This paper estimates trade-demand functions for Germany from monthly data covering the period 1959-1988. It is assumed that these trade-demand functions have the form of the Linear Expenditure System, generated by a shifted Cobb-Douglas trade-utility function in which the shift parameter is...

This paper considers explicit representations for very general (discrete and continuous-time) intertemporal consumption-maximization models which allow the instantaneous preferences of the consumer and the time-preference factors to vary over time and for the non-existence of utility functions,...

From the point of view of consumer demand theory the linear expenditure system (LES) provides a convenient model for representing consumer response to price and income and its linearity is one of its most attractive features. But when estimation problems are discussed, the descriptive adjective...

The transition of countries with centrally planned economies to a market orientation, which affects about one-third of the world's population, has been an unavoidable reality in recent years. The world and U.S. have a large scale stake in the former Eastern Bloc countries and China whether they...

This paper investigates the dimension requirements of informationally decentralized Pareto-satisfactory processes in production economies with increasing returns to scale or more general types of non-convexities. We show that the marginal cost pricing (MCP) mechanism is informationally effcient...