Economic growth in the very long run is described by a multiple-phase, dynamic process with potentially complex dynamics during transitions between regimes. Technology is assumed to rest on a managerial-administrative infrastructure which influences natality, mortality and the productivity of...

In conjunction with its tercentenary celebrations in 1968, Sveriges Riksbank (Bank of Sweden) instituted a new award, "The Central Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" on the basis of an economic commitment by the bank in perpetuity. The award is given by the...

In conjunction with its tercentenary celebrations in 1968, Sveriges Riksbank (Bank of Sweden) instituted a new award, "The Central Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" on the basis of an economic commitment by the bank in perpetuity. The award is given by the...

No abstract.

We derive a family of probabilistic choice models including the multinomial logit model, from a microeconomic model in which the decision maker has to make some effort in order to avoid mistakes when implementing any desired outcome. The disutility of this effort enters the decision maker's goal...

We derive a family of probabilistic choice models including the multinomial logit model, from a microeconomic model in which the decision maker has to make some effort in order to avoid mistakes when implementing any desired outcome. The disutility of this effort enters the decision maker's goal...

We investigate whether temporal preferences expressed as a sum of discounted consumption utilities can be derived from a welfare representation in the form of a sum of discounted total utilities. We find that a consumption-based representation in the usual exponential form corresponds to...

Is discounting of future instantaneous utilities consistent with altruism towards future selves? More precisely, can temporal preferences, expressed as a sum of discounted instantaneous utilities, be derived from a representation in the form of a sum of discounted total utilities? We find that a...

In this paper we examine the stability properties of price dispersion equi1ibrium in a market where individuals and firms have to make efforts to collect information about the prices charged by firms and demand resulting from consumer behavior. The households are searching according to...

No abstract.