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Optimal Risk-Sharing and Deductables in Insurance
Aase, Knut K. - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2006
Risk-sharing in insurance is analyzed, with a view towards explaining the prevalence of deductibles. First we introduce, in a modern setting, the main concepts of the theory of risk-sharing in a group of agents. This theory we apply to the risk-sharing problem between an insurer and an insurance...
Persistent link: https://www.econbiz.de/10005190557
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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
Aoki, Masanao; Yoshikawa, Hiroshi - 2008
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10010298573
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The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-37, pp. 1-9
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10010299171
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The enterprise is the actual place for the entrepreneurial function in economic theory
Braun, Eduard - 2016
neoclassical equilibrium analysis. They provide the setting of optimal decision making and therein constitute the tacit rationale …
Persistent link: https://www.econbiz.de/10011557916
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No unbounded arbitrage, weak no market arbitrage and no arbitrage price system conditions: The circular results.
Nguyen, Manh-Hung; Ha-Huy, Thai - Théorie Économique, Modélisation, Application … - 2008
Page and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA) condition introduced by Page (1987) is equivalent to the existence of a no arbitrage price (NAPS) when no agent has non-null useless vectors. Al- louch, Le Van and Page (2002) show that their generalized NAPS condition is...
Persistent link: https://www.econbiz.de/10005328323
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Kinky perceived demand curves and Keynes-Negishi equilibria
Jacques H., DREZE; Jean-Jacques, HERINGS - Institut de Recherche Économique et Sociale (IRES), … - 2007
’s 1979 book Microeconomic Foundations of Keynesian Macroeconomics. Such equilibria are defined in a general equilibrium model …
Persistent link: https://www.econbiz.de/10004984905
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Markets and contracts
Bisin, A.; Geanakoplos, J.D.; Gottardi, P.; Minelli, E.; … - In: Journal of Mathematical Economics 47 (2011) 3, pp. 279-288
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium … anonymous markets are viable. But, for a generic economy, competitive equilibrium allocations are constrained suboptimal: there …
Persistent link: https://www.econbiz.de/10010574778
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Economic Transition As a Crisis of Vision: Classical versus Neoclassical Theories of General Equilibrium
Peters, John; Elliott, John; Cullenberg, Stephen - In: Eastern Economic Journal 28 (2002) 2, pp. 217-240
In this paper we compare the classical general equilibrium framework of Smith and Marx with the neoclassical one of … Arrow and Debreu, and find that these competing paradigms of equilibrium clash on a number of critical issues …
Persistent link: https://www.econbiz.de/10005466851
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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory
Aoki, Masanao; Yoshikawa, Hiroshi - Institut für Weltwirtschaft (IfW) - 2008
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10005083417
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Education and Crime over the Lifecycle
Gallipoli, Giovanni; Fella, Giulio - Society for Computational Economics - SCE - 2006
equilibrium effects and are often reduced-form. This paper provides a framework within which to study the equilibrium impact of … general and partial equilibrium (i.e. the scale of the programmes can substantially change its outcomes) …
Persistent link: https://www.econbiz.de/10005537452