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21.
In this paper, we extend the Shapley–Shubik model to a two period financial economy, and essentially address the question
of the existence of an equilibrium. More precisely, we show the existence of nice equilibria, i.e. situations in which prices
for both assets and commodities are strictly positive. Even if the general lines of the proof are largely influenced by the
paper of Dubey and Shubik (J Econ Theory 17:1–20, 1978), most of the arguments are new because of the financial nature of
the economy. It forces us to deal with a generalized Nash equilibrium, and to proscribe the use of arguments which only work
with a single cash-in-advance constraint.
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22.
We analyze willingness to pay (WTP) for environmental programs whose time periods of benefit and repayment differ, using a net present value framework that identifies parameters of both WTP and personal discount rates. Respondents to a contingent valuation survey focusing on protection of critical habitat buffer zones for the endangered Steller Sea Lion in Alaska were asked their willingness to pay for 1-, 5-, and 15-year repayment periods. We jointly estimate the personal discount rates and WTP via maximum likelihood, and compare with a model assuming a fixed, market discount rate. 相似文献