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Polemarchakis, H. M.; Rochon, Céline - 2001

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can set, alternatively, the nominal rate of interest or the...

Persistent link: https://www.econbiz.de/10010318857

Annexation or conquest? The economics of empire building

Grossman, Herschel I.; Mendoza, Juan - 2002

This paper develops an economic theory of empire building. This theory addresses the choice among three strategies that … Conquest. The theory yields hypotheses that relate the choice among these strategies to such factors as the economic gains from … liquidity constraints on Þnancing imperial armies. This theory also yields hypotheses about the scope of imperial ambitions. The …

Persistent link: https://www.econbiz.de/10010318858

Helping the invisible hand: A theory of endogenous mutual concern

Kolmar, Martin - 2001

This paper develops a theory of endogenous mutual concern. The mutual concern or the morality of economic agents is …

Persistent link: https://www.econbiz.de/10010318859

Endogenously excludable goods

Kolmar, Martin - 2001

In this paper we analyze the optimal interplay between the publie and private enforceement of property rights. In doing so we endogenize the distinction between public and club goods on the one and private and common-pool goods on the other hand. The private enforcement of property rights is...

Persistent link: https://www.econbiz.de/10010318860

A characterization of virtual Bayesian implementation

Serrano, Roberto; Vohra, Rajiv - 2002

We provide a characterization of virtual Bayesian implementation in pure strategies for environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term...

Persistent link: https://www.econbiz.de/10010318865

Distributional disputes and civil conflict

Grossman, Herschel I. - 2003

Some polities are able to use constitutionally prescribed political processes to settle distributional disputes, whereas in other polities distributional disputes result in civil conflict. Theoretical analysis reveals that the following properties help to make it possible to design a...

Persistent link: https://www.econbiz.de/10010318866

Theory of demand in incomplete markets

Turner, Sergio - 2005

We develop the theory of demand for commodities and assets facing incompletely insurable uncertainty. First, a Slutsky …

Persistent link: https://www.econbiz.de/10010318868

Arrow's impossibility theorem: Two simple single-profile versions

Feldman, Allan M.; Serrano, Roberto - 2006

In this short paper we provide two versions of Arrow’s impossibility theorem, in a world with only one preference profile. Both versions are extremely simple and allow a transparent understanding of Arrow’s theorem. The first version assumes a two-agent society; the second version, which is...

Persistent link: https://www.econbiz.de/10010318869

Incentives and the Core of an exchange economy: A survey

Forges, Françoise; Minelli, Enrico; Vohra, Rajiv - 2000

This paper provides a general overview of the literature on the core of an exchange economy with asymmetric information. Incentive compatibility is emphasized in studying core concepts at the ex ante and interim stage. The analysis includes issues of non-emptiness of the core as well as core...

Persistent link: https://www.econbiz.de/10010318870

The ex ante incentive compatible core in the absence of wealth effects

Forges, Françoise; Mertens, Jean-François; Vohra, Rajiv - 2001

In a differencial economy with quasi-linear utilities, monetary transfers facilitate the fulfilment of incentive compability constraints: the associated ex ante core is generically nonempty. However, we exhibit a well-behaved exchange economy in which this core is empty, even if goods are...

Persistent link: https://www.econbiz.de/10010318871