Nous etudions un modele de croissance a un secteur dans lequel coexistent a chaque periode un continuum d'agents a duree de vie finie, et d'agents a duree de vie infinie. Nous montrons que deux types d'equilibres stationnaires peuvent exister selon le niveau d'epargne stationnaire des agents a...

A fundamentals based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive learning rules. This problem can be overcome if private expectations are...

We consider a linear univariate rational expectations model, with a predetermined variable, and study existence and stability of solutions driven by an extraneous finite-state Markov process. We show that when the model is indeterminate there exists a new class of k-state dependent sunspot...

In the recent work of Dempster, Evstigneev and Taksar (2006) it has been shown that the von Neumann-Gale model of economic dynamics can serve as a convenient and natural framework for the analysis of questions of asset pricing and hedging under transaction costs. The present article focuses on a...

Evolutionary finance studies the dynamic interaction of investment strategies in financial markets. This market interaction generates a stochastic wealth dynamics on a heterogenous population of traders through the fluctuation of asset prices and their random payoffs. Asset prices are...

This paper contrasts the dynamical behaviors of fixed and flexible price regimes for a monopolistically competitive manufacturing sector in which firms base decisions on expectations about product demands.

We solve for the equilibrium dynamics of information sharing in a large population. Each agent is endowed with signals regarding the likely outcome of a random variable of common concern. Individuals choose the effort with which they search for others from whom they can gather additional...

Piecemeal reform methodology is used to identify Pareto improving directions of gifts in the economy studied by L. Kranich, "Gift Equilibria and Pareto Optimality Reconsidered", Journal of Economic Theory, 64, 1994, pp. 298-300.

This paper studies the consequences of a private or depletable externality on free trade agreements in a general equiilibrium framework. It is shown that there always exists a stable system of free trade spaces in the world economy. This stable system can result in either non-cooperation,...

We introduce a new method, called "customer oriented finite perturbation analysis" (CFPA), for sensitivity estimation for discrete event dynamic systems (DEDS). We discuss the CFPA algorithm and applying a new proof technique we obtain necessary conditions for CFPA to yield an unbiased estimator...