We start out from the hypothesis that limited government leads to low uncertainty and low transaction costs. If political institutions affect the degree of uncertainty and transaction costs, we formally show they should affect the steady state level of income per capita. The impact of...

We consider option pricing when dynamic portfolios are discretely rebalanced. The portfolio adjustments only occur after fixed relative variation of the stock price. The stock price follows a marked point process and the market is incomplete. We first characterize the equivalent martingale...

We consider a pure exchange economy under uncertainty in which the traders have the non-partition structure of information. They willing to trade the amounts of state-contingent commodities and they know their own expectations. Common knowledge of these conditions among all the traders can...

A térbeli számítható általános egyensúlyi (SCGE) modellek az új gazdaságföldrajz (ÚGF) „empirikus megfelelõi”. Szemléleti-módszertani gyökereiket tehát az új gazdaságföldrajzi és a számítható általános egyensúlyi (CGE) modellekben találjuk meg. Tanulmányunkban a...