Consistent bilateral assignment

In the bilateral assignment problem, source a holds the amount ra of resource of type a, while sink i must receive the total amount xi of the various resources. We look for assignment rules meeting the powerful separability property known as Consistency: “every subassignment of a fair assignment is fair”. They are essentially those rules selecting the feasible flow minimizing the sum ∑i,aW(yia), where W is smooth and strictly convex

Az arányos csődszabály karakterizációja körbetartozások esetén

Az arányos csődszabály első használata egészen Arisztotelészig vezethető vissza. A tanulmányban olyan pénzügyi hálózatokat vizsgálunk, ahol az ágenseknek van induló pénzkészlete, és mindenki tartozhat mindenkinek. Egy adott pénzügyi hálózatban a csődszabály meghatároz egy fizetési mátrixot, amelynek elemei megmondják, hogy ki mennyit fizessen a többi szereplőnek. Egy szereplő eszközei az induló pénzkészletéből és a többiektől kapott fizetésekből állnak. A rendszerkockázati irodalomban gyakran használt arányos csődszabály azt követeli meg, hogy az ágensek a tartozásaikkal arányosan fizessenek eszközeikből, maximum a tartozások erejéig. Ha érvényes az arányos csődszabály, akkor az eszközök értéke endogén módon határozódik meg, mivel a fizetések egymástól függhetnek. Cikkünkben részletesen bemutatjuk az arányos csődszabály egyik karakterizációját, olyan tulajdonságokat, amelyek közül mindegyiket csak ez a csődszabály teljesíti: a követelések felsőkorlát-jellegét, a korlátolt felelősséget, a hitelezők elsőbbségét, a pártatlanságot, az azonos ágensek általi manipulálhatatlanságot és a folytonosságot

An Axiomatization of the Proportional Rule in Financial Networks

Valós csődproblémákban a fizetések meghatározására használt legfontosabb módszer az arányos csődszabály. Sok csődproblémában megjelenik a hálózati aspektus, és ilyenkor a szereplők eszközeinek értéke endogén módon határozódik meg, mivel az is számít, hogy a többi szereplőtől mennyire lehet a követeléseket behajtani. Ezek a hálózati hatások megnehezítik az axiomatikus elemzést. Cikkünkben először adunk axiomatizációt pénzügyi hálózatokban az arányos csődszabályra. A fő axiómánk az osztódás invariancia. A további szükséges axiómák a követelések felső korlát jellege, a korlátolt felelősség, a hitelezők elsőbbsége, a folytonosság és a pártatlanság

An Axiomatization of the Pairwise Netting Proportional Rule in Financial Networks

We consider financial networks where agents are linked to each other via mutualliabilities. In case of bankruptcy, there are potentially many bankruptcy rules, ways to distribute the assets of a bankrupt agent over the other agents. One common approach is to first apply pairwise netting of agents that have mutual liabilities and next use the proportional rule to determine the payments on the basis of the net liabilities. We refer to this as the pairwise netting proportional rule. The pairwise netting proportional rule satisfies the basic requirements of claims boundedness, limited liability, priority of creditors, and continuity. It also satisfies the desirable properties of net impartiality, an agent that has two creditors with the same net claims pays the same amount to both creditors on top of pairwise netting, and invariance to mitosis, an agent that splits into a number of identical agents is not a_ecting the payments of the other agents. We demonstrate that if net impartiality and invariance to mitosis, together with the basic requirements, are regarded as imperative properties, then payments should be determined by the pairwise netting proportional rule

An Axiomatization of the Proportional Rule in Financial Networks

The most important rule to determine payments in real-life bankruptcy problems is the proportional rule. Many bankruptcy problems are characterized by network aspects and default may occur as a result of contagion. Indeed, in financial networks with defaulting agents, the values of the agents' assets are endogenous as they depend on the extent to which claims on other agents can be collected. These network aspects make an axiomatic analysis challenging. This paper is the first to provide an axiomatization of the proportional rule in financial networks. Our two central axioms are impartiality and non-manipulability by identical agents. The other axioms are claims boundedness, limited liability, priority of creditors, and continuity

Intermediation in Network Economics: Theory and Applications.

Ph.D. Thesis. University of Hawaiʻi at Mānoa 2018

Supreme Court Opinion Authorship Attribution on a Case-by-Case Basis

This thesis analyzes the authorship of Supreme Court opinions and the theory that Justices on that Court might be delegating portions, if not the majority, of opinion authorship to their clerks. I test the theories that as Justices age they are more likely to delegate, and that delegation has increased across all justices over the past several decades of the Court’s history. I employ a content analysis method known as stylometry to assign authorship attributions on a case by case basis and use those attributions to inform larger trends regarding authorship. I ultimately find that there is little evidence to support the age or time-period theories but that there is significant variation across Justices in attribution, indicating that clerks are likely playing a large and measurable role in opinion drafting

LINKING CGE AND MICROSIMULATION MODELS: METHODOLOGICAL AND APPLIED ISSUES

Questa tesi offre una descrizione dettagliata di come i modelli di equilibrio generale computazionale (CGE) ed i modelli di microsimulazione possano essere utilizzati congiuntamente, partendo dalla letteratura piú recente sull'argomento, e focalizzando l'attenzione in particolare sulla letteratura riguardante i paesi in via di sviluppo. La ragione principale per la quale questi modelli vengono utilizzati congiuntamente risiede nel fatto che il ricercatore vuole essere in grado di studiare contemporaneamente l'eterogeneità degli agenti economici e la complessità della distribuzione del reddito, ed allo stesso tempo di valutare gli effetti macroeconomici delle riforme. Nell'ultimo capitolo costruiamo un modello CGE-microsimulazione per l'economia del Nicaragua. Esso si rivela particolarmente adatto alla riforma di politica economica che vogliamo simulare: l'accordo di libero scambio commerciale tra i paesi dell'America Centrale e gli Stati Uniti è infatti una riforma di tipo macroeconomico, la quale potrebbe tuttavia avere effetti significativi sulla distribuzione del reddito. Con questo modello analizzeremo quindi gli effetti dell'accordo commerciale con gli Stati Uniti sulla distribuzione del reddito in Nicaragua. I risultati dell'analisi registrano soltanto piccole variazioni sia nelle principali variabili macroeconomiche che nella distribuzione del reddito e negli indici di povertà.This thesis wants to give an assessment and a detailed description of how Computable General Equilibrium (CGE) and microsimulation models can be linked together, taking inspiration from the current literature, with a special focus concerning the literature on developing countries. The main reason why these models are linked together is that the modeller wants to be able to take into account full agents' heterogeneity and the complexity of income distribution, and at the same time to analyse the macroeconomic effects of the policy reforms. In the last chapter, we build a CGE-microsimulation model for the economy of Nicaragua. This model appears to be particularly suited to the policy reform we are willing to simulate with the model: the Free Trade Agreement of Central American countries with USA is mainly a macroeconomic reform, which on the other hand can have important effects on the distribution of income and on poverty. With such a model we will study the possible changes in the distribution of income in Nicaragua deriving from the Free Trade Agreement with USA. Our analysis finds only small changes both in the main macroeconomic variables and in the distribution of income and poverty indices