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We study the optimal design of the rules of trade in a two-period market given that agents arrive at different times and may only trade with agents present contemporaneously. First period agents face a fixed cost of trading across periods, and their decisions of whether or not to trade in the...
Persistent link: https://www.econbiz.de/10005077051
This paper studies efficient and egalitarian allocations over a single heterogeneous and infinitely divisible good. We prove the existence of such allocations using only measure-theoretic arguments. Under the additional assumption of complete information, we identify a sufficient condition on...
Persistent link: https://www.econbiz.de/10005077064
We show that an asymptotic envy-freeness is a necessary condition for a form of robust approximate implementation in …
Persistent link: https://www.econbiz.de/10005135032
bargain through some extensive game form. We take an implementation approach, characterizing the possible allocation rules …
Persistent link: https://www.econbiz.de/10005062338
the implementation of rulings. Against this background, it is puzzling that the specific WTO procedure which deals with … allegedly insufficient implementation is used only in about one third of the cases where the need for implementation has arisen …. Yet, a closer look at the where implementation has allegedly occurred can partly resolve this puzzle: The defendant …
Persistent link: https://www.econbiz.de/10005408038
We analyze self-selection problem when valuations are non-ordered. The corresponding package-pricing solution has specific graph structure. It is helpful in deriving weak su±cient conditions for both partial e±ciency and Pareto-e±ciency. Unlike the ordered valuations case, Pareto e±ciency is...
Persistent link: https://www.econbiz.de/10005556519
of problems that we encountered and which we believe are largely being overlooked in the production modelling literature …
Persistent link: https://www.econbiz.de/10005062564
line with this view. If this is so, domestic manufacturing must continually keep pace with gross domestic product, provided … that the necessary "things" are not imported from elsewhere. However, many people are persuaded that domestic manufacturing …, one may read of manufacturing jobs being "exported" to the Far East. However, it is simply impossible to import goods …
Persistent link: https://www.econbiz.de/10005407637
The paper argues that Cobb-Douglas (CD) production function merits use for analysing the production process, not …-function further increases its potentialities to handle different scales of production. Various econometric estimation problems, such …
Persistent link: https://www.econbiz.de/10005407915
'Reality of money' is curiously similar to uncertainty theory of (Hisenburg)quantum physics. To some (natural societies), legitimatimacy of exchange control is derived by associating it with certain physical signifiance of 'real' goods. Exchange control is thus decided by producers in commodity...
Persistent link: https://www.econbiz.de/10005408103