In a context of complete Þnancial markets where asset prices follow Ito’s processes, we characterize the set of consumption processes which are optimal for a given stochastic differential utility (e.g. Duffie and Epstein (1992)) when beliefs are unknown. Necessary and sufficient conditions for the efficiency of a consumption process, consists of the existence of a solution to a quadratic backwa...

This paper studies Pareto efficient income taxation in an economy with infinitely-lived individuals whose income generating abilities evolve according to a two-state Markov process. The study yields two main results. First, when individuals are risk neutral, the fraction of individuals who face a positive marginal income tax rate is always positive but converges to zero. Moreover, the tax rate ...

The accuracy of channel estimation significantly affects the performance of coherent rake receiver in DS-CDMA systems. It is desirable for improved channel estimation to employ a channel estimation filter (CEF) whose bandwidth is adjustable to the channel condition. In this paper, we consider the use of moving average (MA) FIR filters as the CEF since it is simple to implement and can provide r...

Electricity market designs that decentralize decision making for participants can lead to inefficiencies in the presence of nonconvexity or missing markets. This has been shown in the case of unit-commitment problems that can make a decentralized market equilibrium less efficient than a centrally-planned solution. Less attention has been focused on systems with large amounts of hydro-electric g...

Research background: Researching the topic of personality profiles future managers is one international challenges. In a global world, it ideal to find framework for ideally pursuing this profession. Existing studies indicate rather influences gender or other socio-demographic factors than study programs university students. Purpose article: The aim paper describe selected characteristics stude...

Hepatic fatty infiltration generally appears in a widespread form but it can occasionally involve the liver in an irregular way. As regards focal forms, nodular focal fatty infiltration (NFFI) has great importance regarding problems of differential diagnosis with benign and malignant focal pathology of the liver. Except for this aspect, NFFI has little clinical importance as it is mainly asympt...

Neurophysiologic intraoperative monitoring (IOM) has grown over three decades into a method widely used to prevent neurologic injury during surgery. Common IOM techniques include electroencephalography (EEG), electromyography (EMG), evoked potentials (EPs), and nerve conduction velocity (NCV). Intraoperative monitoring can warn the surgeon of changes in time to correct problems and prevent post...