AutorLoyola Econ

LONG-TERM PETROLEUM PRODUCT SUPPLY ANALYSIS THROUGH A ROBUST MODELLING APPROACH

Linear programming approach to economic modelling of petroleum refining has important shortcomings that make it less useful and less robust for the purposes of impact assessments of related policies. These have to do with its natural inability to calibrate observed data and obtaining jumpy responses of the decision variables to smooth exogenous shocks due to the large number of substitutions between the refining processes.


THE UNSUSTAINABLE WELFARE STATE: THE SPANISH CASE

The debate on social policy and the welfare state is gaining strength from very different fields. The economic crisis has brought a deep economic recession, public deficit and high unemployment rates that has called into question the viability of the euro zone. The Welfare State has grown to become a concern for the overall economy. A new challenge is presented to the economy at the dawn of the twenty-first century: the ability to collaborate with the implementation of state enabler in Europe while being able to produce work from welfare services in an efficient and sustainable way.