Members of a shareholder meeting or legislative committee have greater or smaller voting power than meets the eye if the nucleolus of the induced majority game di ers from the voting weight distribution. We establish a new su cient condition for the weight and power distributions to be equal; and we characterize the limit behavior of the nucleolus in case all relative weights become small. JEL ...

We examine the impact of retirement exibility and the constraint against borrowing from future labor income on optimal consumption, optimal investment, and optimal retirement policy. We solve three alternative models almost explicitly in parametric forms (up to at most a constant) and provide veri cation theorems for the claimed solutions. In addition, we also obtain analytical comparative stat...

JEL Classification Code(s): J 31, J 71) "Perceptions of Discrimination, Effort to Obtain Psychological Balance, and Relative Wages: Can We Infer a Happiness Gradient?" There is a substantial literature that finds a linkage between happiness and relative economic well being as measured by earnings or wages. There is also a well documented racial gap in wages. One explanation for this is disparat...

This paper provides a new approach for valuing a wide set of capital budgeting problems with many embedded real options dependent on many state variables and a related valuation algorithm based on Monte Carlo simulation. The valuation approach decomposes of a complex real option problem with many options into a set of simple options, but taking into account deviations from value additivity due ...

Spatial Decentralization and Program Evaluation: Theory and an Example from Indonesia This paper proposes a novel instrumental variable method for program evaluation that only requires a single cross-section of data on the spatial intensity of programs and outcomes. The instruments are derived from a simple theoretical model of government decision-making in which governments are responsive to t...

This paper provides a valuation algorithm based on Monte Carlo simulation for valuing a wide set of capital budgeting problems with many embedded real options dependent on many state variables. Along the lines of Gamba and Trigeorgis (2002b), we decompose a complex real option problem with many options into a set of simple options, properly taking into account deviations from value additivity d...

L’article analyse la gestion optimale des barrages hydroelectriques quand les apports naturels en eau suivent cycles previsibles. La regle de Hotelling qui determine trajectoire valeur l’eau stock doit s’appliquer facon cyclique compte tenu ruptures saisonnieres et besoins a satisfaire. Quand un est constitue, si contraintes capacite du reservoir ne sont pas liantes, il possible proceder arbitr...

This project examines fiscal reforms in Brazil since the 1990s, particularly in taxation, budgeting, and fiscal federalism. While recentralizing fiscal authority and massively expanding the extractive capacity of the state, policymakers chose not to revamp an inefficient tax system that has nonetheless proven capable of generating high levels of revenue. In budgeting, the economic crises of the...

Abstract. This paper summarizes the arguments and counter-arguments in scholarly debates on transformations healthcare budgeting that should consider differentiated regional vulnerability responding to pandemic. The primary purpose of study is identify priorities for local health development programs. urgency solving this problem pandemic has revealed unprecedented unpreparedness care system re...