This paper analyzes the problem of a benevolent planner wishing to control a population of heterogeneous agents subject to idiosyncratic shocks. This is equivalent to a deterministic control problem in which the state variable is the cross-sectional distribution. We show how, in continuous time,...

Similar to many sub-Saharan African countries, Sudan has inherited a dual economy in the immediate post-independence era where a large agriculture-based rural traditional sector coexisted with a small non-agricultural modern sector. This functional dualism remained until the first oil shipment...

This paper presents a detailed 2019 Social Accounting Matrix (SAM) for Benin as a basis for policy analysis with a focus on agriculture, food processing and energy generation from byproducts. It is based on official statistics collected from national and international institutions (national...

This paper illustrates the representation of induced technological change in the multi-regional, multi-sectoral integrated assessment model WIAGEM. The main aim of this paper is to investigate quantitatively economic impacts of climate policy measures due to induced technological changes that...

We consider a small open Harris-Todaro(1970) economy with a rural foreign enclave and urban informal sector. We introduce consumption-efficiency relation to explain the simultaneous existence of informal sector and urban unemployment. The main objective of this paper is to analyse the effects of...

The highly mathematical nature of the Arrow-Debreu and other similar models of general equilibrium hide rather than elucidate the nature of equilibrium in a private property market economy where all factors of production may be purchased or rented. It is an empirical commonplace that the...

It is a stylized fact of formal mathematical modeling that a 'space' cannot be described by attempts at parameterization of distances or areas (under or above curves) that feasibly could occur within the space. Tools for parameterization of mathematical spaces, such as Set Theory, Connectedness,...

This research note provides clear, unambiguous rationalization for the normative that applications of utility functions to modeling of expectations are non-robust, are, in relation to best practice, out of whack. With this inference in tow, all formal theoretical studies that apply utility...

This paper introduces a dynamical extension to the theoretical framework proposed by Slim (2009), where the author analyzes price formation in illegal markets. We develop a simple model with two regimes that can show a rich variety of dynamic behaviors, such as cyclical or even chaotic...

Under the background of the electronic security trading platform Xetra operated by Frankfurt Stock Exchange, we consider the Xetra auction market system (XAMS) from 'bottom-up', which the interaction among heterogeneous traders and Xetra auction market mechanism generates non-equilibrium price...