This paper exhibits a class of infinite-horizon economies with incomplete markets (GEI) for which the equilibrium can be explicitly derived. We show that if agents have preference orderings represented by expected discounted quadratic utilities and if their endowments are tradable, then the...

The central result of this paper establishes an isomorphism between two types of mathematical structures: "ternary preorders" and "convex topologies." The former are characterized by reflexivity, symmetry and transitivity conditions, and can be interpreted geometrically as ordered betweenness...

The effectiveness of one aspect of the London School of Economics (LSE) approach to econometrics is assessed in a simulation study. The paper uses a data set and nine models analogous to those in Lovell's (1983) study of data mining. A simplified general-to-specific algorithm is tested in a...

This paper surveys the evidence, theoretical and empirical, relating to the possibility of achieving more egalitarian distributions of income than are typical in modern societies. The first four parts of the paper (Introduction, Improving efficiency an equality, The ownership of firms, and...

This paper has two aims. The first is to reduce the range within which the true U.S.-China bilateral trade deficit lies. The second is to identify the determinants of the bilateral trade deficit, and offer an assessment of their relative importance. We calculate a smaller range of values for the...

Why do both left and right political parties typically propose progressive income taxation schemes in political competition? Analysis of this problem has been hindered by the two-dimensionality of the issue space. To give parties a choice over a domain which contains both progressive and...