Showing 351 - 360 of 509
In an earlier paper, Hoff and Stiglitz presented a mathematical exposition of a theory that demonstrated that mass …
Persistent link: https://www.econbiz.de/10014070235
We study insurance markets with nonexclusive contracts, introducing bilateral endogenous information disclosure about insurance sales and purchases by firms and consumers. We show that a competitive equilibrium exists under remarkably mild conditions, and characterize the unique equilibrium...
Persistent link: https://www.econbiz.de/10013313714
individual agents' balance sheets, ensuring the model accounting consistency at the micro, meso, and macro levels. We analyze the …
Persistent link: https://www.econbiz.de/10012970984
, but aggregate consumption experiences significant changes. We present a theory of pseudo-wealth--individuals' perceived …
Persistent link: https://www.econbiz.de/10012455842
A significant amount of the increase in the wealth income ratio in recent decades is due to an increase in the value of land. We present a series of models that explain why land prices may have increased. These models help us understand the increase in both the wealth income ratio and wealth...
Persistent link: https://www.econbiz.de/10012457475
A second extension analyzes the effects of land. We ask whether land holding displaces the holding of capital, resulting in workers being worse off. A tax on land, while reducing the value of land, leaves unchanged the capital-labor ratio, output per capita, and wages. But the tax reduces the...
Persistent link: https://www.econbiz.de/10012457476
Among the key results are: (i) The magnitude of wealth inequality does not, in general depend on the difference between the rate of interest (r) and the rate of growth (g); the former is itself an endogenous variable that needs to be explained. In the standard generalization of the Solow model,...
Persistent link: https://www.econbiz.de/10012457477
Explaining why the concepts of "capital" and "wealth" are distinct, we show that appropriately defined aggregates for wealth may be (and in the case of some countries appear to be) moving in opposite directions
Persistent link: https://www.econbiz.de/10012457478
This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation in a model of induced innovation. In a model with full employment, we show that (a) if the elasticity of substitution is always less than or greater than unity, there is a unique steady state...
Persistent link: https://www.econbiz.de/10012457995
asymmetric information, game theory, and behavioral economics …The paper argues that any theory of deep downturns has to answer these questions: What is the source of the …
Persistent link: https://www.econbiz.de/10012458148