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Von Neumann–Morgenstern solutions in the assignment market
Núñez, Marina; Rafels, Carles - In: Journal of Economic Theory 148 (2013) 3, pp. 1282-1291
considering the union of the core of the game and the core of the subgames that are compatible with this matching. We prove in the … assignment game, have a lattice structure with respect to the same partial order usually defined on the core. …
Persistent link: https://www.econbiz.de/10011042998
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Multilateral matching
Hatfield, John William; Kominers, Scott Duke - In: Journal of Economic Theory 156 (2015) C, pp. 175-206
equilibria exist, correspond to stable outcomes, and yield core outcomes. Competitive equilibria exist in our setting even when …
Persistent link: https://www.econbiz.de/10011189755
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Recontracting and stochastic stability in cooperative games
Newton, Jonathan - In: Journal of Economic Theory 147 (2012) 1, pp. 364-381
An evolutionary style model of recontracting is given which guarantees convergence to core allocations of an underlying …
Persistent link: https://www.econbiz.de/10010582585
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Non-cooperative bargaining and the incomplete informational core
Okada, Akira - In: Journal of Economic Theory 147 (2012) 3, pp. 1165-1190
In an exchange economy with incomplete information, the signaling core is defined by the set of state … underlying the signaling core is supported by a sequential equilibrium of an ultimatum bargaining game with an informed proposer … restart rule belongs to the signaling core if the belief of players satisfies a self-selection property. …
Persistent link: https://www.econbiz.de/10010572398
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Optimal education and pensions in an endogenous growth model
Del Rey, Elena; Lopez-Garcia, Miguel-Angel - In: Journal of Economic Theory 148 (2013) 4, pp. 1737-1750
In OLG economies with life-cycle saving and exogenous growth, competitive equilibria in general fail to achieve optimality because individuals accumulate amounts of physical capital that differ from the one that maximizes welfare along a balanced growth path (the Golden Rule). With human...
Persistent link: https://www.econbiz.de/10010678872
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On the Mitra–Wan forestry model: A unified analysis
Ali Khan, M.; Piazza, Adriana - In: Journal of Economic Theory 147 (2012) 1, pp. 230-260
We present a substantive and far-reaching generalization of the principal results in the economics of forestry, as formalized by Mitra and Wan (1986). Rather than a polarized dichotomy of linear and strictly concave, differentiable benefit (felicity) functions, we develop the theory in the...
Persistent link: https://www.econbiz.de/10011042964
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Patience and prosperity
Strulik, Holger - In: Journal of Economic Theory 147 (2012) 1, pp. 336-352
This paper introduces wealth-dependent time preference into a simple model of endogenous growth. The model generates adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today. Along a virtuous cycle of development more...
Persistent link: https://www.econbiz.de/10010582582
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Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto
Alcantud, José Carlos R. - In: Journal of Economic Theory 147 (2012) 1, pp. 353-363
This paper investigates ethical aggregation of infinite utility streams by representable social welfare relations. We prove that the Hammond Equity postulate and other variations of it like the Pigou–Dalton transfer principle are incompatible with positive responsiveness to welfare...
Persistent link: https://www.econbiz.de/10010582588
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Wealth distribution and output fluctuations
Ghiglino, Christian; Venditti, Alain - In: Journal of Economic Theory 146 (2011) 6, pp. 2478-2509
We explore the link between wealth inequality and output fluctuations in a general two-sector neoclassical growth model with endogenous labor and heterogeneous agents. When agents have homogeneous CRRA preferences and individual wealth is Pareto distributed, a sufficiently large rise in the Gini...
Persistent link: https://www.econbiz.de/10010572367
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On the Mitra–Wan forest management problem in continuous time
Fabbri, Giorgio; Faggian, Silvia; Freni, Giuseppe - In: Journal of Economic Theory 157 (2015) C, pp. 1001-1040
The paper provides a continuous-time version of the discrete-time Mitra–Wan model of optimal forest management, where trees are harvested to maximize the utility of timber flow over an infinite time horizon. The available trees and the other parameters of the problem vary continuously with...
Persistent link: https://www.econbiz.de/10011263602