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Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution
Kilenthong, Weerachart; Townsend, Robert - Volkswirtschaftliche Fakultät, … - 2010
This paper studies the efficiency of competitive equilibria in environments with a moral hazard problem and unobserved …
Persistent link: https://www.econbiz.de/10008552807
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Understanding "The Problem of Social Cost"
baffi, enrico - Volkswirtschaftliche Fakultät, … - 2013
efficiency, while Pigou, with some exceptions, is convinced that it is almost always socially desirable to reach marginal … efficiency through taxes or liability. It is interesting that the economist of Chicago, who has elaborated on the renowned … theorem, thinks that is not desirable to reach efficiency at the margin every time, and that it is often preferable to …
Persistent link: https://www.econbiz.de/10011260441
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Assessment of the Role of Agriculture in Sudan Economy
Mohamed, Issam A.W. - Volkswirtschaftliche Fakultät, … - 2010
The calamities of Sudan expand on daily basis. The secession of Southern Sudan has deprived the country of 25% of it total area, 24% of population, over 80% of its oil income. Moreover, it has separated with 75% of it vegetation cover and 30% of potential arable land. In addition, Sudan stands...
Persistent link: https://www.econbiz.de/10009278266
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A note on the valuation of collective goods: overlooked input market free riding for non-individually incrementable goods
Graves, Philip E. - Volkswirtschaftliche Fakultät, … - 2009
For at least fifty years economists have argued that vertically-aggregated marginal willingness to pay, when set equal to marginal provision cost, will result in optimal public good provision levels. This methodological approach would be expected to yield an exact analog, in terms of optimal...
Persistent link: https://www.econbiz.de/10008493588
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Risk, Leverage, and Regulation of Financial Intermediaries
Tianxi, Wang - Volkswirtschaftliche Fakultät, … - 2009
This paper presents a model on the leverage of financial intermediaries, where debt are held by risk averse agents and equity by the risk neutral. The paper shows that in an unregulated competitive market, financial intermediaries choose to be leveraged over the social best level. This is...
Persistent link: https://www.econbiz.de/10008578246
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Framework for Analisis and Improvement of Agrarian Dynamics
Bachev, Hrabrin - Volkswirtschaftliche Fakultät, … - 2009
, and appropriability); comparative efficiency of market, private, public and hybrid modes of governance; efficiency of …
Persistent link: https://www.econbiz.de/10008587477
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Market Based, Segregated Exchanges with Default Risk
Kilenthong, Weerachart; Townsend, Robert - Volkswirtschaftliche Fakultät, … - 2007
This paper studies a competitive general equilibrium model with default and endogenous collateral constraints. Even though all collateralized contracts are allowed, the possibility and desirability of trade in spot markets (or the equivalent trade in ex ante asset backed securities) creates...
Persistent link: https://www.econbiz.de/10008552792
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A Characterization of Inefficiency in Stochastic Overlapping Generations Economies
Bloise, Gaetano; Calciano, Filippo L. - Volkswirtschaftliche Fakultät, … - 2007
In this paper, we provide a characterization of interim inefficiency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons, by...
Persistent link: https://www.econbiz.de/10005835386
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Welfare dynamics based on a new concept of inefficient equilibrium
Zaman, Md Monowaruz - Volkswirtschaftliche Fakultät, … - 2008
achieving Pareto efficiency decreases down along the market energy states. …
Persistent link: https://www.econbiz.de/10005619840
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Theories of urban externalities
Kanemoto, Yoshitsugu - Volkswirtschaftliche Fakultät, … - 1980
In this monograph several aspects of externalities in cities are analyzed using extensions of a standard residential land use model. Topics covered are optimal and market city sizes, local public goods, traffic congestion, externalities between different types of households, and the growth of a...
Persistent link: https://www.econbiz.de/10008615009