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This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
Persistent link: https://www.econbiz.de/10011379436
topicsincorporating ideas from evolutionary theory into economics are:economic exaptations, macroeconomic consequencesof institutions, and … benefit from lessons learned in evolutionary biology. Althoughthe analogy between biology and economics hasbeen noted before …, it has rarely focused on clarifying the micro-macro distinction in economic theory and modelling.The macroevolution …
Persistent link: https://www.econbiz.de/10011303317
illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate …
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This paper provides a brief review of the connecting literature in management science, economics and finance, and …
Persistent link: https://www.econbiz.de/10011479822
This paper provides a review of some connecting literature in Decision Sciences, Economics, Finance, Business …
Persistent link: https://www.econbiz.de/10011807780
Mostly infinite dimensional economies can be considered limits offinite dimensional economies, in particular when we think of time orproduct differentiation. We investigate conditions under which sequences of quasi-equilibria in finite dimensional economies converge to a quasi-equilibrium in the...
Persistent link: https://www.econbiz.de/10011303315