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Robustness of the Uniqueness of Walrasian Equilibrium with Cobb-Douglas Utilities

Cass (deceased), David; Borah, Abhinash; Kim, Kyungmin; … - 2009

The majority of results in the literature on general equilibrium are not for an economy (i.e. given an endowment and preferences), but rather, for a set of economies (i.e. a set of endowments given preferences). Therefore, we argue that the most appropriate robustness result requires perturbing...

Persistent link: https://www.econbiz.de/10014046021

General Equilibrium in the Presence of Time Costs

Ebert, Johannes - 2011

If consumption takes time, and time is limited, there exists a time constraint in addition to the expenditure constraint of a consumer. This may lead to a form of satiation, where consumers cannot consume all commodities they purchase. We establish existence of competitive equilibrium in the...

Persistent link: https://www.econbiz.de/10013127627

Social demand functions in general equilibrium

Balasko, Yves - 2013

Social demand functions result from the budget constrained maximization of "social preferences" or "other regarding preferences." These preferences are non-selfish in the sense that they also depend on other consumers' wealth. This paper addresses the robustness to wealth externalities of the...

Persistent link: https://www.econbiz.de/10009762437

General Equilibrium Without Utility Functions : How Far to Go?

Balasko, Yves; Tvede, Mich - 2009

How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to...

Persistent link: https://www.econbiz.de/10014204262

Does Initial Mispricing Imply Equilibrium Price Overreaction and Wealth Divide?

Miceli, Maria-Augusta - 2013

We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...

Persistent link: https://www.econbiz.de/10013081713

Social demand functions in general equilibrium

Balasko, Yves - 2013

Social demand functions result from the budget constrained maximization of “social preferences” or “other regarding preferences.” These preferences are non-selfishin the sense that they also depend on other consumers’ wealth. This paper addresse sthe robustness to wealth externalities...

Persistent link: https://www.econbiz.de/10011807433

General Equilibrium without Utility Functions: How far to go?

Balasko, Yves; Tvede, Mich - Økonomisk Institut, Københavns Universitet - 2009

Persistent link: https://www.econbiz.de/10005014586

Chapter 5 The Economic Theory of Gift-Giving: Perfect Substitutability of Transfers and Redistribution of Wealth

Mercier Ythier, Jean - In: Handbook of the economics of giving, altruism and …, (pp. 227-369). 2006

This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic … analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent … voluntary redistribution of income or wealth. The theory concentrates on lump-sum voluntary transfers, individual or collective …

Persistent link: https://www.econbiz.de/10014023678

Comparative risk aversion : a formal approach with applications to saving behaviors

Bommier, Antoine; Chassagnon, Arnold; Le Grand, François - 2010

We consider a formal approach to comparative risk aversion and applies it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman [15], Selden [26], Epstein and Zin [9] and Quiggin [24] are well-ordered...

Persistent link: https://www.econbiz.de/10008748230

Value of life, value of time, and constant relative risk aversion utility

Feldman, Allan - 1998

This paper develops two straightforward value of life models; one is a probabilistic value of life model and the second is a determinstic value of time model. Simplifying assumptions allow both models to be solved analytically. Constant relative risk aversion utility functions are used, and both...

Persistent link: https://www.econbiz.de/10011504533

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