Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is … indeterminate even without externalities or increasing returns, which makes a sharp contrast to the recent literature on … indeterminacy. Our result is based on the fact that the no-shirking condition with marginal utility ofw ealth kept constant is …

redistributed across households in steady state. Inequality leads to equilibrium indeterminacy and undermines the theoretical …

neglected class of preferences that violate independence but satisfy homotheticity, indicating that betweenness is violated … empirically relevant class of preferences. …

The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis … applied microeconomics. However, as is well known, it is not possible to infer the structure of preferences in the absence of … structure of preferences. Here, we show that the difficulty can be bypassed if data sets are enlarged to include response times …

The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis … applied microeconomics. However, as is well known, it is not possible to infer the structure of preferences in the absence of … choices reveal preferences without assumptions on the structure of utility noise. Standard random utility models from …