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In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In...
Persistent link: https://www.econbiz.de/10005762717
The enlargement of the general-equilibrium structure to allow default subject to penalties to appririate credit limits and default penalties results in a construction of a simple mechanism for a credit using society. We show that there generically exists a price-normalizing bundle that...
Persistent link: https://www.econbiz.de/10005762757
-core and consider both the conditions for the uniqueness of competitive equilibria and a new approach to the second welfare …
Persistent link: https://www.econbiz.de/10008479208
Three models of a monetary economy are considered, in order to show the effects of a gold demonetization: the first with a gold money, the second with demonetized gold but no central bank, and the third with demonetized gold, but with a central bank. The distinctions between ownership and...
Persistent link: https://www.econbiz.de/10009209703
We compare general equilibrium economies in which building and maintenance of a depreciating public facility is financed either by anonymous voluntary contributions or by taxing agents on their income from private production. Agents start with an endowment of private goods and money, while the...
Persistent link: https://www.econbiz.de/10009352219
We compare laboratory general equilibrium economies in which maintenance of a depreciating public facility is financed either by anonymous voluntary contributions or taxes. Agents individually allocate their private goods between consumption and investment in production. The experimental...
Persistent link: https://www.econbiz.de/10010686937
Three models of a monetary economy are considered, in order to show the effects of a gold demonetization: the first with a gold money, the second with demonetized gold but no central bank, and the third with demonetized gold, but with a central bank. The distinctions between ownership and...
Persistent link: https://www.econbiz.de/10014179347
The 2 x 2 matrix game plays a central role in the teaching and exposition of game theory. It is also the source of much experimentation and research in political science, social psychology, biology and other disciplines. This brief paper is addressed to answering one intuitively simple question...
Persistent link: https://www.econbiz.de/10012953181
We use a laboratory experiment to compare general equilibrium economies in which agents individually allocate their private goods among consumption, investment in production and maintenance of a depreciating public facility. The public facility is financed either by voluntary anonymous...
Persistent link: https://www.econbiz.de/10013019429
resource distribution and efficiency of outcomes. In the present essay, only noncooperative equilibria and entropic outcomes …
Persistent link: https://www.econbiz.de/10012980641