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作者：Dawid, H; Kopel, M
作者单位：Technische Universitat Wien; Cornell University
摘要：We investigate optimal policies for the exploitation of a renewable resource subject to a concave growth function and a convex return function. We prove an important result on the elasticity of the objective function and apply it to give a characterization of the optimal harvesting paths in this class of models. In particular, we derive conditions such that all optimal programs converge to a fixed point or to a cycle of finite period, and hence result in the conservation of the resource. We al...
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作者：Eberly, JC; VanMieghem, JA
作者单位：Northwestern University
摘要：We characterize a firm's optimal factor adjustment when any number of factors Face ''kinked'' linear adjustment costs so that all factor accumulation is costly to reverse. We first consider a general non-stationary case with a concave operating profit function, unrestricted form of uncertainty and a horizon of arbitrary length. We show that the optimal investment strategy follows a control limit policy at each point in time. The state space of the firm's problem is partitioned into various dom...
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作者：Aliprantis, CD
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Cornell University
摘要：A. Mas-Colell and S. F. Richard (J. Econ. Theory 53 (1991), 1-11) published a remarkable infinite dimensional equilibrium existence theorem for exchange economies that encompasses all the currently available important equilibrium results as corollaries. To prove this theorem, the authors utilized in an ingenious way the lattice structure of Riesz spaces. However, in two critical steps during the proof of the theorem. there is an ''obvious'' claim used by the authors which may fail to be true. ...
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作者：Dutta, B; Masso, J
作者单位：Autonomous University of Barcelona; Autonomous University of Barcelona
摘要：In the standard two-sided matching models, agents on one side of the market (the institutions) can each be matched to a set of agents (the individuals) on the other side of the market, and the individuals only have preferences defined over institutions to which they can be matched. We explicitly study the consequences for stability when the composition of one's co-workers or colleagues can affect the preferences over institutions. (C) 1997 Academic Press.
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作者：Monderer, D; Samet, D; Sela, A
作者单位：Tel Aviv University; Ben-Gurion University of the Negev
摘要：A learning process is belief affirming if the difference between a player's expected payoff in the next period, and the average of his or her past payoffs converges to zero. We show that every smooth discrete fictitious play and every continuous fictitious play is belief affirming. We also provide conditions under which general averaging processes are belief affirming. (C) 1997 Academic Press.
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作者：Vila, JL; Zariphopoulou, T
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：In this paper. we use stochastic dynamic programming to study the intertemporal consumption and portfolio choice of an infinitely lived agent who faces a constant opportunity set and a borrowing constraint, We show that. under general assumptions on the agent's utility function, optimal policies exist and can be expressed as feedback Functions of current wealth. We describe these policies in detail, when the agent's utility function exhibits constant relative risk aversion. (C) 1997 Academic P...
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作者：Skiadas, C
摘要：This paper provides an axiomatic basis for a representation of personal preferences in which the utility of an act can be expressed as an expected value of conditional utilities of the act given any set of mutually exclusive and exhaustive scenarios, under a unique subjective probability. The representation is general enough to incorporate state-dependent utilities and/or utilities with dependencies across states, as, for example, in the case of disappointment aversion. More generally, this is...
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作者：Mitra, T; Ok, EA
作者单位：New York University
摘要：We propose the principle of equal sacrifice to determine the class of ''vertically inequitable'' progressive taxes. A necessary condition for an income tax Function to be equal sacrifice is formulated, and hence, a subclass of progressive taxes which cannot inflict the same sacrifice upon all individuals relative to any strictly increasing and concave utility function is determined. Conversely, it is shown in a general framework that any convex (thus progressive) tax function satisfies the pri...
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作者：Barbera, S; Masso, J; Neme, A
作者单位：Autonomous University of Barcelona; Universidad Nacional de San Luis
摘要：We consider a broad class of situations where 3 society must choose from a finite set of alternatives. This class includes, as polar cases, those where the preferences of agents are completely unrestricted and those where their preferences are single-peaked. We prove that strategy-proof mechanisms in all these domains must be based on a generalization of the median voter principle. Moreover, they must satisfy a property, to be called the ''intersection property,'' which becomes increasingly st...
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作者：Dubey, P; Neyman, A
作者单位：Hebrew University of Jerusalem
摘要：Four axioms are placed oil a correspondence from smooth, non-atomic economies to their allocations. We show than thr axioms categorically determine, the (coincident) competitive-core-value correspondence. Thus any solution is equivalent to the above three if, and only if, it satisfies the axioms. In this sense our result is tantamount to an ''equivalence principle.'' At the same time, our result implies that the three solutions themselves are determined by the axions and so serves as an axioma...
