In the Governing Council’s view, the outlook for price developments remains subject to upside risks ... It is therefore crucial that social partners continue to meet their responsibilities. In this context, wage agreements should take into account productivity developments, while recognising the still high level of unemployment and price competitiveness positions. As stated on previous occasion...

THE JOURNAL OF ALTERNATIVE INVESTMENTS 9 I t is now well established that the construction of optimal hedge fund portfolios requires techniques that reach well beyond traditional mean variance analysis. For example, Brooks and Kat [2002] demonstrate that various hedge fund strategies have more downside than upside risk—returns exhibit negative skew and excess kurtosis. Lo [2001] and Anson [2002...

This paper takes the position that an individual’s concern for relative status is expressed in her preferences. We embed this hypothesis in an otherwise conventional model of economic growth, and examine its consequences. The model generates two kinds of equilibrium. In the first, all individuals always follow a deterministic consumption and investment strategy. Such a strategy must be linear i...

The cognitive processes underlying dishonesty, especially the inhibition of automatic honest response tendencies, are reflected in response times and other behavioral measures. Here we suggest that explicit false alibis might have a considerable impact on these cognitive operations. We tested this hypothesis in a controlled experimental setup. Participants first performed several tasks in a pre...

The partial-closed world setting provides an intermediate ground between open-world and closed-world settings. Previous work on the partial-closed world assumption assumes that incompleteness is the default, i.e., that databases in general can be incomplete, and are only definitely complete in specified parts. In this work we turn this assumption around, and study databases where completeness i...

A rigorous analysis is presented in order to show that, in presence of friction, the upward equilibrium position of the vertically driven pendulum, with a small non-vanishing damping term, becomes asymptotically stable when the period of the forcing is below an appropriate threshold value. As a byproduct we obtain an analytic expression of the solution for initial data close enough to the equil...