This paper considers the possibility of letting a pay-go pension system mimic a fully funded pension system. Generically, it turns out to be impossible to make a less than fully funded pension system actuarially fair on average. But a non-funded pay-go pension system can provide an actuarially fair implicit return on the margin, which increases economic efficiency. The benefits of this fall ent...

The paper considers whether ‘fair share capitalism’ improves workplace productivity. ‘Fair share capitalism’ (FSC) is a generic term for the financial mechanism that links employees’ pay to group or company performance. The traditional rationale for FSC is that where employers find it difficult or costly to monitor inputs they will choose to pay for outputs. FSC can then be used to align worker...

In this paper, the issue of whether willingness to pay (WTP) for the benefits generated by a public good should be elicited on an individual or a household basis is addressed. Differences between individual and household WTP may arise when members of the household are mutually altruistic. It is shown that, for general specifications of altruism, household WTP is less than the sum of household m...

“Say you’re in a public library, and a beautiful stranger strikes up a conversation with you. She says: ‘Let’s show pennies to each other, either heads or tails. If we both show heads, I pay you $3. If we both show tails, I pay you $1. If they don’t match, you pay me $2.’ At this point, she is shushed. You think: ‘With both heads 1/4 of the time, I get $3. And with both tails 1/4 of the time, I...

Companies today have to adopt strategies that embrace both a closer reaction to the customers’ needs and efficiency. Mass customisation meets this challenge by offering individually customised goods and services with mass production efficiency. According to a number of recent surveys, there is evidence for the increasing importance of this strategy in various industries. But what do the custome...

determining how to reward employees. It must balance market competitiveness, internal equity, organizational performance and individual performance considerations. Notably, issues of “fairness” underlie each of these areas. No matter how sophisticated their design, reward programs, policies and practices that are not perceived as fair will not successfully attract, retain and engage employees. ...

Automobile hull insurance has attracted much attention due to the high rate of vehicle applications in daily lives. Since purchasing these policies is optional in Iran and their premium rates are set competitively, a competition is formed among the insurance companies for attracting low risk drivers. However, most of the insurers still use comparative rates and pay no or less attention to the f...

Weak fairness guarantees that continuously enabled actions are executed infinitely often. Strong fairness, on the other hand, guarantees that actions that are enabled infinitely often (but not necessarily continuously) are executed infinitely often. In this paper, we present a distributed algorithm for scheduling actions for execution. Assuming weak fairness for the execution of this algorithm,...