A game-theoretic model of territorial environmental production under Cournot competition is studied. The process is modeled as cooperative differential game. The stable distribution mechanism of the common cooperative benefit among players is proposed. We proved that the cooperative total stock...

The egalitarian solution for the class of convex TU games was defined by Dutta and Ray [1989] and axiomatized by Dutta 1990. An extension of this solution — the egalitarian split-off set (ESOS) — to the class of non-levelled NTU games is proposed. On the class of TU games it coincides with...

This study reconsiders a duopoly model with advertisement introduced earlier by Ahmed, Agiza and Hassan [1999]. It demonstrates three major findings. The first is that the model can be destabilized via either flip bifurcation or Hopf bifurcation. The second is that a half-pitchfork bifurcation...

We give a non-cooperative and an axiomatic characterization of the Average Lexicographic value (AL-value) on the class of balanced games. The AL-value is a single-valued solution for balanced TU-games. It is defined as the average of lexicographic maximum of the core of the game with respect to...

The article analyzes the Dynkin (1975) stochastic model of economic equilibrium. We solve a question regarding this model that was open for a long time. We provide arguments yielding a complete proof of Dynkin's existence theorem for equilibrium paths.

The article discusses the approaches and options for identification of disequilibrium asset prices movements. It focuses mainly on theoretical and empirical methods for identifying the so-called "bubbles" in asset prices. Subsequently, the dissimilarity among foreign exchange, stock and real...

Recent policy proposals have suggested taxing top incomes at very high rates on the grounds that some or all of the highest wage earners are engaged in socially unproductive or counterproductive activities, such as externality imposing speculation in the financial sector. To address this, we...

This paper looks at empirical data from economics regarding wealth, earnings and income, alongside a flow model for an economy based on the general Lotka-Volterra models of Levy & Solomon. The data and modelling suggest that a simple economic system might provide a tractable model for giving an...

We study unemployment insurance (UI) in an equilibrium environment in which unemployed workers only receive benefits for a finite length of time. Although all workers have identical productivity and leisure value, the random arrival of job offers creates ex-post differences with respect to their...

This paper studies the free entry competitive equilibria of a labor managed economy when there are less than complete contingent claims markets. First, we prove the existence of a simple labor management equilibrium which is inefficient in the Diamond sense. Second, we introduce an insurance...