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On Ramsey's conjecture : efficient allocations in the neoclassical growth model with private information
Espino, Emilio - 2004
In his seminal paper of 1928, Ramsey conjectured that if agents discounted the future differently, in the long run all agents except the most patient would live at the subsistence level. The validity of this conjecture was investigated in different environments. In particular, it has been...
Persistent link: https://www.econbiz.de/10009728985
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Dynamic costs and moral hazard: a duality based approach
Arie, Guy - 2011
The marginal cost of effort often increases as effort is exerted. In a dynamic moral hazard setting, dynamically increasing costs create information asymmetry. This paper characterizes the optimal contract and helps explain the popular yet thus far puzzling use of non-linear incentives, for...
Persistent link: https://www.econbiz.de/10009699416
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General Equilibrium with Asymmetric Information: a Dual Approach
Bel? Jerez - Departament d'Economia i Història Econòmica, … - 2000
characterize incentive efficient allocations as solutions to linear programming problems and appeal to duality theory to …
Persistent link: https://www.econbiz.de/10005168484
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Competitive equilibrium with search frictions: A general equilibrium approach
Jerez, Belén - In: Journal of Economic Theory 153 (2014) C, pp. 252-286
programming techniques and duality theory, to show that a competitive equilibrium exists and is constrained efficient in our …
Persistent link: https://www.econbiz.de/10010930786
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Competitive equilibrium with search frictions: Arrow-Debreu meets Diamond-Mortensen-Pisarides
Jerez, Belén - Departamento de Economía, Universidad Carlos III de Madrid - 2010
When the trading process is characterized by search frictions, traders may be rationed so markets need not clear. We argue that rationing can be part of general equilibrium, even if it is outside its normal interpretation. We build a general equilibrium model where the uncertainty arising from...
Persistent link: https://www.econbiz.de/10008765699
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Efficient random assignment under a combination of ordinal and cardinal information on preferences
Athanassoglou, Stergios - 2011
Pareto dominated by another feasible allocation. Given an undominated allocation, we use the tools of linear duality theory …
Persistent link: https://www.econbiz.de/10010279600
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Ordinal efficiency under the lens of duality theory
Athanassoglou, Stergios - Volkswirtschaftliche Fakultät, … - 2010
An allocation's ordinal efficiency deficit (OED) is defined as the greatest ordinal efficiency loss that can result from its application. More precisely, an allocation's OED is the negative of the greatest total amount by which it may be stochastically dominated by another feasible allocation....
Persistent link: https://www.econbiz.de/10008694148
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Efficient Random Assignment under a Combination of Ordinal and Cardinal Information on Preferences
Athanassoglou, Stergios - Fondazione ENI Enrico Mattei (FEEM) - 2011
Pareto dominated by another feasible allocation. Given an undominated allocation, we use the tools of linear duality theory …
Persistent link: https://www.econbiz.de/10008853071
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Common Mistakes in Computing the Nucleolus
Guajardo, Mario; Jörnsten, Kurt - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2014
Despite linear programming and duality have correctly been incorporated in algorithms to compute the nucleolus, we have … have multiple optimal solutions and neglecting the relevance of duality appear to be crucial sources of mistakes in … duality can be correctly used for computing the nucleolus. …
Persistent link: https://www.econbiz.de/10011097058
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Recursive Methods for Incentive Problems
Messner, Matthias; Pavoni, Nicola; Sleet, Christopher - In: Review of Economic Dynamics 15 (2012) 4, pp. 501-525
Many dynamic incentive problems have primal recursive formulations in which utility promises serve as state variables. We associate families of dual recursive problems with these by selectively dualizing constraints. We make transparent the connections between recursive primal and dual...
Persistent link: https://www.econbiz.de/10010570164