for positively homogeneous risk measures which ensure that the gradient can be applied for reasonable risk capital allocation on non-trivial portfolios. It is shown that these properties are fulfilled for a wide class of coherent risk measures based on the mean and the one-sided moments of a risky payoff. In contrast to quantile-based risk measur...

This paper demonstrates that the economic surplus which agents produce in bilateral interactions is extractable by an outside party having sufficient initial resources. The third party achieves this outcome using a class of ‘‘exclusive-interaction’’ contracts. A basic extractability result is shown to be robust to several extensions: competition among outside parties, multiplicity of interactin...

The significance of population monotonicity and welfare bounds is well-recognized in the fair division literature. We characterize population monotonic and incentive compatible mechanisms which allocate the goods efficiently and respect a welfare lower bound chosen in the fair allocation problem of allocating collectively owned indivisible goods or bads when monetary transfers are possible and ...

We consider a robust version of the classic problem of optimal monopoly pricing with incomplete information. In the robust version, the seller faces model uncertainty and only knows that the true demand distribution is in the neighborhood of a given model distribution. We characterize the pricing policies under two distinct decision criteria with multiple priors: (i) maximin utility and (ii) mi...

This paper analayzes different FTAA (Free Trade Area of the Americas) elements and the related economic, political, technological and social effects. We will demonstrate that, in Latin America, noncooperative or competitive equilibria do not solve the conflicts between FFTA supporters (the government and exporters) and detractors (social, religious and academic movements.) Finally, we will show...

BACKGROUND The β2-adrenergic receptor (ADRB2) gene has been widely researched as a candidate gene for essential hypertension (EH), but no consensus has been reached in different ethnicities. The aim of the present study was to evaluate the possible association between the ADRB2 gene polymorphisms and the EH risk in the Northern Han Chinese population. METHODOLOGY/PRINCIPAL FINDINGS This study...

Este estudio identifica en los ámbitos práctico y normativo, si existen buenas prácticas internacionales aplicadas procesos de licitación, especialmente el Bloque I del Programa Estrategia Integral Impulso a Proyectos APP. Para ello se utilizó la guía Concessions for Infrastructure (Kerf et al., 1998), cual identificaron pasos idóneos para implementar un proceso extrajeron elementos por conside...

All Courts rule ex-post, after most economic decisions are sunk. This can generate a time-inconsistency problem. From an ex-ante perspective, Courts will have the ex-post temptation to be excessively lenient. This observation is at the root of the rule of precedent, known as stare decisis. Stare decisis forces Courts to weigh the benefits of leniency towards the current parties against the bene...

A group of agents have claims on a resource, but there is not enough of it to honor all of the claims. How should it be divided? A group of agents decide to undertake a public project that they can jointly afford. How much should each of them contribute? This essay is an update of Thomson (2003), a survey of the literature devoted to the study of such problems. JEL classification number: C79; D...

We study a balanced mechanism that is capable of implementing in Nash equilibrium all the Pareto-efficient individually rational allocations for an economy with public goods. The Government chooses a set of weights directly related to the Lindahl prices corresponding to the Paretoefficient allocation to be implemented. The mechanism then guarantees that initial endowments are re-allocated so th...