In this paper we consider the optimal stopping problem for general dynamic monetary utility functionals. Sufficient conditions for the Bellman principle and the existence of optimal stopping times are provided. Particular attention is payed to representations which allow for a numerical...

We develop a dual approach to analyzing general equilibrium relationships between trade policy and household (as distinct from functional) income distribution, highlighting how general equilibrium distributional aspects of social welfare related to import protection may be examined alongside...

This paper establishes and interprets a necessary and sucient condition for existence of (countably additive) correlated equilibrium in n-person games, assuming only that utility functions are bounded, measurable. A sequence of deviation profiles is consistent if there exists a correlated...

Using full-information maximum likelihood on a cross-section sample of 65 hospitals from seven Philippine provinces, this paper jointly estimates a two-output transcendental logarithmic variable cost function and four share equations. Results comply with the inequality conditions and the...

This note determines the precise connection between an agent's attitude towards income risks and his attitude over risks in the underlying consumption space. Our results follow a general mathematical theory connecting the curvature properties of an objective function with the ray-curvature...