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The paper analyzes the possibility of reaching an equilibrium in a market of marine mutual insurance syndicates, called … documented findings, and points out an interesting future scenario. We find an equilibrium in a market of mutual marine insurers …
Persistent link: https://www.econbiz.de/10010536060
trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …
Persistent link: https://www.econbiz.de/10010305437
Modern mainstream macroeconomics treats the economy 'as if' always in equilibrium. Two older traditions, Monetarism and …-ordination of their activities are prior problems requiring attention before equilibrium can, or cannot, be assumed. They have …
Persistent link: https://www.econbiz.de/10014545908
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …
Persistent link: https://www.econbiz.de/10010318960
Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic...
Persistent link: https://www.econbiz.de/10011516473
Walras' law is central to the formation of economic theory. For mainstream economics, it is a device for testing rigorousness and consistency of model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic...
Persistent link: https://www.econbiz.de/10011515286
equilibrium theory in 1960—1990s. We divide the papers into four subgroups: von Neumann—Gale class of models and equilibrium … growth; Arrow—Debreu class of models; disequilibrium theory; other branches of general equilibrium theory. Bibliometric …
Persistent link: https://www.econbiz.de/10011007739
trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …
Persistent link: https://www.econbiz.de/10009226168
existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an …
Persistent link: https://www.econbiz.de/10009645283
Frictionless economy is the new concept emerged from late 90s1. Its core idea is to remove the time both suppliers and customers spend on the trial and error on the price. So the markets always perform on the equilibriums. So markets can work in the perfect efficiency. But due to the various...
Persistent link: https://www.econbiz.de/10009353526