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Over a recent four-year period, Canadians paid $50 billion per year in premiums to insurers for property and casualty insurance, which includes liability, property and auto. The purpose of this Commentary is to seek to answer several core questions. How does Canada benchmark relative to its...
Persistent link: https://www.econbiz.de/10013290631
incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium …
Persistent link: https://www.econbiz.de/10012755655
equilibrium if zero. Second, we provide representations of price and demand as unbounded operators on an infinite dimensional … Walrasian equilibrium does not exist. -- General equilibrium theory ; endowment effect : non-existence of equilibrium …
Persistent link: https://www.econbiz.de/10003811753
neoclassical equilibrium analysis. They provide the setting of optimal decision making and therein constitute the tacit rationale …
Persistent link: https://www.econbiz.de/10011439574
Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic...
Persistent link: https://www.econbiz.de/10011515286
We develop an equilibrium model for residential housing transactions in an economy with houses that differ in their … quality and households that differ in their planned holding horizon. We show that, in equilibrium, clientele effect persists …
Persistent link: https://www.econbiz.de/10013106443
study the equilibrium outcome analytically. The experiment can be used in intermediate micro- and macroeconomic courses …
Persistent link: https://www.econbiz.de/10013150418
This paper examines the equilibrium correspondence in Arrow-Debreu exchange economies with semi-algebraic preferences …
Persistent link: https://www.econbiz.de/10012726584
We study the assignment of discrete resources in a general model encompassing a wide range of applied environments, such as school choice, course allocation, and refugee resettlement. We allow single-unit and general multi-unit demands and any linear constraints. We prove the Second Welfare...
Persistent link: https://www.econbiz.de/10012520196
equilibrium if zero. Second, we provide representations of price and demand as unbounded operators on an infinite dimensional … Walrasian equilibrium does not exist …
Persistent link: https://www.econbiz.de/10012718146