In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between…

By reporting his satisfaction with his job or any other experience, an individual does not communicate the number of utils that he feels. Instead, he expresses his posterior preference over available alternatives conditional on acquired knowledge of the past. This…

In the last decade, the potential macroeconomic effects of intermittent large adjustments in microeconomic decision variables such as prices, investment, consumption of durables or employment – a behavior which may be justified by the presence of kinked adjustment costs –…

This paper uses longitudinal data from a survey of youth in three areas (Hamilton, Halifax and rural Nova Scotia) to examine the factors that affect young adults' participation in postsecondary education, applying Bourdieu's notions of capital and habitus. Data were…

As British Columbia's economy is increasingly shaped by post-industrial circumstances, it becomes necessary for that province, like others in Canada, to ensure that it has an adequate supply of workers with "new economy" knowledge and skills. How best to prepare…

This paper offers an explanation of rationally contracts where incompeteness refers to unforeseen contingencies. Agents enter a relationship with two-sided moral hazard in which a commitment to discard parts of the joint resources may be ex ante efficient.

El desarrollo de tecnologías emergentes implica el reto permanente de utilizar nuevas herramientas de gestión tecnológica. La ingeniería de enzimas y su respectiva tecnología, en el contexto de la biotecnología, es una de las áreas del conocimiento sobre las cuales…

This survey presents within a single model three theories of decentralization of decision-making within organizations based on private information and incentives. Renegotiation, collusion, and limits on communication are three sufficient conditions for decentralization to be optimal., Cet article présente, dans…

We analyze an alternative to the standard rationalizability requirement for observed choices by considering non-deteriorating selections. A selection function is a generalization of a choice function where selected alternatives may depend on a reference (or status quo) alternative in addition…

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of \"commodities\". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up…