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We present a decentralized mechanism (called Lindahl Egalitarian), which yields Pareto efficient and envy free allocations
(i.e. fair outcomes). We show that the mechanism is informationally efficient in general production economies with an arbitrary,
but finite, number of private and public goods, and a finite number of agents. The mechanism reduces to the Walrasian mechanism
starting from equal wealth when no agent cares about public goods. We also prove that the set of Public Competitive equilibrium
allocations (from equal endowments and proportional taxation), and the set of the Lindahl Egalitarian equilibrium allocations
are the same.
We are grateful to Xavier Calsamiglia and Albert Marcet for helpful conversations, and to A. de la Fuente, I. Macho, and an
anonimous referee for useful suggestions. A. Manresa’s research has been supported by the grant CICYT PB90-0172. J. Aizpurua
acknowledges financial support from the Government of Navarra. 相似文献
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C. Choe 《Review of Economic Design》1998,3(3):237-255
This paper applies a mechanism design approach to the problem of an optimal contract when one party has both ex ante and
ex post private information. With ex ante private information added to the costly state verification environment, the timing
of the contract is important in achieving the first-best investment decision. It is shown that an optimal contract involves
precommitment, a feature often observed in many bank loan contracts. An optimal contract thus obtained is interpreted as t
he golden parachute, a device providing incentives to managers not to distort the running of a firm to fight takeover bids.
In the process of characterizing an optimal contract, the revelation principle is re-examined.
Received: 12 April 1996 / Accepted: 3 December 1997 相似文献
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Neeman (2004) and Heifetz and Neeman (2006) have shown that, in auctions with incomplete information about payoffs, full surplus extraction is only possible if agents’ beliefs about other agents are fully informative about their own payoff parameters. They argue that the set of incomplete-information models with common priors that satisfy this so-called BDP property (“beliefs determine preferences”) is negligible. In contrast, we show that, in models with finite-dimensional abstract type spaces, the set of belief functions with this property is topologically generic in the set of all belief functions. Our result implies genericity of (non-common or common) priors with the BDP property. 相似文献
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公开透明是现代预算的基本特征,也是各国财政管理的重要准则.“金砖国家”作为新兴经济体的代表,在预算透明方面表现出诸多共性和差异.在“金砖国家”预算透明问题总体考察的基础上,系统分析这些国家提升预算透明度的动力机制,对于中国预算透明度改进的路径选择,具有一定的启示价值. 相似文献
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Leaders during a deep and prolonged downturn should introduce organizational practices that build capability in the organization, not only to withstand the uncertainties of rough times better, but also to emerge stronger for the future. We present a set of organization design changes that can create closer connections to the marketplace and better use knowledge in the organization to introduce new ways to deliver value while consuming fewer resources. During rapid change and extreme threats, steering the ship is not sufficient. Leaders must introduce approaches that tap employees' energies throughout the organization. © 2009 Wiley Periodicals, Inc. 相似文献
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Dose–response modelling for bivariate covariates with and without a spike at zero: theory and application to binary outcomes 下载免费PDF全文
In epidemiology and clinical research, there is often a proportion of unexposed individuals resulting in zero values of exposure, meaning that some individuals are not exposed and those exposed have some continuous distribution. Examples are smoking or alcohol consumption. We will call these variables with a spike at zero (SAZ). In this paper, we performed a systematic investigation on how to model covariates with a SAZ and derived theoretical odds ratio functions for selected bivariate distributions. We consider the bivariate normal and bivariate log normal distribution with a SAZ. Both confounding and effect modification can be elegantly described by formalizing the covariance matrix given the binary outcome variable Y. To model the effect of these variables, we use a procedure based on fractional polynomials first introduced by Royston and Altman (1994, Applied Statistics 43: 429–467) and modified for the SAZ situation (Royston and Sauerbrei, 2008, Multivariable model‐building: a pragmatic approach to regression analysis based on fractional polynomials for modelling continuous variables, Wiley; Becher et al., 2012, Biometrical Journal 54: 686–700). We aim to contribute to theory, practical procedures and application in epidemiology and clinical research to derive multivariable models for variables with a SAZ. As an example, we use data from a case–control study on lung cancer. 相似文献