We study consumer liquidity in a general equilibrium model where the friction is the nonpledgeability of future income. Liquidity helps to overcome the absence of a double coincidence of wants. Consumers over-hoard liquidity and the resulting competitive equilibrium is constrained inefficient. Fiscal policy following a large negative shock can increase ex ante welfare. If the government cannot ...

The framework of Bodlaender et al. (ICALP 2008) and Fortnow and Santhanam (STOC 2008) allows us to exclude the existence of polynomial kernels for a range of problems under reasonable complexity-theoretical assumptions. However, there are also some issues that are not addressed by this framework, including the existence of Turing kernels such as the “kernelization” of Leaf Out Branching(k) into...

This paper identifies a family of scoring rules that are robust against coalitional manipulations that result in inefficient outcomes. We discuss the robustness of a number of Condorcet consistent and “point runoff” voting rules against such inefficient manipulation and classify voting rules according to their potential vulnerability to inefficient manipulation.

The ratification of the Stockholm Convention on Persistent Organic Pollutants is a departure point for several considerations on their presence in environmental matrices. In this paper, the Italian situation is presented with emphasis on the most toxic compounds--chemicals with dioxin-like toxic action, and the activity in the area of interest of the Istituto Superiore di Sanità. Biotic, as wel...

For the past several years we have been working with models of benzene distribution and metabolism, principally in the rat, but more recently in humans. Our biologically related objectives have been primarily to assist our laboratory-based colleagues in their quest for understanding of the mechanisms by which benzene exerts its toxic action. A secondary goal has been to develop or adapt models ...

Many economists and social scientists have recently emphasized the importance of government policies, economic, political and legal institutions, and more broadly, the organization of society.1 There is also mounting evidence that various institutional features are indeed important for economic growth.2 Nevertheless, despite important theoretical advances, we still lack an organizational framew...

We propose a dynamic model of investment and trade in a market of a specialized technology subject to two main frictions. First, agents cannot raise outside capital. Second, a random group of agents will have the opportunity to invest in new technology and there is no market to insure against this shock. The first friction implies the presence of invesment cycles with abundant invesment and low...

BACKGROUND Recent studies of social learning have revealed that adult humans are "over-imitators" who frequently reproduce a model's causally irrelevant tool actions to the detriment of task efficiency. At present our knowledge of adult over-imitation is limited to the fact that adults do over-imitate, we know very little about the causes of this behavior. The current study aimed to provide nov...

OBJECTIVE To develop a composite indicator to evaluate the quality of municipal management of primary health care. METHODS The evaluation model focuses on aspects of health system management. Fifty-five performance indicators were used and classified according to the criteria of relevance, effectiveness, efficacy and efficiency. The measures were aggregated through an additive data envelopmen...

Cooperation is a construct within social cognition that requires both self-perception and the comprehension of others' actions. In the case of synchronized activities the adoption of common strategies is crucial, but this process can be strongly influenced by those variables. In fact, self-perceived efficacy within the social exchange can affect the motivational components toward the creation o...