This paper addresses the evaluation of intergenerational allocations in an uncertain world. It axiomatically characterizes a class of criteria, named reference-dependent utilitarian, that assess ...allocations relative to a stochastic reference. The characterized criteria combine social concerns for ex-ante equity—capturing the idea that generations should be treated equitably before risk is resolved—and for ex-post fairness—capturing the idea that generations should be treated equitably after risk is resolved. Social discounting is endogenous and is governed by two opposite forces: extinction risk pushes society to reduce the weight on future generations, while (uninsurable) technological risk pushes society to increase the weight on future generations.
A Lipsetian theory of voluntary power handover Boucekkine, Raouf; Piacquadio, Paolo G.; Prieur, Fabien
Journal of economic behavior & organization,
12/2019, Letnik:
168
Journal Article
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We consider an autocracy where the ruling elite control both the resource wealth and education policies. Education prompts economic growth and enriches the budget of the elite. However, education ...also increases the “awareness of citizens” – capturing their reluctance to accept a dictatorship and their labor market aspirations – and forces the elite to expand redistribution or handover the power. A power handover leads to a more democratic regime, where the elite retains (at least partially) its economic power. This trade-off is the backbone of our Lipsetian theory of voluntary power handover. This theory provides new insights on the positive relationship between economic development, education, and democratization, and on the negative relationship between inequality and democratization. Finally, we revisit the resources-curse hypothesis within our setting.
We address the coordination failures that arise in models with multiple equilibria and study how they may be resolved by reconsidering the role of cheap talk communication as an equilibrium selection ...device. We introduce an outside option (representing common-knowledge expected outcomes in the absence of coordination), and show that a player may be forced to make an announcement leading to a sub-optimal outcome with respect to the commitment solution (a binding message) in order to keep the message credible. The main contribution is to show, by means of examples taken from standard macro- and microeconomic decision making problems, how the existing tools of bargaining can be applied to models with multiple equilibria to produce sensible outcomes. The purpose is to provide a formal underpinning for methods that resolve multiple equilibrium problems by exploiting the power of policy announcements.
By introducing the concepts of implicit coalitions and conflict of interests in a multiple-player context, this paper generalizes some theorems on policy invariance and equilibrium existence and ...uniqueness for LQ policy games.
In the harsh environment of the Large Hadron Collider at CERN (design luminosity of 1034 cm-2s-1) efficient reconstruction of the signal primary vertex is crucial for many physics analyses. Described ...in this paper are primary vertex reconstruction strategies implemented in the ATLAS software framework Athena. The implementation of the algorithms follows a very modular design based on object oriented C++ and the use of abstract interfaces. This guarantees the easy use and exchange of different vertex fitters and finders which are considered for a given analysis. Such a modular approach relies on a dedicated Event Data Model for vertex reconstruction. The data model has been developed alongside the reconstruction algorithms. Its design is presented in detail. The performance of the implemented primary vertex reconstruction algorithms has been studied on a variety of Monte Carlo samples and results are presented.
The paper addresses intergenerational and intragenerational equity in an overlapping generation economy. We aim at defining an egalitarian distribution of a constant stream of resources, relying on ...ordinal non-comparable information on individual preferences. We establish the impossibility of efficiently distributing resources while treating equally agents with same preferences that belong to possibly different generations. We thus propose an egalitarian criterion based on the equal-split guarantee: this requires all agents to find their assigned consumption bundle at least as desirable as the equal division of resources.
Differences in preferences are important to explain variation in individuals' behavior. There is, however, no consensus on how to take these differences into account when evaluating policies. While ...prominent in the economic literature, the standard utilitarian criterion is controversial. According to some, interpersonal comparability of utilities involves value judgments with little objective basis. Others argue that social justice is primarily about the distribution of commodities assigned to individuals, rather than their subjective satisfaction or happiness. In this paper, we propose and axiomatically characterize a criterion, named opportunity-equivalent utilitarian, that addresses these claims. First, our criterion ranks social alternatives on the basis of individuals' ordinal preferences. Second, it compares individuals based on the fairness of their assignments. Opportunity-equivalent utilitarianism requires society to maximize the sum of specific indices of well-being that are cardinal, interpersonally comparable, and represent each individual's preferences.
A combination of searches for a new resonance decaying into a Higgs boson pair is presented, using up to 139 fb^{-1} of pp collision data at sqrts=13 TeV recorded with the ATLAS detector at the ...LHC. The combination includes searches performed in three decay channels: bbover ¯bbover ¯, bbover ¯τ^{+}τ^{-}, and bbover ¯γγ. No excess above the expected Standard Model background is observed and upper limits are set at the 95% confidence level on the production cross section of Higgs boson pairs originating from the decay of a narrow scalar resonance with mass in the range 251 GeV-5 TeV. The observed (expected) limits are in the range 0.96-600 fb (1.2-390 fb). The limits are interpreted in the type-I two-Higgs-doublet model and the minimal supersymmetric standard model, and constrain parameter space not previously excluded by other searches.A combination of searches for a new resonance decaying into a Higgs boson pair is presented, using up to 139 fb^{-1} of pp collision data at sqrts=13 TeV recorded with the ATLAS detector at the LHC. The combination includes searches performed in three decay channels: bbover ¯bbover ¯, bbover ¯τ^{+}τ^{-}, and bbover ¯γγ. No excess above the expected Standard Model background is observed and upper limits are set at the 95% confidence level on the production cross section of Higgs boson pairs originating from the decay of a narrow scalar resonance with mass in the range 251 GeV-5 TeV. The observed (expected) limits are in the range 0.96-600 fb (1.2-390 fb). The limits are interpreted in the type-I two-Higgs-doublet model and the minimal supersymmetric standard model, and constrain parameter space not previously excluded by other searches.
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