We study equity in economies where a set of agents commonly own a technology producing a non-rival good from their private contributions. A social ordering function associates to each economy a complete ranking of the allocations. We build social ordering functions satisfying the property that individual welfare levels exceeding a legitimate upper bound should be reduced. Combining that propert...

Asymptotic inference on nonstationary fractional time series models, including cointegrated ones, is proceeding along two routes, determined by alternative definitions of nonstationary processes. We derive bounds for the mean squared error of the difference between (possibly tapered) discrete Fourier transforms under the two regimes. We apply the results to deduce limit theory for estimates of ...

ONE HUNDRED AND FIFTY YEARS AGO, IN August 1857, Louis Pasteur gave a lecture to the Société des Sciences de Lille entitled ‘Lactate fermentation’, published soon after as a Mémoire. The title may sound unexciting, but this historic paper marked Pasteur’s first statement of a germ theory and a specific role for microorganisms in metabolic processes. Pasteur was then 34 and professor of chemistr...

Prior to the announcement of a tender offer, the bidding firm is legally allowed to acquire shares in the open market, subject to some limitations. These pre-announcement purchases are known as toeholds. This paper presents a simple model that describes the bidder's optimal toehold acquisition strategy, within an environment that closely parallels the present legal institutions. The model shows...

since a long time ago, poets and orators used various knowledge sources and human sciences to express thoughts, intentions, and their intellectual achievements. for instance, they utilized natural and supernatural elements and names of geographical places as the sources of their artistic creation. the old poets and orators, which are known as the laureates and frontiers of classic literature, u...