The paper analyzes the possibility of reaching an equilibrium in a market of marine mutual insurance syndicates, called … documented findings, and points out an interesting future scenario. We find an equilibrium in a market of mutual marine insurers …

incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium. …

incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium …

, constructing a general equilibrium model of moral hazard in search with an endogenous price distribution. When an insured event … search is far more costly than shown in previous models, which ignored equilibrium firm response to changes in consumer …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

neoclassical equilibrium analysis. They provide the setting of optimal decision making and therein constitute the tacit rationale …