In this paper we address the problem of looking for resource allocation mechanisms which would be accepted as equitable from Sen's point of view, in a framework of economic environments. We simplify ...the idea of equalizing capabilities by means of the equalization of a capability index. Then, we analyze the relationship between capability and utility, and provide characterization results on mechanisms giving us allocations which are capability lexmin suprema.
This paper reports the results of an experiment in which probabilistic insurance, as proposed by Kahneman and Tversky (1979), is compared both with full insurance and no insurance. The experimental ...results conform to the intuitive prediction that risk-averse agents who are indifferent between full insurance and no insurance, will prefer full insurance to probabilistic insurance and probabilistic insurance to no insurance. The first conclusion is incompatible with the predictions of expected utility theory, and the second with Kahneman and Tversky's prospect theory. We also show that Loomes and Sudgen's regret theory can easily accommodate these intuitive results. Copyright Springer-Verlag Berlin/Heidelberg 2006
This paper uses a unique survey data set of 105 central banks to investigate whether investment policies for central bank foreign reserve portfolios are linked to the governance arrangements for ...reserve management. The paper evaluates whether a central bank's investment decision-making structure impacts how much risk institutions take in their reserve management operations and the level of diversity in their reserve portfolios. Additionally, it explores the implications of the broader governance environment on reserve management. The analysis yields four key findings. First, internal governance arrangements matter for foreign reserve portfolio investment policy; the empirical results indicate that reserve portfolios are more diversified in central banks in which the middle office directly reports to the board. Second, controlling for the level of reserves, the macroenvironment, and the broader governance environment, reserve portfolios are more diversified in central banks where the back, middle, and front offices are separated. Third, the regression analysis also reveals that central banks in countries where the Ministry of Finance has an obligation to cover negative equity have fewer eligible currencies and are therefore less diversified. Fourth, central banks where boards actively exercise portfolio oversight usually have portfolios with more risk and diversification. Portfolios with longer investment horizons, more currencies, and a broader set of asset classes have performed better historically while limiting downside risk. Given that the analysis controls the broader governance environment, the data indicate that any central bank can improve its internal governance regardless of the external governance environment. This paper contributes to the literature on central bank foreign reserves management and on understanding the importance of governance arrangements in investment policy.
A unified approach to the problems of bargaining with a reference point and of bargaining with claims is addressed. Then, two solutions are reexamined from this perspective: the lexicographic ...egalitarian and the lexicographic claim-egalitarian. New characterization results are also provided.
We propose a new Human Development Index that involves a number of changes with respect to the present one, even though it keeps the basic structure of the index (namely, preserving "health", ..."education" and "material wellbeing" as the three basic dimensions of human development). The first change refers to the substitution of the arithmetic mean by the geometric mean, as a way of aggregating the different dimensions in a more sensible way. The second one leads to the introduction of distributive considerations in the evaluation of material wellbeing. The last change consists of the introduction of new variables to approach health and education, looking for a higher sensitivity of the index with respect to the differences between countries. These new variables are specially indicated for the analysis of human development in highly developed countries. Besides the conceptual discussion, that includes a characterization of the chosen aggregation formula, we present a comparative analysis of this new index and the standard one, focusing on the OECD countries.
To determine the phenotype of skin infiltrates in affected and uninvolved skin from patients with dermatomyositis, immunohistochemical studies with 10 murine monoclonal antibodies were carried out on ...25 skin biopsy specimens. Dermal infiltrates consisted predominantly of HLA-DR-expressing macrophages and T lymphocytes, especially of the CD4 subset. B lymphocytes, as defined by positive staining for Leu-12, were absent. Epidermal Langerhans cells were absent or decreased in some areas of affected skin but the total number was normal. OKT6+ cells were present in some dermal mononuclear infiltrates in close contact with lymphocytes. We observed reduced HLA-DR positivity of dermal capillary endothelia. These findings are apparently different from dermatomyositis muscle infiltrates but are similar to those in skin affected by cutaneous lupus erythematosus. Our observations support the concept that, in autoimmune diseases, cellular infiltrates may be more organ-specific than disease-specific.
A modifica.tion of the proportional solution for bargaining with claims problems is proposed. This solution is construct.ed by considering an endogenous reference point. Characterization results are ...provided when the feasible set is not necessarily convex.
Este artículo versa sobre el trabajo de las mujeres en la Corona de Aragón durante el siglo XV y el valor que concedió al mismo la reina María de Castilla. La reina otorgó licencias para que las ...mujeres practicaran la medicina y cirugía. Una de las médicas, Antonia de Santa Sofía, atendió a la soberana y a distintas personas de su casa y entorno. Por otra parte, la reina también utilizó recetas y remedios preparados por mujeres. Se analiza también cómo la soberana se sirvió de su autoridad y poder para defender el trabajo de las viudas de diversos sectores como el textil o el comercial. Por último, se estudia el aprecio de doña María por las trabajadoras del mundo doméstico como doncellas, sirvientas o nodrizas.
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