In contrast to the neo-classical theory of Arrow and Debreu, a model of a private ownership economy is presented, in which production and consumption bundles are treated separately. Each of the two types of bundles is assumed to establish a convex cone. Production technologies can convert...

Bergin and Lipman (1996) show that the refinement effect from the random mutations in the adaptive population dynamics in Kandori, Mailath and Rob (1993) and Young (1993) is due to restrictions on how these mutation rates vary across population states. We here model mutation rates as...

Household surveys are often plagued by item non-response on economic variables of interest like income, savings or the amount of wealth. Manski (1989, 1994, 1995) shows how, in the presence of such non-response, bounds on conditional quantiles of the variable of interest can be derived, allowing...

This paper shows which statistical techniques can be used to validate simulation models, depending on which real-life data are available. Concerning this availability, three situations are distinguished (i) no data, (ii) only output data, and (iii) both input and output data. In case (i) - no...