Showing 1 - 10 of 2,557
considering interregional migration in R&D-sectors. The effects of migration and firm decisions on both industrial agglomeration …
Persistent link: https://www.econbiz.de/10010954393
firms tend to choose locations that are symmetric around the point of highest density, and there can be no agglomeration. …
Persistent link: https://www.econbiz.de/10010765574
interest in measuring the size and scope of local spillovers (i.e., simple anonymous agglomeration or congestion effects, or …
Persistent link: https://www.econbiz.de/10005586981
interactions. In particular, we prove uniqueness in the case of congestion effects and use a series of simulations to demonstrate … that a unique equilibrium is more likely to obtain (i) the smaller are any agglomeration effects, (ii) the larger are the …
Persistent link: https://www.econbiz.de/10005587007
We propose a rational theory of momentum and reversal based on delegated portfolio management. A competitive investor can invest through an index fund or an active fund run by a manager with unknown ability. Following a negative cashflow shock to assets held by the active fund, the investor...
Persistent link: https://www.econbiz.de/10005504572
I address the issue of the 'number' of International Monetary Equilibria that the international finance model of Geanakoplos and Tsomocos (2002) possesses. The mainstream competitive model has locally unique equilibria with respect to the real side of the economy; however, it manifests nominal...
Persistent link: https://www.econbiz.de/10005509819
We extend the standard model of general equilibrium with incomplete markets to allow for default and punishment. The equilibrating variables include expected delivery rates, along with the usual prices of assets and commodities. By reinterpreting the variables, our model encompasses a broad...
Persistent link: https://www.econbiz.de/10005531022
In this paper we analyze the welfare properties of the set of Drèze equilibria for economies with incomplete markets and firms. The well known fact that a Drèze equilibrium need not be constrained Pareto optimal is often attributed to a lack of coordination between firms. We show that there...
Persistent link: https://www.econbiz.de/10005543435
We study large finite club economies in which agents can belong to several clubs, and care about the characteristics of the other club members. Club memberships must be integer consistent in aggregate. We show that states in the approximate core can approximately be decentralized by prices for...
Persistent link: https://www.econbiz.de/10005543510
This paper analyses the consequences of trust for the general equilibrium in an exchange economy. Trust is viewed as a gift of information which modifies the caracteristics of goods a la Stigler-Becker. The increase in utility due to the increase in information is modified by its consequences on...
Persistent link: https://www.econbiz.de/10005479027