“Inequality is bad for economic growth and bad for poverty reduction. In the past researchers were not able to exactly quantify the effect of inequality in the context of economic shocks. This graph ...

“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP). It states that if prospect x is preferred to y knowing that Event A ...

This is a preview. Log in through your library . Abstract We consider an infinite particle system, the simple exclusion process, which was introduced in the 1970 paper "Interaction of Markov Processes ...

Income inequality theory is a lot like ancient astronaut theory, in that in order to believe in it, you have to disregard a lot of evidence to the contrary. Let's start with the most basic premise of ...

Journal of Applied Probability, Vol. 22, No. 4 (Dec., 1985), pp. 836-843 (8 pages) Let A1, A2, ⋯, An be events on a probability space. Denote by Sk the kth binomial moment of the number Mn of those ...

Two years ago this month, Thomas Piketty published his massive tome on inequality, Capital in the 21st Century. Embedded in the 696 pages of tables and analysis was a fairly simple idea: In rich ...

The gap between the rich and the poor has been widening in most countries. Economists are analyzing the potential consequences, among them pundits at the IMF which is holding its spring meeting in ...