This paper provides a critique of the global crusade recently launched by the World Bank and World Health Organization against tobacco, by providing some welfare estimates of the net costs associated from the rise in taxes that is proposed for India, S.Africa, S.Korea, Japan and the European Union. It critically examines conventional studies of the costs-benefits of smoking which besides ignori...

A dynamic model is presented of a household’s joint production, storage, and trade decisions under price risk, region-wide and idiosyncratic yield risk, and explicit transaction costs. Balancing the goals of profit maximization and hedging against consumption price risk, grain management decisions are nonlinear, interdependent functions of the market price and household grain availability and f...

This paper studies the origins of one of the most basic of property rights, namely, the right of an individual or an organization to the fruits of its labour. My objective is to address the questions of why, when and how this property right can emerge and be made secure. I develop a model of the strategic interaction between two players in the state-of-nature, which is an environment characteri...

The Impact of Education on the Subjective Discount Rate in Ugandan Villages Heterogeneity in time discounting may reinforce the existing barriers to save and invest faced by rural populations in developing countries. We elicit a subjective discount rate for a varied sample of Ugandan villagers. In accordance with other studies, we have found the discount rate to decrease with education. We exam...

Armed Conflict and Schooling: Evidence from the 1994 Rwandan Genocide To examine the impact of Rwanda’s 1994 genocide on children’s schooling, the authors combine two cross-sectional household surveys collected before and after the genocide. The identification strategy uses pre-war data to control for an age group’s baseline schooling and exploits variation across provinces in the intensity of ...

We present a theory of interpersonal economic changes based on three simplest elements: Positive Sum Games, Zero-Sum and Games «with subtraction». This proposal integrates Menger’s Mises’s theories; it includes also the distinction made by Böhm-Bawerk between goods promises. On such ground we comprehensive explanation for boom-burst cycle processes, distinguishing where is damaging character re...

open fx is one of most serious injury in motor car accident. infection /osteomyelitis/amputation and frequent admission in hospital and iv antibiotic and surgery are common complication of this problem. life saving limb saving prior to the other practice. take a photo by cell phone then call for help and cover the wound /control of bleeding and keep person warm is principles to management for o...

The theory of real options is used to incorporate the influence of uncertainty on demographic decision-making. The decision to have children is formulated as an investment using portfolio theory. The timing of the decision to have a child is modelled as a real options decision, with uncertainty affecting a woman’s ability to exercise the doption to waitT in order to delay or space births. An in...