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作者：Jackson, MO; Manelli, AM
作者单位：California Institute of Technology; Arizona State University; Arizona State University-Tempe
摘要：We consider exchange economies where each consumer may report or act according to any demand function provided that there exist situations that the consumer finds plausible in which the reported demand performs at least as well as the true demand. We identify conditions under which, as the size of the economy increases, all the market-clearing prices and allocations of the reported economy approximate the competitive equilibria of the true economy. (C) 1997 Academic Press.
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作者：Boucekkine, R; Germain, M; Licandro, O
摘要：This paper is concerned with a non-standard source of fluctuations, called echo effects, i.e., the ability of an economy to reproduce its own past history. In the 1960s. growth theorists believed that this property could arise in vintage capital models, taking the form of replacement echoes. This line of research was stopped after the publication of Solow et al. [15], who showed that echoes should vanish in a Solow growth model with vintage capital. However, the fundamental reason for this res...
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作者：Leach, J
摘要：A union is assumed to make a sequence of ''take it or leave it'' wage demands to a firm which produces a storable good. Equilibrium has the following properties: 1. The firm chooses to accumulate inventories even though there is no uncertainty. 2. The accumulation of inventories lowers wages by reducing the rents from further production and therefore harms the union without benefitting the firm. 3. There can be intermittent work stoppages (i.e., strikes) even though there is no uncertainty. Th...
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作者：Charupat, N; Prisman, EZ
摘要：Existing literature points to the role of market frictions in providing motivations for financial innovations. In this payer, we study the effectiveness of the arbitrage pricing approach and the design and pricing of innovated securities in economies with restrictions on short sales. In the process, we also define the no-arbitrage conditions that is appropriate for such economies. The differences between our results and Chen's [3] are pointed out when appropriate. (C) 1997 Academic Press.
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作者：Brusco, S
摘要：In this paper we consider the principal-multiple agents problem when collusion among agents is possible. Collusion is captured by the use of equilibrium notions allowing for coalitional deviations. We first analyze the constraints that collusion puts on feasible wage schemes. Differently from the case of subgame perfect implementation the first best is not implementable. We provide a necessary condition that compensation schemes achieving the second best must satisfy. Roughly stated, the condi...
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作者：Blackorby, C; Bossert, W; Donaldson, D
作者单位：University of British Columbia; Aix-Marseille Universite; University of Nottingham
摘要：This paper investigates birth-date dependent principles for social evaluation in an intertemporal framework in which population size may vary. WP weaken the strong Pareto principle in order to allow individuals' birth dates to matter in establishing a social ordering. Using the axiom independence of the utilities of the dead, we characterize population principles with a recursive structure. If the individual substitution principle and an individual intertemporal equivalence axiom are added. bi...
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作者：Tauman, Y; Urbano, A; Watanabe, J
作者单位：State University of New York (SUNY) System; Stony Brook University; Tel Aviv University; University of Valencia; Fukuoka University
摘要：We provide a simple model of price competition in a multiproduct oligopoly market. The products are of general nature. We find that a pure strategy equilibrium exists and every equilibrium consumption maximizes the total social surplus. Consumers are characterized by a set function which determines their willingness to pay for every subset of products. If this function is convex, the set of equilibrium prices coincides with the core of a cooperative game generated by this set function and the ...
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作者：Venditti, A
摘要：Studies of optimal growth in a multisector framework are generally addressed in reduced form models, defined by an indirect utility function which summarizes the consumer's preferences and the technologies. Strong concavity assumptions allow to obtain some results about differentiability of optimal solutions and stability of steady states. However there does not exist any information about the conditions that have to be placed on the fundamentals to obtain such a property. This paper shows tha...
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作者：Coleman, WJ
摘要：This paper studies a broad class of infinite-horizon economies that are subject to uncertainty, and consist of households that accumulate capital and elastically supply labor. For this class of economies, methods are developed for proving the existence of an equilibrium, for characterizing an equilibrium, and for verifying, at a computational level, that an equilibrium is unique. Some applications of these methods to real and monetary economies are discussed. (C) 1997 Academic Press
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作者：Krishna, V; Morgan, J
作者单位：Princeton University
摘要：We study the war of attrition and the all-pay auction when players' signals are affiliated and symmetrically distributed. We (a) find sufficient conditions for the existence of symmetric monotonic equilibrium bidding strategies and (b) examine the performance of these auction forms in terms of the expected revenue accruing to the seller. Under our conditions the war of attrition raises greater expected revenue than all other known sealed-bid auction forms. (C) 1997 Academic Press.
