We examine the dimension reduction method and prove that it could be isleading if we try to get some insight tinto the dynamics of the original system from the dynamics of the transformed system alone. The reduced system seemingly may give rise to a continuum multiplicity of steady states when,...

In this paper we propose a method for solving in closed form a general class of non-linear modified Hamiltonian dynamic systems (MHDS). This method may be used to analyze some intertemporal optimization problems With a predetermined structure involving unbounded technological constraints. The...

This paper will try to explain the “annuities puzzle” in greater depth by introducing the bequest motive, both strategic and altruistic. It will try to determine whether this motive really is a relevant feature influencing the demand for lifetime annuities from married couples. With this aim...