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Stabilizing the economy: Market design and general equilibrium
Goeree, Jacob K.; Lindsay, Luke - 2012
Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …
Persistent link: https://www.econbiz.de/10010316891
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Constrained inefficiency in GEI: A geometric argument
Tirelli, Mario - 2005
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a linear submanifold of the equilibrium set. This result is explicitly...
Persistent link: https://www.econbiz.de/10010318896
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Regulation of morally responsible agents with motivation crowding
Fünfgelt, Joachim; Baumgärtner, Stefan - 2012
We study the regulation of a morally responsible agent in the context of a negative consumption externality and motivation crowding. In particular, we analyze how various governmental interventions affect the agent's motivation to assume moral responsibility. Employing a motivation-crowding...
Persistent link: https://www.econbiz.de/10010294483
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Auctions under Payoff Uncertainty: The Case with Heterogeneous Bidder-Aversion to Downside Risk
Hu, Audrey; Zou, Liang - 2008
This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is common knowledge, except that bidders have private...
Persistent link: https://www.econbiz.de/10010325804
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Testing the Pareto efficiency of household resource allocations
Apps, Patricia; Rees, Ray - 2008
In a careful and thorough empirical study, Christopher Udry (1996) shows convincingly that, in a large sample of West African households, household resource allocations were not Pareto efficient. This paper argues that observation of the Pareto inefficiency of a household resource allocation...
Persistent link: https://www.econbiz.de/10010264378
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An Afriat theorem for the collective model of household consumption
Cherchye, Laurens; De Rock, Bram; Vermeulen, Frederic - 2008
collective rationality. Our main result takes the form of a 'collective' version of the Afriat Theorem for rational behavior in …
Persistent link: https://www.econbiz.de/10010269151
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Linking of Repeated Games. When Does It Lead to More Cooperation and Pareto Improvements?
von Mouche, Pierre; Folmer, Henk - 2007
Linking of repeated games and exchange of concessions in fields of relative strength may lead to more cooperation and to Pareto improvements relative to the situation where each game is played separately. In this paper we formalize these statements, provide some general results concerning the...
Persistent link: https://www.econbiz.de/10010312472
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A utilitarian notion of responsibility for sustainability
Fünfgelt, Joachim; Baumgärtner, Stefan - 2012
We develop and formalize a utilitarian notion of responsibility for sustainability which is inspired by Singer's (1972) principle and the Brundtland Commission's notion ofsustainability (WCED 1987). We relate this notion of responsibility to established criteria forthe assessment of...
Persistent link: https://www.econbiz.de/10010281771
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The Asymmetric Leximin Solution
Driesen, Bram W. - 2012
In this article we define and characterize a class of asymmetric leximin solutions, that contains both the symmetric leximin solution of Imai[5] and the two-person asymmetric Kalai-Smorodinsky solution of Dubra [3] as special cases. Solutions in this class combine three attractive features: they...
Persistent link: https://www.econbiz.de/10011422235
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Three Lectures on the Walrasian Hypotheses for Exchange Economies
Brown, Donald J. - 1997
This paper discusses the testable implications of the Walrasian hypotheses: H1 Observed market demand is the sum of consumer's demands derived from utility maximization subject to budget constraints. H2 There exists an observable (locally) unique equilibrium price system such that the observable...
Persistent link: https://www.econbiz.de/10010369219