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作者：Shi, SY
作者单位：Indiana University System; Indiana University Bloomington; Queens University - Canada
摘要：This paper examines the two-sided matching problem where the agents on each side of the market are heterogeneous and the matching process: is lime consuming. This is cast in a labor market setting where workers of different skills match with different machine qualities. I characterize the efficient allocation and then show that it call be decentralized by a market mechanism. The efficient assignment is not always positively assortative. despite the fact that machine qualities and skills are co...
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作者：Menegatti, M
作者单位：University of Pavia
摘要：This paper shows that if the signs of the first three derivatives of the utility function are assumed to be invariant in the consumption level, then nonsatiation and risk aversion are sufficient conditions for the presence of precautionary saving. Moreover, a similar set of assumptions ensures that the necessary conditions for decreasing absolute risk aversion and for decreasing absolute prudence are automatically satisfied. (C) 2001 Academic Press.
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作者：Bala, V; Sorger, G
作者单位：McGill University; University of London; Queen Mary University London
摘要：We develop an overlapping generations model of human capital accumulation and analyze its spatial and temporal properties. The interplay between local spillovers of human capital and global market participation partitions the society into socio-economic classes. We focus upon stationary equilibria and show that a large class of them are locally stable. Stationary equilibria can be homogeneous (where the human capital distribution is degenerate) or stratified (with a distinct spatial pattern of...
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作者：Mitra, T
作者单位：Cornell University
摘要：This paper provides an easily verifiable sufficient condition for topological chaos for unimodal maps which can be satisfied when the well-known Li-Yorke condition is not satisfied. It then shows how this result can be applied to a model of endogenous growth with externalities to establish the existence of chaotic equilibrium growth paths in that framework. Journal of Economic Literature Classification Numbers: C61, D90, O41. (C) 2001 Academic Press.
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作者：Antinolfi, G; Huybens, E; Keister, T
作者单位：Washington University (WUSTL); The World Bank; Instituto Tecnologico Autonomo de Mexico
摘要：We evaluate the desirability of having an elastic currency generated by a lender of last resort that prints money and lends it to banks in distress. When banks cannot borrow, the economy has a unique equilibrium that is not Pareto optimal. The introduction of unlimited borrowing at a zero nominal interest rate generates a steady state equilibrium that is Pareto optimal. However, this policy is destabilizing in the sense that it also introduces a continuum of nonoptimal inflationary equilibria....
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作者：Burdett, K; Trejos, A; Wright, R
作者单位：University of Pennsylvania; University of Essex
摘要：We study how commodities emerge as money, the way cigarettes did in POW camps. We characterize how specialization, trading frictions, intrinsic properties of goods, and the amount of flat money determine whether a commodity serves as money and its value. In some equilibria, the exchange value of commodity money is pinned down by its consumption value: in others, it is not. The value of flat money may or may not be pinned down by commodity money. In some equilibria, the total (Fiat plus commodi...
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作者：Nourry, C; Venditti, A
作者单位：Aix-Marseille Universite
摘要：We study the determinacy of perfect foresight equilibrium near a steady state in an overlapping generations model with production and both altruistic and non-altruistic agents having distinct utility functions. The proportion of each type of consumer is exogenously given. Our main results show that when there are positive stationary bequests, some standard assumptions on preferences and technology rule out local indeterminacy for any positive value of the proportions. In the particular case of...
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作者：Sprumont, Y
作者单位：Universite de Montreal; Universite de Montreal
摘要：We characterize the regular two-agent Paretian quasi-orders. (C) 2001 Academic Press .
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作者：Ellickson, B; Grodal, B; Scotchmer, S; Zame, WR
作者单位：University of California System; University of California Los Angeles; University of Copenhagen; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：This paper builds a general equilibrium model of finite economics with exchange and club formation. Agents trade multiple private goods snidely in the market, can belong to several clubs, and care about the characteristics of other club members. Because club memberships Lire indivsible and choices of club membership,.,, must be coordinated across the population, the core of such an economy may be empty and equilibrium may not exist. However, for large finite club economics, an approximate core...
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作者：Riedel, F
作者单位：Humboldt University of Berlin
摘要：A stochastic pure exchange economy with incomplete information is studied where one risky asset and a locally riskless bond are traded. The underlying risks are described by a k-dimensional Brownian motion with k greater than or equal to 2. The Brownian morion is nor directly observable. Agents observe only asset prices and dividends. Existence of an Arrow-Radner equilibrium is established. In such on equilibrium. asset prices result such that every informationally feasible consumption plan ca...
