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作者：Faig, M
作者单位：University of Toronto
摘要：This paper extends thr income fluctuations problem to an economy with endogenous growth. Individuals. instead of owning a stream of endowments, accumulate capital with an investment irreversibility constraint and lace uninsurable idiosyncratic risks to the return to capital. Money provides both a risk diversification and a liquidity role. Balanced growth paths exist despite the increasing dispersion of the wealth distribution. The return to money cannot be equated to the social return to capit...
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作者：Kelly, DL; Shorish, J
作者单位：University of Miami
摘要：In this paper we examine a representative agent forecasting prices in a first-order self-referential overlapping generations model. We first consider intermediate stage learning, where agents update the forecasting rule every m periods. We show that, in theory and simulations, the learning rule does not converge to the rational expectations equilibrium (REE). We next consider two stage learning, where agents learn the functional mapping between the current forecast function and the previous fo...
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作者：Blackorby, C; Brett, C
作者单位：University of British Columbia; University of Essex
摘要：We analyze how constitutional restrictions on tax base within a federation affect the nature of Pareto-improving directions or tax reform and the design of optimal federal taxes. We show that constraints on federal taxation entail production, inefficiency at the optimum. except under very restrictive circumstances. In passing, we show that using consumer prices as control variables-a standard procedure in tax-reform analysis-rather than the taxes themselves, leads to incorrect conclusions when...
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作者：Martínez, R; Massó, J; Neme, A; Oviedo, J
作者单位：Universidad Nacional de San Luis; Autonomous University of Barcelona; Autonomous University of Barcelona
摘要：Some properties of the set of many-re-one stable matchings for firms that have responsive preferences and quotas are not necessarily true when firms' preferences are substitutable. In particular, we provide examples in which firms have substitutable substitutable preferences but firms and workers may be single in one stable matching and matched in another one. We identify a set of axioms on firms' preferences guaranteeing that the set of unmatched agents is the same under every stable matching...
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作者：Cai, HB
作者单位：University of California System; University of California Los Angeles
摘要：We study bargaining situations in which one side consists of a group of people, who elect a representative to bargain with another party on their behalf. A two-phase bargaining model is developed in which a principal-agent problem between the constituency and its representative is embedded. With a natural refinement of sequential equilibrium, we characterize the set of equilibria and examine its efficiency properties. We show that agency problems in the delegation relationship rather than asym...
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作者：Ebert, U; Moyes, P
作者单位：Carl von Ossietzky Universitat Oldenburg; Centre National de la Recherche Scientifique (CNRS); Universite de Bordeaux; Universite de Bordeaux
摘要：The paper examines the redistributive impact of income taxation for heterogeneous populations. An equivalent income function is introduced in order to adjust the incomes of different types of households and the redistributive performance of the tax system is evaluated by comparing the Lorenz curves of the distributions of before and after tax equivalent incomes. Inequality reduction after tax imposes mild consistency conditions which are met by most current tax systems. If the inequality reduc...
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作者：Balder, EJ
作者单位：Utrecht University
摘要：In recent years attempts were made to extend the equilibrium existence results of Gale and Mas-Colell (1975. J.Math. Econ. 2, 9-15) and Shafer and Sonnenschein (1975, J. Math. Econ. 2, 345-348) to continuum economies. Here it is shown that the usual conditions used for these attempts force the preferred to correspondence to be empty-valued almost everywhere on the nonatomic part of the measure space of agents. Several published continuum extensions of the existence results of Shafer and Sonncn...
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作者：Austen-Smith, D; Banks, JS
作者单位：Northwestern University; California Institute of Technology
摘要：We augment the standard Crawford-Sobel (1982. Econometrica 50, 1431-1451) model of cheap talk communication by allowing the informed party to use both costless and costly messages. The issues on which we focus are the consequences for cheap tall signaling of the option to burn money and the circumstances under which both cheap talk and burned money are used to signal information. Journal of Economic Literature Classification Numbers: C7, D8. (C) 2000 Academic Press.
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作者：Coleman, WJ
作者单位：Duke University
摘要：This paper verifies the uniqueness of an equilibrium for a class of stochastic infinite-horizon economies with capital that are subject to distortionary taxes or externalities. The proof develops the property of concavity Tor a nonlinear monotone operator whose fixed points correspond to equilibria. As the underlying monotone operator has been useful for establishing the existence of an equilibrium. and for computing an equilibrium, this approach also brings under one roof the study of existen...
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作者：Al-Najjar, NI; Smorodinsky, R
作者单位：Northwestern University; Technion Israel Institute of Technology
摘要：A player's influence relative to a mechanism and opponents' strategies is the maximum difference his action can make in the expected value of a collective outcome. A player is alpha-pivotal if his influence exceeds a threshold alpha. We provide tight bounds on the number of pivotal players and on average influence. These bounds are uniform over all mechanisms and action profiles and are achieved at mechanisms that take the form of a majority rule. We illustrate our analysis with an example of ...
