In this paper, we analyze the use of fiscal and monetary instruments to improve long-run welfare when productive investment is irreversible and uncollateralizable and there is no insurance. Only fiat money or government-issued bonds provide self-insurance. We demonstrate that an increase in precautionary savings reduces irreversible productive investment. Hence, subsidies to promote productive ...

In stiff fiber-reinforced material, the high shear stress concentration occurs in the narrow region between fibers. With the addition of a small geometric change in crosssection, such as a thin fiber or a overhanging part of fiber, the concentration is significantly increased. This paper presents mathematical analysis to explain the rapidly increased growth of the stress by a small particle in ...

Search models of monetary exchange commonly assume that terms of trade in decentralized markets are determined via Nash bargaining. Bargaining frictions add to the classical intertemporal distortion present in most monetary models, whereby agents work today to obtain cash that can be used only in future transactions. More important, bargaining frictions may cause underproduction in decentralize...

Gasoline taxes are widely perceived as the most efficient instrument for reducing gasoline consumption because they exploit all behavioral responses for reducing fuel use, including reduced driving and improved fuel economy. At present, however, higher fuel taxes are viewed as a political nonstarter. Pay-as-you-drive (PAYD) auto insurance, which involves replacing existing lump-sum premiums wit...

A new approach for time-domain analysis and design of lumped networks is considered. The lumped elements are modeled by transmission-line sections or stubs and the modeled network is analysed by the transmission-line matrix (TLM) method, which provides an exact solution to the model. Compensafion of errors arising in modeling the network elements is discussed. Sensitivities w.r.t. design variab...

Method: We audited 2 patient groups with a final diagnosis of lymphoma, who underwent core biopsy by experienced operators using US or CT guidance at our institution. The first group, 55 new patients at a single centre neck lump clinic and the second, 52 new patients from a single interventional radiologist’s biopsy list. The nature of the final diagnostic biopsy and, where known, the size of t...

The case of a 33-year-old man with a hemangioma involving the frontal sinus is reported. The patient presented with a gradually inereasing hard lump over the forehead and frontal headaehes. Charaeteristie changes on plain X-ray and computed

This paper shows that yardstick competition does not assist a regulator when lump-sum transfers are not costly and the regulator does not care about the distribution of income. Yardstick competition may discourage investment that would make efficient operation possible. The paper characterizes optimal regulatory schemes in a simple model and demonstrates that it may be optimal to limit the amou...

During the silent era, movie producers rented the vast majority of their films to exhibitors for flat per-day fees, but a technology “shock” in the form of the coming of sound led to the widespread replacement of flat fees by revenuesharing. This paper seeks to determine why. It finds that sound technology altered the structure of incentives in movie exhibition, reducing the role of the exhibit...

The regulator of a natural monopoly that sets a two-part tariff and whose marginal cost is stochastic will generally want the price to vary less than marginal cost when the lump-sum charge in the tariff is fixed. A trade-off exists between efficient pricing and an optimal allocation of risk. Pricing at marginal cost is only optimal when the consumer’s marginal utility is independent of the pric...