Characterization of the Walrasian equilibria of the assignment model

We study the assignment model where a collection of indivisible goods are sold to a set of buyers who want to buy at most one good. We characterize the extreme and interior points of the set of Walrasian equilibrium price vectors for this model. Our characterizations are in terms of demand sets of buyers. Using these characterizations, we also give a unique characterization of the minimum and the maximum Walrasian equilibrium price vectors. Also, necessary and sufficient conditions are given under which the interior of the set of Walrasian equilibrium price vectors is non-empty. Several of the results are derived by interpreting Walrasian equilibrium price vectors as potential functions of an appropriate directed graph.     

Characterizations and Modelling of Multivariate Lack of Memory Property

In this article we establish characterizations of multivariate lack of memory property in terms of the hazard gradient (whenever exists), the survival function and the cumulative hazard function. Based on one of these characterizations we establish a method of generating bivariate lifetime distributions possessing bivariate lack of memory property (BLMP) with specified marginals. It is observed that the marginal distributions have to satisfy certain conditions to be stated. The method generates absolutely continuous bivariate distributions as well as those containing a singular component. Bivariate exponential distributions due to Proschan and Sullo (Reliability and biometry, pp 423–440, 1974), Freund (in J Am Stat Assoc 56:971–977, 1961), Block and Basu (J Am Stat Assoc 89:1091–1097, 1974) and Marshall and Olkin (J Am Math Assoc 62:30–44, 1967) are generated as particular cases among others using the proposed method. Some other distributions generated using the method may be of practical importance. Shock models leading to bivariate distributions possessing BLMP are given. Some closure properties of a class of univariate failure rate functions that can generate distributions possessing BLMP and of the class of bivariate survival functions having BLMP are studied.     

EQUILIBRIA EXISTENCE AND CHARACTERIZATION IN AUCTIONS: ACHIEVEMENTS AND OPEN QUESTIONS

Abstract Establishing existence and characterizing equilibria are both important achievements in the study of auctions. However, we recognize that equilibria existence results form the basis for well accepted characterizations. In this survey, we review the landmark results and highlight open questions regarding equilibria existence and characterizations in auctions. In addition, we review the standard assumptions underlying these results, and discuss the suitability of the Nash equilibrium solution concept. We focus our review on single‐object auctions, but also review results in multi‐unit, divisible, combinatorial and double auctions.     

Pareto optimality in continuous-time OLG economies

The aim of this paper is the achievement of a complete characterization of the Pareto optimality of competitive equilibria for deterministic, pure exchange, continuous-time economies with a countable number of overlapping generations, where each consumer’s life-span consists in a bounded interval of time. For such an environment, we obtain separate sufficient and necessary conditions for Pareto optimality in the form of the Cass’ criterion, that is, in terms of the equilibrium prices. However, these conditions are not equivalent in general. Therefore, in order to get that equivalence we are compelled to impose certain restrictions, either on consumers’ lifetimes, assuming that all of them have the same longevity, or on the dynamic behaviour of relative intertemporal equilibrium prices. In both cases, we are able to derive a single condition that is sufficient and necessary for efficiency, thus achieving full characterizations.     

Axiomatic characterizations of the duality correspondence in consumer theory

In this paper we present several axiomatic characterizations of the mapping assigning to the utility function of a consumer its associated indirect utility function as well as characterizations of the inverse correspondence. Some of them refer to the standard case of real-valued functions, while others involve functions taking values in an arbitrary complete chain. In this abstract framework, we also give some simultaneos characterizations of both transformations.     

Characterizations of normal distributions and EDF goodness-of-fit tests

Two characterizations of a normal distribution with an unknown variance based on the corresponding UMVU estimators of the density functions are given, depending on whether its mean is known, or unknown. Applications of these characterization results in the procedures to construct empirical distribution function (EDF) goodness-of-fit tests for normal distributions are mentioned. Received April 2000/Revised April 2002     

η-Pseudolinearity

The notion of η-pseudolinearity is introduced. First, some characterizations of an η-pseudolinear function are obtained. Then characterizations of the solution set of an η-pseudolinear program are derived. The paper generalizes various results on pseudolinear functions and programs.     

Moment inequalities for order statistics with applications to characterizations of distributions

General inequalities of Hölder type between moments of order statistics and moments of record values respectively are derived. Special choices of the involved sample sizes and ranks and discussions of when equality is attained in these inequalities yield several characterizations of well known distributions, such as the uniform, polynomial, Pareto, reflected Pareto, exponential, Weibull distribution and some others.     

On discrete α-unimodal distributions

Some characterizations of a -unimodal lattice distributions, introduced in Abouammoh (1987,19881, and a -monotone lattice distributions, introduced in Steutel (1988), are discussed. Convolution and symmetrization of a -monotone lattice distributions are also investigated. The characterizations and convolution properties obtained by Abouammoh in this connection are corrected and improved.     

Numerical and analytical results for the transportation problem of Monge-Kantorovich

The Monge-Kantorovich transportation problem has a long and interesting history and has found a great variety of applications (see Rachev and Rüschendorf (1998a,b)). Some interesting characterizations of optimal solutions to the transportation problem (resp. coupling problems) have been found recently. For the squared distance and discrete distributions they relate optimal solutions to generalized Voronoi diagrams. Numerically we investigate the dependence of optimal couplings on variations of the coupling function. Numerical results confirm also a conjecture on optimal couplings in the one-dimensional case for nonconvex coupling functions. A proof of this conjecture is given under some technical conditions. Received: November 1999     

防止利益冲突:治理房地产腐败的有效途径

当前,中国正处在发展的黄金期、关键期和敏感期,经济发展的高速、腐败现象的高频,以及由此引发的各类矛盾高显是其突出表征。我国房地产业在迅猛发展、对国计民生影响愈来愈深远、并成为国民经济发展支柱产业的同时,却也因房地产领域腐败案件频发给其发展带来极大困扰。应当充分认识利益冲突是房地产领域腐败的第一诱因和根源;多管齐下,建立健全防止利益冲突机制是从源头上治理房地产腐败的必然选择。     

Characterizations of probability distributions via bivariate regression of record values

Bairamov et al. (Aust N Z J Stat 47:543–547, 2005) characterize the exponential distribution in terms of the regression of a function of a record value with its adjacent record values as covariates. We extend these results to the case of non-adjacent covariates. We also consider a more general setting involving monotone transformations. As special cases, we present characterizations involving weighted arithmetic, geometric, and harmonic means.     

A simple mean–dispersion model of ambiguity attitudes

Several characterizations of ambiguity aversion decompose preferences into the expected utility of an act and an adjustment factor, an ambiguity index, or a dispersion function. In each of these cases, the adjustment factor has very little structure imposed on it, and thus these models provide little guidance as to which function to use from the infinite class of possible alternatives. In this paper, we provide a simple axiomatic characterization of mean–dispersion preferences which uniquely determines a subjective probability distribution over a set of possible priors and which uniquely identifies the dispersion function. We provide an algorithm for determining this subjective probability distribution and the coefficient in the dispersion function from experimental data. We also demonstrate that the model accommodates ambiguity aversion in the Ellsberg paradox.     

Characterization of stationary preferences in a continuous time framework

We characterize preference relations on continuous time consumption paths which admit an exponential discounting representation. We provide two theorems as such, one in the cardinal framework and another in the ordinal framework. Our characterizations parallel the known characterizations in discrete time framework. In the cardinal framework, we adopt the axioms of Epstein (1983), which characterize a stationary preference relation in discrete time, and obtain the exponential discounting model as a special case of the discounting model proposed by Uzawa (1968). In the ordinal framework, we adopt the axioms of Bleichrodt et al. (2008) which were proposed to generalize Koopmans’ classical characterization of stationary preferences.     

Characterizations of negative multinomial distributions based on conditional distributions

In this paper characterizations of negative multinomial distributions based on conditional distributions have been studied.     

DECISION THEORY UNDER AMBIGUITY

Abstract We review recent advances in the field of decision making under uncertainty or ambiguity. We start with a presentation of the general approach to a decision problem under uncertainty, as well as the ‘standard’ Bayesian treatment and issues with this treatment. We present more general approaches (Choquet expected utility, maximin expected utility, smooth ambiguity and so forth) that have been developed in the literature under the name of models of ambiguity sensitive preferences. We draw a distinction between fully subjective models and models incorporating explicitly some information. We review definitions and characterizations of ambiguity aversion in these models. We mention the challenges posed by some of the models presented. We end with a review of part of the experimental literature and applications of these models to economic settings.     

On some functional equations concerning entropy,directed divergence and inaccuracy

This paper deals with the characterizations of some measures of entropy, inaccuracy and directed—divergence by means of functional equations.     

New Results for additive and multiplicative risk apportionment

We provide new characterizations of the preference for additive and multiplicative risk apportionment when risk ordering relies on stochastic dominance. We then point out a simple property of risk apportionment with additive risks: Quite generally, an observed preference for additive risk apportionment in a specific risk environment is preserved when the decision-maker is confronted to other risk situations, so long as the total order of stochastic dominance relationships among risk couples remains the same. The main objective of this paper is to check whether this simple property also holds for multiplicative risks environments. We explain why this is not the case in general, and then provide a set of conditions under which this property holds. We also show that it holds – and even more strongly – in the case of CRRA utility functions due to a particular feature of this family of utility functions.