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Walrasian Sequential Equilibrium, Bounded Rationality, and Social Experiments

Yang, Xiaokai; Yao, Shuntian - 2001

In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and entrepreneurial discovery. It predicts that social sequential experiments with efficient as well as inefficient network patterns of division...

Persistent link: https://www.econbiz.de/10014129800

Toward a Theory of Impersonal Networking Decisions and Endogenous Structure of Division of Labor

Yang, Xiaokai - 2001

In the paper, an analytical framework with both increasing returns and transaction costs is developed to investigate the general equilibrium with endogenous specialization and division of labor. In this framework, the impersonal network of the division of labor emerges from the interactions...

Persistent link: https://www.econbiz.de/10014133673

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

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

Bargaining and competition revisited

Kunimoto, Takashi; Serrano, Roberto - 2002

We show the robustness of the Walrasian result obtained in models of bargaining in pairwise meetings. Restricting trade to take place only in pairs, most of the assumptions made in the literature are dispensed with. These include assumptions on preferences (differentiability, monotonicity,...

Persistent link: https://www.econbiz.de/10010318969