We address the issue of social distribution of an aggregate risk (on agricultural export price), in a macro-economic perspective. Individual incomes in representative social groups are computed as a function of export prices, which are assumed to be stochastic, using an applied general...

This paper analyses the recursivity of consumption and production decisions of agricultural households. This paper demonstrates that a necessary and sufficient condition of recursivity is that implicit prices of goods that are produced by a household or used as inputs are equal to market prices....

This paper departs from John Roemer's theory of equality of opportunities. We seek to determine what part of observed outcome inequality may be attributed to differences in observed "circumstances", including family background, and what part is due to "personal efforts". We use a...

We study efficiency properties of allocations and equilibria in dynamic stochastic economies with finitely lived agents. Efficiency is assessed to the concept of interim optimality which considers the agents' welfare at their birth date in every possible circumstance which may occur at that...