Each year we award The BMJ editors’ prize for “persistence and courage in speaking truth to power.” list of previous winners reads like a roll honour: Peter Wilmshurst, Clare Gerada, Martin McKee, Susan Bewley, Trish Greenhalgh, Robin Stott, Jenny Vaughan, David Nicholl. These are people who have bravely called out wrongdoing or paved compelling path doing right, often through their writings . ...

Dormancy is a form of developmental arrest and is an adaptive trait that promotes the survival of many organisms. In flowering plants, dormancy occurs in seeds and vegetative propagules (Lang 1996). Seed dormancy increases the distribution of germination over time, thus enhancing the survival of plants in an ever-changing environment. Seed dormancy is of intrinsic interest to weed scientists be...

As in Gilboa, Maccheroni, Marinacci, and Schmeidler [12], we consider a decision maker characterized by two binary relations: % and %^. The …rst binary relation is a Bewley preference. It models the rankings for which the decision maker is sure. The second binary relation is an uncertainty averse preference, as de…ned by Cerreia-Vioglio, Maccheroni, Marinacci, and Montrucchio [4]. It models the...

power transmission lines. Numerical computation of solving the Telegraphist’s equations is determined and investigated its effectiveness. A source of lightning surge wave on power transmission lines is modeled by using Heidler’s surge model. The proposed method was tested against medium-voltage power transmission lines in comparison with the solution obtained by using Bewley lattice diagram. As...

This paper studies the effect of endogenous discounting on distribution wealth in a Bewley–Huggett economy with an exogenous borrowing constraint. We introduce Koopmans–Uzawa–Epstein time preferences benchmark model Achdou et al. (2022) and investigate implications saving behaviour across different classes. The results highlight self-reinforcing redistribution mechanism, through which can lead ...

More than a decade ago Professor Bewley set out to answer a difficult question, “Why don’t wages fall in a recession?” After years of painstaking research, involving literally hundreds of interviews with market participants and many, many hours of decoding unstructured information, he reached the answer. “The only one of the many theories of wage rigidity that seems reasonable is the morale the...

We study what features an economic environment might possess, such that it would be Pareto efficient for the exchange of goods in that environment to be conducted on spot markets where those goods trade for money. We prove a conjecture that is essentially due to Bewley [1980, 1983]. The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents ca...

We study the welfare cost of market incompleteness in a generalized Bewley model where idiosyncratic risk takes the form of entrepreneurial productivity shocks. Market incompleteness in our framework has two dimensions. First, in the Bewley tradition, only a limited set of instruments for consumption smoothing is available. Second, entrepreneurs’ capital rental is subject to collateral constrai...

Seed germination and early seedling growth are critical phases in the plant life cycle (Bewley and Black, 1994). Young seedlings need to grow rapidly in order to effectively compete with neighbours, yet young seedlings have limited nutrient reserves to draw on as they resume growth. Root systems are rudimentary, and this limits the ability of young seedlings to explore the environment for water...

This paper computes optimal top marginal tax rates in Bewley-Huggett-Aiyagari–type economies that include entrepreneurs. Consistent with the data, entrepreneurs are overrepresented at of income distribution and thus disproportionately affected by an increase rate. The rate maximizes welfare is 60 percent. While average gains positive similar across occupations along transition, they larger for ...