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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 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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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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A Class of Models satisfying a Dynamical Version of the CAPM.
Napp, Clotilde; Jouini, Elyès - Université Paris-Dauphine - 2003
Under a comonotonicity assumption between aggregate dividends and the market portfolio, the CCAPM formula becomes more tractable and more easily testable. In this paper, we provide theoretical justifications for such an assumption.
Persistent link: https://www.econbiz.de/10008532425
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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), 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/10008561108
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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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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
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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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Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion
Basak, Suleyman; Yan, Hongjun - C.E.P.R. Discussion Papers - 2009
general-equilibrium analysis in the presence of money illusion generates implications that are consistent with several …
Persistent link: https://www.econbiz.de/10005048554