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Temporary shocks and unavoidable transitions to a high-unemployment regime

Den Haan, Wouter J. - 2003

This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment rate) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large enough shocks initiate unavoidable transitions from one regime to the other. The...

Persistent link: https://www.econbiz.de/10009635968

The Enemy of My Enemy Is My Friend : A New Condition for Two-sided Matching with Complementarities

Koizumi, Hideto - 2019

Stable matchings in the presence of complementarities need not exist. With a canonical form of payoff functions, the conventional sufficient condition for existence substantially restricts the range of pairwise complementarity/substitutability values. This paper provides a new sufficient...

Persistent link: https://www.econbiz.de/10012899599

A fresh look on economic evolution from kinetic viewpoint

Lehmann-Waffenschmidt, Marco - 2003

Persistent link: https://www.econbiz.de/10001757714

International Trade and Each Management of Shared Renewable Resources

Ogawa, Takeshi - 2017

Using differential games, this paper analyzes output controls of internationally shared renewable resources such as transboundary natural forests. A two-country, two-good (that is, shared-resource and nonresource based goods) general equilibrium trading model is employed for this purpose. Each...

Persistent link: https://www.econbiz.de/10012955328

Direct Perturbations of Aggregate Excess Demand

Castro, Sofia B.S.D. - 2010

We complement the Sonnenschein-Mantel-Debreu results by establishing that an exchange economy, i.e., preferences and endowments, that generates a given aggregate excess demand (AED) function is close to the economy that generates a perturbation of this AED. As a consequence, genericity and...

Persistent link: https://www.econbiz.de/10012716023

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

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

Brownian Equilibria under Knightian Uncertainty

Beissner, Patrick - 2013

This paper establishes, in the setting of Brownian information, a general equilibrium existence result in a heterogeneous agent economy. The existence is generic among income distributions. Agents differ moreover in their stochastic differential formulation of intertemporal recursive utility....

Persistent link: https://www.econbiz.de/10013091317

Bankruptcy in General Equilibrium

Sabarwal, Tarun - 2019

In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy...

Persistent link: https://www.econbiz.de/10012889092

A fresh look on economic evolution from kinetic viewpoint

Lehmann-Waffenschmidt, Marco - 2003

The present paper makes a contribution to fill in a gap left open by dynamic theory and evolutionary economics as well …. While the "closed loop" dynamic theory has explanation power in analyzing evolving economic systems at the price of …

Persistent link: https://www.econbiz.de/10010506636