In letzter Zeit werden zahlreiche Reformvorschläge diskutiert, wie die ökonomischen Folgen des demographischen Wandels in den Industrieländern abgemildert werden können. Im Mittelpunkt stehen hierbei vor allem Maßnahmen, welche die Geburtenraten, die Rolle von Zuwanderung und Reformen des...

[This item is a preserved copy. To view the original, visit http://econtheory.org/] The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo (1996) writes that its "message is very clear: if a sequence of observations is judged to be exchangeable, then any subset of them must...

This paper presents a search model of centralized and decentralized trade. In a centralized market, trades are intermediated by market makers at publicly posted bid–ask prices. In a decentralized market, traders search counterparties. Prices are negotiated and transactions are conducted in...

State-dependent pricing (SDP) models treat the timing of price changes as a profit-maximizing choice, symmetrically with other decisions of firms. Using quantitative general equilibrium models that incorporate a “generalized (S,s) approach,” we investigate the implications of SDP for topics...