Fairness and efficiency in US Revolutionary War takings and post-war debt redemption

Many have noted the debate amongst Hamilton, Jefferson, and others on compensating original versus final US Revolutionary War debt holders upon federal assumption of state debts in 1790. However, to our knowledge the economics literature has not yet proposed a theoretical model of the argument. The purpose of this paper is to propose a simple household-level economic model to capture the most salient aspects of the debate, including the role of military impressment and the emergence of the Takings Clause of the US Constitution.     

Productivity and Growth in Perspective: Chile, 1833–2010

This paper presents a long-period growth accounting for Chile, an emerging economy, from the early nineteenth century through to 2010. The methodology, data, and sources used are thoroughly discussed, and the results are compared with a benchmark based on a sample of countries. Some of the findings are: Chile's average productivity growth over the whole period is explained mainly by capital deepening, but long period averages hide huge and variable differences when various time subdivisions are explored. Gross TFP growth increases throughout phases until 1973 when an international reduction sets in. The research also put the role of employment-population ratio into perspective.     

The UMVUE ofP(X<Y) based on type-II censored samples from Weinman multivariate exponential distributions

Based on two independent samples from Weinman multivariate exponential distributions with unknown scale parameters, uniformly minimum variance unbiased estimators ofP(X<Y) are obtained for both, unknown and known common location parameter. The samples are permitted to be Type-II censored with possibly different numbers of observations. Since sampling from two-parameter exponential distributions is contained in the model as a particular case, known results for complete and censored samples are generalized. In the case of an unknown common location parameter with a certain restriction of the model, the UMVUE is shown to have a Gauss hypergeometric distribution, which is further examined. Moreover, explicit expressions for the variances of the estimators are derived and used to calculate the relative efficiency.     

Market structure and multiperiod hedging

This paper develops a multiperiod hedging model for a competitive risk-averse international firm. We study the optimal sequential hedging strategy and analyze the impact of the structure of available risk sharing markets on the firm's export decision. As a main result, we find that the number of risk sharing markets critically affects the export level while the timing of these markets is inconsequential.