Do greater potential gains from trade enhance or erode contracting institutions? In an anonymous exchange environment traders can sign a contract, hence agreeing to interact with the assigned partner, or wait till the next match. Any contract can be endorsed (for a pay) by the enforcement...

For two independent principles of intergenerational equity, the implied discount rate equals the growth rate of real per capita income, say, 2%, thus falling right into the range suggested by the U.S. Office of Management and Budget. To prove this, we develop a simple tool to evaluate small...

We generalise the classical implicit function theorem (IFT) for a family of Banach spaces, with the resulting implicit function having derivatives that are locally Lipschitz to very strong operator norms.

In an exogenous-growth economy with overlapping generations we analyse local stability of a balanced growth equilibrium with respect to changes in consumption endowments, which could be interpreted as a transfer policy. We show that generically, in the space of parameters, equilibria around BGE...

We study the asymptotic nucleolus of a smooth and symmetric oligopoly with an atomless sector. We show that under appropriate assumptions, the asymptotic nucleolus of the TU market game coincides with the unique TU competitive payoff distribution. This equivalence results from nucleolus of a...

We introduce 2 parameter variants L_{p,q} of the Lebesgue spaces, to gain separate control on the asymptotic behaviour (p) and the local behaviour (q). Thus they behave with respect to p like the spaces ell_p and with respect to q like the spaces L_q on a probability space. Convolution behaves...

For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at infinity (hence allowing for full anticipation), constant-returns-to-scale production and ces utility we fully characterise equilibria where output is higher than...