An elementary proof of the existence of a competitive equilibrium is given for economies where the weak axiom of revealed preference or the gross substitution property hold. It is shown by an induction argument that in these cases, the problem is reduced to the question of the existence of an...

In this paper we analyse the problem of the modelling of individual transitions in presence of an incomplete sampling scheme.

We examine an important class of decision problem under uncertainty that entails the standarrd portfolio problem and the demand for coinsurance. The agent faces a controllable risk -his demand for a risky asset for example- and a background risk. We determine how a change in the distribution in...

This article suggests that the global inefficiency which generally affects a production process is endogenous and depends on the incentives generated by the process environment. We propose to treat the usual correlation between the inefficiency and the regressors of the production frontier...

The paper reviews some recent theoretical contributions on the modelisation of time-inconsistent preferences, as well as implications for individual behavior. The focus is on the interpretation of the concepts and the link with concepts in psychology.

We study in this paper how the technological flexibility choices and equilibrium configurations depend first on the industry characteristics (demand function and cost parameters specific to the multiproduct flexible technology and to the product dedicated technologies) and, second, on the...

Rationalization of U.S. freight railroads following the Staggers Rail Act of 1980 had led to lower real rates for many agricultural and industrial shippers, but has also been accompanied by increasing industry concentration and (more recently) merger-related service disruptions. This has led...

This paper studies irreversible investment decisions of a risl neutral regulated firm which has costs of production and of investment known with certainty and constant over time, but subject to uncertainty on exogenous shocks to demand. These shocks follow a geometric Brownian motion. No...