Egyeni preferencialistak aggregalasanak elterjedt eszkoze a pontozasi rendszerek hasznalata, amikor az egyes rangsorok minden pozicioja adott szamu pontot er, aggregalt sorrend pedig alternativak igy osszegyűjtott pontjai alapjan alakul ki. Altalaban ezt eljarast alkalmazzak tobb egymast kovető versenyből allo sportbajnoksagok eredmenyenek meghatarozasara. Tanulmanyunk ebben osszefuggesben vizs...

We simulate the short- and long-term distributional consequences of COVID-19 in four largest Latin American economies: Argentina, Brazil, Colombia, Mexico. show that short-term impact on income inequality poverty can be very significant, but additional spending social assistance more than offsets effect Brazil. The offsetting is significant Argentina Colombia nil Mexico, where there has been no...

The reduced attractiveness of investments in reliable power plants under conditions of liberalized markets and the transition towards renewable energies has brought a discussion on capacity policies to Europe. We use a partial equilibrium model to compare important effects of three basic policies. A strategic reserve policy and a capacity market policy with administratively set capacity targets...

Habit utility has been the focus of a large and growing body of literature in financial economics. This study investigates ways of accurately and efficiently solving the Campbell and Cochrane [1999. Journal of Political Economy 107, 205–251] external habit model. Solutions for this model based on a grid of values for the state variable are shown to converge as the grid becomes increasingly fine...

The analysis of equilibrium in double auctions is complicated, with almost no closed-form examples and with formal results limited to bounds on bidding behavior. We consider the buyer’s bid double auction in a correlated, private values model. Sellers have the incentive to submit their costs as their asks while buyers strategically underbid. We determine (i) the asymptotic distribution of the e...

Over the past two decades, financial market crises with similar features have occurred in different regions of the world. Unstable cross-market linkages during a crisis are referred to as financial contagion. We simulate crisis transmission in the context of a model of market participants adopting various strategies; this allows testing for financial contagion under alternative scenarios. Using...

This paper inverts the usual logic of applied optimal income taxation. It starts from the observed distribution of income before and after redistribution and corresponding marginal tax rates. Under a set of simplifying assumptions, it is then possible to recover the social welfare function that would make the observed marginal tax rate schedule optimal. In this framework, the issue of the optim...

This paper builds upon a view of economic organizations as problemsolving arrangements and presents a simple model of adaptive problemsolving driven by trial-and-error learning and collective selection. Institutional structures, and in particular their degree of decentralization, determines which solutions are tried out and undergo selection. It is shown that if the design problem at hand is “c...

A fundamental mathematical problem is to "nd a solution to a square system of nonlinear equations. There are many methods to approach this problem, the most famous of which is Newton's method. In this paper, we describe a generalization of this problem, the complementarity problem. We show how such problems are modeled within the GAMS modeling language and provide details about the PATH solver,...