An improved bound for the Shapley–Folkman theorem

We provide an up to 30% improvement in the Shapley–Folkman theorem error-bound, and briefly discuss its consequences for the course allocation problem.     

Replica core equivalence theorem: An extension of the Debreu–Scarf limit theorem to double infinity monetary economies

An overlapping generations model with the double infinity of commodities and agents is the most fundamental framework to introduce outside money into a static economic model. In this model, competitive equilibria may not necessarily be Pareto-optimal. Although Samuelson (1958) emphasized the role of fiat money as a certain kind of social contract, we cannot characterize it as a cooperative game-theoretic solution like the core. In this paper, we obtained a finite replica core characterization of Walrasian equilibrium allocations under non-negative wealth transfer and a core-limit characterization of Samuelson’s social contrivance of money. Preferences are not necessarily assumed to be ordered.     

Harsanyi’s theorem without the sure-thing principle: On the consistent aggregation of Monotonic Bernoullian and Archimedean preferences

This paper studies the extension of Harsanyi’s theorem (Harsanyi, 1955) in a framework involving uncertainty. It seeks to extend the aggregation result to a wide class of Monotonic Bernoullian and Archimedean preferences (Cerreia-Vioglio et al., 2011) that subsumes many models of choice under uncertainty proposed in the literature. An impossibility result is obtained, unless we are in the specific framework where all individuals and the social observer are subjective expected utility maximizers sharing the same beliefs. This implies that non-expected utility preferences cannot be aggregated consistently.     

A non-cooperative approach to the ordinal Shapley–Shubik rule

In bargaining problems, a rule satisfies ordinal invariance if it does not depend on order-preserving transformations of the agents’ utilities. In this paper, a non-cooperative game for three agents, based on bilateral offers, is presented. The ordinal Shapley–Shubik rule arises in subgame perfect equilibrium as the agents have more time to reach an agreement.     

On Kullback–Leibler information of order statistics in terms of the relative risk

The representation of the entropy in terms of the hazard function and its extensions have been studied by many authors including Teitler et al. (IEEE Trans Reliab 35:391–395, 1986). In this paper, we consider a representation of the Kullback–Leibler information of the first \(r\) order statistics in terms of the relative risk (Park and Shin in Statistics, 2012), the ratio of hazard functions, and extend it to the progressively Type II censored data. Then we study the change in Kullback–Leibler information of the first \(r\) order statistics according to \(r\) and discuss its relation with Fisher information in order statistics.     

On stochastic comparisons of minimum order statistics from the location–scale family of distributions

We consider stochastic comparisons of minimum order statistics from the location–scale family of distributions that contain most of the popular lifetime distributions. Under certain assumptions, we show that the minimum order statistic of one set of random variables dominates that of another set of random variables with respect to different stochastic orders. Furthermore, we illustrate our results using some well-known specific distributions.     

On the financial balance of input–output constructs: revisiting an axiomatic evaluation

Financial balance is fundamental to input–output (IO) analysis, and consequently the respect of this balance is one of the dominant criteria in evaluating IO constructs. Kop Jansen, and ten Raa [(1990) The Choice of Model in the Construction of Input–Output Coefficients Matrices. International Economic Review 31, 213] proved that the byproduct-technology construct (BTC) and the industry-technology construct (ITC) do not generally conserve financial balance. In contrast, Majeau-Bettez et al. [(2016) When do Allocations and Constructs Respect Material, Energy, Financial, and Production Balances in LCA and EEIO? Journal of Industrial Ecology 20, 67–84] demonstrated that the BTC necessarily respects financial balance and that the ITC is always financially balanced when applied to data recorded in monetary units. The present article resolves this paradox.     

On the computation of optimal monotone mean–variance portfolios via truncated quadratic utility

We report a surprising link between optimal portfolios generated by a special type of variational preferences called divergence preferences (see Maccheroni et al., 2006) and optimal portfolios generated by classical expected utility. As a special case, we connect optimization of truncated quadratic utility (see ?erný, 2003) to the optimal monotone mean–variance portfolios (see Maccheroni et al., 2009), thus simplifying the computation of the latter.     

Constructive and computable Hahn–Banach theorems for the (second) fundamental theorem of welfare economics

The Hahn–Banach Theorem plays a crucial role in the second fundamental theorem of welfare economics. To date, all mathematical economics and advanced general equilibrium textbooks concentrate on using non-constructive or incomputable versions of this celebrated theorem. In this paper we argue for the introduction of constructive or computable Hahn–Banach theorems in mathematical economics and advanced general equilibrium theory. The suggested modification would make applied and policy-oriented economics intrinsically computational.     

Dynamics,stability, and foresight in the Shapley–Scarf housing market

While most of the literature starting with Shapley and Scarf (1974) have considered a static exchange economy with indivisibilities, this paper studies the dynamics of such an economy. We find that both the dynamics generated by competitive equilibrium and the one generated by the weak dominance relation, converge to a set of allocations we define as strictly stable, which we can show to exist. Moreover, we show that even when only pairwise exchanges between two traders are allowed, the strictly stable allocations are attained eventually if traders are sufficiently farsighted.     

Remarks on Afriat’s theorem and the Monge–Kantorovich problem

The famous Afriat’s theorem from the theory of revealed preferences establishes necessary and sufficient conditions for the existence of utility function for a given set of choices and prices. The result on the existence of a homogeneous utility function can be considered as a particular fact of the Monge–Kantorovich mass transportation theory. In this paper we explain this viewpoint and discuss some related questions.     

On the exact distribution of the Fisher-Behren’-Welch statistic

Summary For testing the significance of the difference between the unknown means of two normal populations having different unknown variances, we have the known Fisher-Behren’s-Welch test statistic. Several expressions for the distribution of this test statistic are available, and this paper is yet another attempt in the same direction. However, the expression given here appears to be, perhaps, more elegant and straight-forward than the ones available at present.     

On the phenomenology of technology: the “Janus-faces” of mobile phones

This paper argues that technologies perform in Janus faced ways; that is, in ways that are ironic, perverse and paradoxical, and it is argued that these qualities are important to apprehend if we are to more fully understand the role of technology in organizations and in our daily lives.The argument opens with an account of Janus as a metaphorical evocation of irony and paradox, and general examples of Janus faced technologies are given. Prominent philosophies of technology and theoretical approaches to technology are discussed in terms of their capacity to account for generalized examples of irony and paradox. Of these, it is argued that the most satisfactory account is provided by (a) Heidegger’s suggestion that our world is enframed by technology, taken together with (b) a logic of sociotechnical systems based in relational and hybrid ontologies. This sketch of the philosophical landscape occupied by Janus is followed by a interpretation of the specific case of mobile phones, which provides concrete and hopefully vivid examples of the Janus faced performance of technology.The conclusion reached is that the Janus faced metaphor and its philosophical context provides the researcher with the analytic advantages of foregrounding uncertainty, avoiding an essentialist or determinist role for technology, and allowing for the possibility of the presence of tension and contradiction in accounts of sociotechnical outcomes.     

On statistical approaches to the study of the “Law of Initial Values”

This paper is concerned with the well-known Law of Initial Values (Wilder, 1931, 1967). First, possible causes of this phenomenon of initial value dependence are discussed. The limitations of a structural relationships based method for testing its effect in empirical data sets in social and behavioral science research are next discussed. Within the popular structural equation modeling methodology, a multiple-indicator model is then focused on, which allows studying the Law of Initial Values. The described approach is illustrated using data from a cognitive intervention study (Baltes, Dittmann-Kohli & Kliegl, 1986).     

On the linearity of the wage–profit relation in a Sraffa’s model: a mathematical summing-up

This paper sums up in a common analytical structure the main results, scattered in economic literature, concerning the linearity between rate of profit and real wage in a simple Sraffa’s model. The paper is mainly based on previous results of one of the two authors and on results of Miyao (Int Econ Rev 18:151–162, 1977) and Schefold (Zeitschrift für angewandte Mathematik und Physik 27:873–875, 1976a; Zeitschrift für National?konomie 36:21–48, 1976b).     

On the different styles of large shareholders’ activism

This paper extends Noe’s (Rev Financial Studies 15:289–317, 2002) model of large shareholder activism in two directions. First, it considers a framework in which large shareholders can choose not only when to monitor, but also how intensively they want to monitor the firm. Second, it considers the impact of laws and regulations by introducing a governance quality parameter that makes monitoring more cost effective. The model yields a new and rich characterization of activism. We find that share wealth (ownership concentration) induces monitoring for higher firm value through more frequent monitoring with unchanged intensity. Cash wealth motivates activism for trading gains, not higher firm value, through less frequent monitoring coupled with higher intensity. We also find that better governance leads to higher firm value through more frequent but less intense activism. When asymmetries within the group of large shareholders exist, the model predicts that the larger/wealthier/more efficient shareholders are more active. These results are broadly consistent with the empirical evidence.     

The more the merrier? On the optimality of market size restrictions

Review of Economic Design - This paper provides a novel rationale for the regulation of market size when heterogeneous firms compete. A regulator seeks to maximize total welfare by choosing the...     

Effect Study of Management Buyouts of Chinese Listed Companies ——On the Basis of the Company Financial Indexes

This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts （hereafter MBO）. The authors evaluate the effects of MBO according to the change of earnings capacity, management ability, debt paying ability, development ability and capital structure. The result shows that the obvious change does not take place in earnings capacity of the company and management ability, but the development ability of the company improves notably, and most of companies have taken advantage of financial leverage withir two years of post-MBO.     

Damaged by Democracy: The National Union of Mineworkers and the 1984–85 Strike

This paper explores the democratic tensions within the National Union of Mineworkers that split the union during the 1984–85 strike over mine closures. In seeking to understand the conflict over the failure to hold a national ballot to validate this yearlong strike, the paper explores the development of this federally structured trade union and examines previous conflicts in which the federated nature of the union created local, rather than national, solidarities.