The concept of diminishing marginal utility is a cornerstone of economic theory. The consumption of a good typically creates satiation that diminishes the marginal utility of consuming more. Temporal satiation induces consumers to increase their stimulation level by seeking variety and therefore...

Consider an experiment in which subjects are asked to choose between pairs consisting of a monetary payment and a time-delay at which the payment is delivered. Given a finite set of observations, under what conditions the choices of an individual agent can be rationalised by a discounted utility...

We develop a model of household demand for frequently purchased consumer goods that are branded, storable and subject to stochastic price fluctuations. Our framework accounts for how inventories and expectations of future prices affect current period purchase decisions. We estimate our model...

In this article, we study the axiomatic foundations of revealed preference theory. Let P denote the strict and R the weak revealed preference, respectively. The purpose of the paper is to show that weak, strong, and Hansson's axioms of revealed preference can be given as identities using the...

This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...

We distinguish between (i) voting systems in which voters can rank candidates and (ii) those in which they can grade candidates, such as approval voting, in which voters can give two grades—approve (1) or not approve (0)—to candidates. While two grades rule out a discrepancy between the...

This article continues on a number of previous studies by other scientists in investigating secondary education efficiency by applying a non-parametric methodology. In this respect, the purpose of the article is to review some previous studies on measuring the efficiency of public (secondary)...

This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this...

This paper creates a mathematical model in which the banks are faced with two optimization problems. The first optimization problem is how to optimize their behavior in order to maximize profits. The second optimization is how to optimize the structure of liabilities in order to have minimum...

This document analyzes the changes that suffer the amounts demanded of a good, due to changes in its price. For this we use the decomposition in Income and Substitution effects posed by Slutsky and Hicks in their work concerning the analysis of the demand. In general, when the price of a good...