Multiple-attribute decision making in the presence of independence between attributes, the shortage of quantitative value of one attribute can be compensated with that of other attributes. But, many a times, this is not true. On another side, the quantitative value of one attribute is treated as equally important in different intervals. However, this violates the law of diminishing marginal rat...

General Equilibrium asset pricing models have a difficult time simultaneously delivering a sizable equity premium, a low and counter-cyclical real risk free rate, as well as cyclical variation in return volatility. To explain these stylized facts, this paper introduces occasionally binding financing constraints that impede producers’ ability to invest in an otherwise standard real business cycl...

We consider an environment in which agents’ skills are private information and follow arbitrary stochastic processes. We prove that it is typically Pareto optimal for an individual’s marginal benefit of investing in capital to exceed his marginal cost of doing so. This wedge is consistent with a positive tax on capital income. We also prove that it is Pareto optimal for the marginal rate of sub...

Recessions appear to be times when the marginal rate of substitution between goods and workers’ time falls below the marginal product of labor. If so, the allocation of workers’ time is inefficient. I develop a model of households and production that reconciles cyclical movements in the marginal value of time and the marginal product. The model embodies the findings of research that the Frisch ...

background and objectives: social security organization (sso) is the second largest organization to the ministry of health and medical education (mohme) in providing health care services in iran. in recent years the gap between the sso’s resources and expenditures has shown an unprecedented growing trend due to the rapidly increasing demand. continuation of this trend may lead to financial imba...