This paper evaluates the pricing and ordering policies of a retailer, facing a price-dependent stochastic demand, within a newsvendor framework, under different degrees of risk tolerance and under a variety of optimizing objectives. These are (i) maximizing expected profit, for a retailer who may be risk-seeker, riskaverse or risk neutral; (ii) deriving a maximin strategy of maximizing a minimu...

We consider the joint effect of profit and Pigouvian taxation in a model of imperfect competition. We show that, when both profit taxation and Pigouvian taxation/subsidy are used, the former is no longer neutral. The two fiscal tools are substitutes, and for any profit taxation rate there exists a unique Pigouvian tax that entails the first best outcome as an equilibrium. Our analysis therefore...

Much of the appeal of performance measurement is explained by its image as a simple and value-neutral way to monitor and improve government. But contemporary governance is characterized by complexity. Few public officials have the luxury of directly providing relatively simple services, the context in which performance regimes work best. Instead, they must work in the context of a disarticulate...

This paper studies the incidence of tax-transfer policy in a growth model wherein individuals differ according to their level of intergenerational altruism and have an endogenous labor supply. The main results is that public debt is neutral at the macro level but redistributes resources from nonaltruists to altruists. Capital income taxation can hurt the nonaltruists who do not have any wealth ...

We conduct a neutral-context laboratory experiment to systematically investigate the role of the hit-by-bus concern in explaining the annuitization puzzle: the low rate of retirement-asset annuitization relative to the predictions of standard models. We vary endowed asset (annuity vs. stock of wealth vs. no explicit endowment), and find a strong endowment effect. Furthermore, we find that the o...

This paper evaluates the costs to households of a carbon dioxide (CO2) cap-and-trade program. We find important variation in the distribution of costs of the policy across 11 regions of the country and income deciles. The introduction of a price on CO2 is regressive, but this may be outweighed by the distribution value of CO2 emissions allowances. We evaluate five alternatives: three are progre...

The environmental impact of a regional trade agreement towards liberalization is an empirical question. The paper estimates the economic and environmental impacts of alternative trade policies of liberalization between six East Asian countries using Global Trade Analysis Project (GTAP) framework. The finding reveals that Japan will be in a winwin situation followed by Republic of Korea after ta...

This paper presents PATRIOT, an optimized, policydriven security architecture for protecting the confidentiality and integrity of audit log files on wireless devices. PATRIOT is based on a set of well-known cryptographic protocols and is designed to suit the limited nature of wireless devices. It offers a policy-driven, customizable security model and specifies a flexible, multi-level, and fine...

This article considers the dividend optimization problem for an insurer with a jumpdiffusion risk process in the presence of fixed and proportional transaction costs. Due to the presence of a fixed transaction cost, the mathematical problem becomes an impulse stochastic control problem. Using a stochastic impulse control approach, we transform the stochastic control problem into a quasi-variati...

The Serviceman’s Readjustment Act of 1944 represented unprecedented investment in social services which uplifted veterans into the middle class. As observers hail G.I. Bill for its provisions supposed deserving Americans, popular memories emphasize imagination modern veterans’ support and race-neutral policy, while ignoring shortcomings. presents a departure from New Deal ushers conservative er...