This study considers uncertainty about the number of surviving children. Under prohibition of child labor, a higher survival probability of a child can increase opportunities for education investment as the fertility rate declines with a temporary increase in the number of surviving children. However, per capita GDP may decrease until the start of education investment. When people accumulate th...

Risk management is crucial for optimal portfolio management. One of the fastest growing areas in empirical finance is the expansion of financial derivatives. The purpose of this special issue on “Risk Management and Financial Derivatives” is to highlight some areas in which novel econometric, financial econometric and empirical finance methods have contributed significantly to the analysis of r...

We study how different payment modes influence the effectiveness of gift exchange as a contract enforcement device. In particular, we analyze how horizontal fairness concerns affect performance and efficiency in an environment characterized by contractual incompleteness. In our experiment, one principal is matched with two agents. The principal pays equal wages in one treatment and can set indi...

The views expressed in this paper are those of the author and do not necessarily reflect the opinions of ITU or its Membership. Operational characteristics of license-exempt devices, bandwidth availability and capacity considerations 19 5. ICT strategies and market development: how would TVWS fit into national ICT strategies and what would be the role of TVWS in enabling local markets? 21 6. Co...

This paper, based on a Multipurpose survey on a large national sample of Italian households which has made possible to analyse parent-child and grandparent-child dyads, explores the impact of marital instability on relationships with adult children and with grandchildren. As in other countries, the impact is more negative in the case of divorce than in case of widowhood and, in both cases, more...

By separating purchasing from the traditional provider role, the new community care policy has brought about a fundamental change in the planning role of health and local authorities. The policy implies changed assumptions about what constitutes need and requires an improved understanding of local needs. The policy has not only placed a duty on local authorities to assess the needs of the popul...

Perhaps the most obvious contrast in quality of timing is that between human and animal performance. In both cases considerable evidence is provided that mean times are quite accurate and that, to a first approximation anyhow, all distributions of normalized responses are the same. However, substantial differences exist between the animal and human data in the magnitude of the relative variabil...

This paper contributes to the literature on the role of technology shocks as source of the business cycle in two ways. First, we document that time-series of US productivity and hours are apparently affected by a structural break in the late 60’s, which is likely due to a major change in the monetary policy. Second, we show that the importance of demand shocks over the business cycle has sharpl...

The PERSONAL SOCIAL SERVICES RESEARCH UNIT undertakes social and health care research, supported mainly by the Department of Health, and focusing particularly on policy research and analysis of equity and efficiency in community care, long-term care and related areas — including services for elderly people, people with mental health problems and children in care. Views expressed in PSSRU public...