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type="main" xml:lang="en" <title type="main">Abstract</title> <p>Applying a framework of perfect competition under uncertainty, we contribute to the discussion of whether or not ad valorem taxes and specific taxes are equivalent. While this equivalence holds without price uncertainty, we show that ad valorem taxes and...</p>
Persistent link: https://www.econbiz.de/10011085620
Amartya Sen (1970) has shown that three natural desiderata for social choice rules are inconsistent: universal domain, respect for unanimity, and respect for some minimal rights - which can be interpreted as either expert rights or liberal rights. Dietrich and List (2008) have generalised this...
Persistent link: https://www.econbiz.de/10010366140
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The problem of how to rationally aggregate probability measures occurs in particular (i) when a group of agents, each holding probabilistic beliefs, needs to rationalise a collective decision on the basis of a single ‘aggregate belief system’ and (ii) when an individual whose belief system...
Persistent link: https://www.econbiz.de/10011154918
We prove that in smooth Markovian continuous-time economies with potentially complete asset markets, Radner equilibria with endogenously complete markets exist.
Persistent link: https://www.econbiz.de/10010875283
For a continuous-time financial market with a single agent, we establish equilibrium pricing formulae under the assumption that the dividends follow an exponential Lévy process. The agent is allowed to consume a lump at the terminal date; before that, only flow consumption is allowed. The...
Persistent link: https://www.econbiz.de/10010866549
It is well known that the literature on judgement aggregation inherits the impossibility results from the aggregation of preferences that it generalises. This is due to the fact that the typical judgement aggregation problem induces an ultrafilter on the set of individuals. We propose a...
Persistent link: https://www.econbiz.de/10010577850
A non-Archimedean utility representation theorem for independent and transitive preference orderings that are partially continuous on some convex subset and satisfy an axiom of incommensurable preference for elements outside that subset is proven. For complete preference orderings, the theorem...
Persistent link: https://www.econbiz.de/10005066314
This addendum fills a minor gap in the key lemma of a paper by Lauwers and Van Liedekerke [Lauwers, L., Van Liedekerke, L., 1995. J. Math. Econ. 24 (3), 217-237].
Persistent link: https://www.econbiz.de/10008499558