This paper deals with the assessment of inequality in the distribution of voting power. As voting procedures are modeled as simple games and power evaluated through power indices, two approaches are possible to deal with inequality in this context, depending on whether the power profiles...

Models of product differentiation try to provide answers to the question which good will be provided in an imperfectly competitive market and how it will be priced. In such models consumers have been modeled as buying one unit of one good in the market. I construct counterparts to frequently...

This paper surveys some recent developments in the literature which studies continuous-timeevolutionary dynamics in the context of economic modeling.

Consider a pure exchange OLG economy under stationary Markov uncertainty with one good and with sequentially complete markets. It is known that an interior stationary equilibrium allocation at which the agents common matrix of intertemporal rates of substitution has a Perron root which is less...

Parametrized Expectation Algorithm (PEA) is a powerful tool for solving nonlinear stochastic dynamic models. However, it has an important shortcoming: it is not a contraction mapping technique and thus, does not guarantee finding the solution. We suggest a simple modification that enhances the...

This paper investigates the implications of major ¯nancial markets crises for the human capital accumulation decisions of households. We use data for Argentinean households over the period 1995-2002 to examine households' response to negative idiosyncratic income shocks in di®erent...

Some recently developed nonparametric specification tests for regression models are described in a unified way. The common characteristic of these tests is that they are consistent against any alternative hypothesis. The performance of the test statistics is compared by means of Monte Carlo...

Does a heterogeneous agents version of a neoclassical model with labor-leisure choice replicatethe distributions of consumption and working hours observed in the cross-sectional data? Doesincorporating heterogeneity enhance the aggregate performance of the representative agentmodel? We address...

The rationalization of a choice function in terms of assumptions which involve expansion or contraction properties of the feasible set over nonfinite sets is analyzed. Schwartz's results [15], stated in the finite case, are extended to this more general framework. Moreover a characterization...

We analyze the long-run outcome of markets in which boundedly rational firms with a decreasingreturns to scale technology compete in prices. The behavior of these firms is based on limitation ofsuccess and experimentation. In this framework, we introduce a new approach to model boundedlyrational...