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1.
Paulo Klinger Monteiro 《Economic Theory》1999,13(1):221-227
Summary. In this paper I prove that a quasiconcave separable utility function defined on an atomless space is concave.
Received: August 11, 1997; revised version: October 2, 1997 相似文献
2.
3.
Summary. In this paper we study the behavior of optimal paths in dynamic programming models with a strictly convex return function.
Such a model has been investigated in Dawid and Kopel (1997) who assume that the growth of a renewable resource is governed
by a piecewise linear function. We prove that in their model the optimal cycles undergo the following qualitative changes
or bifurcations: a cycle of period n“bifurcates” into a cycle of period n+1 for increasing elasticity of the return function. We also show that under the assumption of a concave differentiable growth
function the qualitative properties of the optimal policy remain valid: oscillating behavior is optimal. Furthermore, we demonstrate
numerically that the period of a cyclic optimal path increases if the convexity of the return function (measured by the elasticity)
increases.
Received: January 22, 1997; revised version: October 13, 1997 相似文献
4.
Summary. We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future
contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without
appropriate assumptions. Specific examples are provided.
An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee.
An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
Received: April 23, 1997; revised version: May 19, 1997 相似文献
5.
Isabel H. Correia 《Economic Theory》1999,13(1):199-205
Summary. The purpose of this paper is to characterize the class of fiscal rules of income transformation which are equity improving
and, at the same time, preserve the ranking of existing distributions. Contrary to the related literature individual well-being
depends not just on income but also on prices. We show that, when the environment is restricted such that a general transformation
class still can be defined, the only “desirable” fiscal rule is the simple redistributive linear taxation schedule, of the
same type that is the rule in practice in most economies.
Received: May 8, 1997; revised version: September 15, 1997 相似文献
6.
Jeroen Hinloopen 《Journal of Economics》2000,72(3):295-308
In an earlier article in this journal I compared two R&D-stimulating policies: allowing for R&D cooperatives and providing direct R&D subsidies (see Hinloopen, 1997:Journal of Economics 66: 151–175). I also considered the implementation of both policies simultaneously. Since then Amir (1998: Discussion Paper 1/1998, Odense University) has shown that the model I used as a starting point (i.e., that of d'Aspremont and Jacquemin, 1988:American Economic Review 78: 1133–1137) is not well-defined with respect to a crucial parameter (the technological spillover) and subsequently proposes an augmentation of the model. Replicating then my original analysis with this augmented model reveals that all results stated before remain valid. In addition I correct a minor error in Hinloopen (1997) related to the comparison of optimal R&D subsidies. 相似文献
7.
John H. Nachbar 《Economic Theory》1998,11(2):403-412
Summary. Giffen goods have long been a minor embarrassment to economics. While it is customary to dismiss them as empirically irrelevant,
this essay argues that a more fundamental difficulty with Giffen goods has somehow been overlooked.
Received: March 20, 1996; revised version: February 3, 1997 相似文献
8.
《Pacific Economic Review》2013,18(2):281-281
The Editors have been contacted regarding some concerns that the following article from Pacific Economic Review, ‘Dualism in Job Stability of the Korean Labour Market: The Impact of the 1997 Financial Crisis’ by Joonmo Cho and Jaeho Keum, published online on April 21, 2009 in Wiley Online Library (wileyonlinelibrary.com), contains unattributed overlap with the Korean‐language paper ‘A Study on Dynamic Changes in Job Stability’ by Jaeho Keum Joonmo Cho in the Korean journal Kukje Kyungje Yongu (2005, 11(3), 79–114). The Editors are aware that the Research Ethics Committee of Sungkyunkwan University (SKKU) and the Inspection Division of Korean Labor Institute (KLI) have been informed and are currently investigating this issue. Whilst awaiting the outcome of those investigations, the Editors wish to notify readers of our concerns regarding this article. This article updates: Dualism in Job Stability of the Korean Labour Market: The Impact of the 1997 Financial Crisis 相似文献
9.
Wilfredo Leiva Maldonado 《Economic Theory》1999,14(2):473-478
Summary. In this paper I give a method for finding long-run-average policies in the undiscounted economic growth problem using approximations
by finite horizons. Required hypothesis is the strong interiority of T-horizon solutions.
Received: March 25, 1996; revised version: July 29, 1997 相似文献
10.
Recursive utility and preferences for information 总被引:2,自引:0,他引:2
Costis Skiadas 《Economic Theory》1998,12(2):293-312
Summary. This paper presents an axiomatic foundation for recursive utility that captures the role of the timing of resolution of uncertainty
without relying on exogenously specified objective beliefs. Two main representation results are proved. In the first one,
future utility enters the recursion through the type of general aggregators considered in Skiadas (1997a), and as a result
the formulation is purely ordinal and free of any probabilities. In the second representation these aggregators are conditional
expectations relative to subjective beliefs. A new recursive representation incorporating disappointment aversion is also
suggested. The main methodological innovation of the paper derives from the fact that the basic objects of choice are taken
to be pairs of state-contingent consumption plans and information filtrations, rather than the temporal (objective) lotteries
of the existing literature. It is shown that this approach has the additional benefit of being directly applicable to the
continuous-time version of recursive utility developed by Duffie and Epstein (1992).
Received: February 18, 1997; revised version: July 18, 1997 相似文献
11.
Brian Hill 《Journal of Economic Theory》2010,145(5):2044-2054
This paper proposes necessary and sufficient conditions for an additively separable representation of preferences in the Savage framework (where the objects of choice are acts: measurable functions from an infinite set of states to a potentially finite set of consequences). A preference relation over acts is represented by the integral over the subset of the product of the state space and the consequence space which corresponds to the act, where this integral is calculated with respect to an evaluation measure on this space. The result requires neither Savage's P3 (monotonicity) nor his P4 (weak comparative probability). Nevertheless, the representation it provides is as useful as Savage's for many economic applications. 相似文献
12.
This article applies the panel data unit root tests provided by Im, Pesaran and Shin (Discussion paper, 1997) to examine the interest rate convergence of small-open Asian countries with major financial centres. With monthly data from 1988:1 to 1997:6, it was found that the nominal interest rates of these countries converge to the US rates rather than to Japan's. This finding is consistent with the view that the monetary authorities of non-Japan Asian economies pegged their exchange rates overwhelmingly to the dollar rather than the yen before the financial crisis of 1997. 相似文献
13.
Summary. For his proof of the existence of a general competitive equilibrium Abraham Wald assumed a strictly pseudomonotone inverse
market demand function or, equivalently, that market demand satisfies the Weak Axiom of Revealed Preference. It is well known
that more recent existence theorems do not need this assumption.
In order to clarify its role in Wald's proof, the question of existence of an equilibrium for a modified version of the Walras-Cassel
model is reduced to the solvability of a related variational inequality problem. In general, the existence of a solution to
such a problem can only be proved by advanced mathematical methods. We provide an elementary induction proof which demonstrates
the essence of Abraham Wald's famous contribution.
Received: July 22, 1997; revised version: December 11, 1997 相似文献
14.
Within a bivariate VAR model allowing for two-state Markov regime switching we test and evaluate the Expectations Theory
(ET) of the term structure using Danish 1- and 3-months interest rates covering the period 1976–1997. A regime-shift approach
is used in order to account for the change in monetary policy and the 1992–93 exchange rate crises that occured during this
period. The basic findings are that these episodes did change the term structure, and, although we do find departures from
the ET, several of the implications of the theory are consistent with the data, especially in the later part of the sample.
First version received: June 1997/Final version received: March 1998 相似文献
15.
Summary. In a static exchange economy, when all the endowments are issued as securities on a stock exchange, Pareto optimal allocations
may be reached by trading options on the market index (see Breeden and Litzenberger (1978)). We extend this result when some
of the risks cannot be exchanged on the market. Options on an appropriate index, which typically differs from the market index,
depending on the correlation of the non-tradable risks with the exchanged securities, are still an appropriate tool to support
a (constrained) efficient equilibrium. This suggests that the recent development of derivatives based on interest rates may
be an efficient way to reach a Pareto optimal allocation of risks.
Received: June 16, 1997; revised version: July 25, 1997 相似文献
16.
Susanne Fuchs-Seliger 《Economic Theory》1999,13(1):239-246
Summary. In this paper we will show that upper semicontinuity of the indirect utility function implies the upper semicontinuity of
the direct utility function. By strengthening the assumptions, one can also deduce the continuity of the utility function.
Based on indirect utility functions a model of consumer behavior will be established.
Received: December 26, 1996; revised version: August 25, 1997 相似文献
17.
Farhad Hüsseinov 《Economic Theory》2003,22(4):893-902
In this note two theorems strengthening Grodal's (1971) Theorem on correspondences are proved. The first drops the convexity
assumption. The second strengthens that theorem further for the case when the range is the positive orthant. In this case,
the conclusion of Grodal's Theorem - the intersection of the integral with the interior of the range being open- is modified
to read as the integral being a relative open subset of the positive orthant. An example is provided to show that, such a
strengthening is not valid in general. This allows us to dispense with the requirment of convexity of preferences in Grodal's
(1971) theorems on the closedness of the set of Pareto optimal allocations, the core, and the continuity of the core correspondence
for pure exchange economies. We apply this result to show that blocking coalitions in a large economy are stable.
Received: September 30, 1998; revised version: September 18, 2001
RID="*"
ID="*" The author is grateful to an anonymous referee for helpful comments. The usual disclaimer applies. 相似文献
18.
Kala Krishna 《Economic Theory》1999,13(2):377-391
Summary. This paper looks at the determination of ownership of capacity when there are two ex-ante symmetric agents bidding for many
units of capacity which are sold sequentially. It is shown that convexity of payoffs in the final stage of the game is sufficient
to ensure monopolization of capacity, but that increasing returns to scale are not sufficient to ensure monopolization.
Received: March 14, 1997; revised version: December 1, 1997 相似文献
19.
Summary. In a linear production model, we characterize the class of efficient and strategy-proof allocation functions, and the class
of efficient and coalition strategy-proof allocation functions. In the former class, requiring equal treatment of equals allows
us to identify a unique allocation function. This function is also the unique member of the latter class which satisfies uniform
treatment of uniforms.
Received: July 10, 1997 / Revised version: November 24, 1997 相似文献
20.
Summary. In this paper, we introduce a perfect competition test which checks the incentives of arbitrarily small coalitions to behave
strategically in endowments and preferences. We apply this coalitional incentive compatibility test to atomless economies
with a continuum of differentiated commodities. We show that, under thickness conditions, economies with a finite number of
types and economies whose set of agents' preferences is compact, pass this perfect competition test. Limiting results for
replica economies are also presented.
Received: July 25, 1997; revised version: December 5, 1998 相似文献