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This paper explores the workings of stratified societies in which there is primogeniture and where the nobility practice monogamous marriage with a double standard of sexual fidelity. The paper models a simple stratified society and defines the reproductive values of male and female nobility...
Persistent link: https://www.econbiz.de/10005062529
In a finite-trader version of the Diamond-Dybvig (1983) model, the symmetric, ex-ante efficient allocation is implementable by a direct mechanism (i.e., each trader announces the type of his own ex-post preference) in which truthful revelation is the strictly dominant strategy for each trader....
Persistent link: https://www.econbiz.de/10005407870
Work on testing for bubbles has caused much debate, much of which has focused on methodology. Monte Carlo simulations reported in Evans (1991) showed that standard tests for unit roots and cointegration frequently reject the presence of bubbles even when such bubbles are present by construction....
Persistent link: https://www.econbiz.de/10005407871
Persistent link: https://www.econbiz.de/10005407872
We don't have an abstract yet, sorry. But I think the title is pretty descriptive.
Persistent link: https://www.econbiz.de/10005407873
These notes concern a model of an economy where the following four things happen in an equilibrium. + Fiat money is useful as a medium of exchange. Consequently it has value. + Some trades are also financed by the issuance of private IOUs, and money must be used to pay these off. + Besides there...
Persistent link: https://www.econbiz.de/10005556255