We address the following question: When can one person properly be said to be more delay averse than another? In reply, several (nested) comparison methods are developed. These methods yield a theory of delay aversion which parallels that of risk aversion. The applied strength of this theory is...

In this paper, we investigate whether, because of differing social organisation, the effect of greater equality may have opposing effects on economic growth in different societies. We investigate a simple endogenous growth model where agents care about their status. This is determined by their...

The paper considers the problems of interpreting subjects’ responses to laboratory intertemporal choice and matching tasks that arise from (i) the existence of capital markets outside the laboratory; (ii) the distinction between observable income and unobservable consumption. It distinguishes...

We develop a turnpike theory for a class of dynamic general equilibrium models where total demand function satisfy monotonicity conditions. As special cases, we receive well known results about asymptotic behavior of optimal paths.

This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...

In this paper we study an endogenous growth model with habit-formation and address two questions that are, to the best of our knowledge, new for the sustainable endogenous growth literature: first, does the process of habit-formation influence the stock of environmental capital? Second, does...

No mercado de trabalho, observa-se que os trabalhadores de empresas com elevado risco de falência têm salários mais baixos que a média. Aparentemente, esta observação é contrária ao previsto pela teoria financeira relativamente a agentes racionais e avessos ao risco que prevê que os...

This review critically discusses the theoretical models of discounting through a selection of papers. It will focus on the comparison between the two major models, namely discounted utility and hyperbolic discounting. This paper differs from previous surveys in the attention given to the...

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. Our axiomatization introduces an intertemporal theory of weaning a decision-maker from her habits using the device of compensation. We clarify differences across specifications of...