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competing visions of benefit-cost analysis', Land Economics, 85, 3-23. -- Bewley, T.F. (1981), 'A critique of Tiebout's theory …), 'Profit maximizing communities and the theory of local public expenditures', Journal of Urban Economics, 5, 263 …', Journal of Urban Economics, 7, 102-18. -- Tiebout, C. (1956), 'A pure theory of local public expenditures,' Journal of …
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In this paper, we investigate the ability of a modified RBC model to reproduce asymmetries observed for macroeconomic variables over the business cycle. In order to replicate the empirical skewness of major U.S. macroeconomic variables, we introduce a capacity constraint into an otherwise...
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The equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to...
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