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1.
Jorge Durán 《Economic Theory》2000,15(2):339-352
Summary. Some economic models like those of endogenous growth motivate the analysis of a class of recursive models sharing the property that the return function is not bounded along feasible paths. We consider a strategy of proof which allows to deal with many unbounded recursive models exploiting bounds to the rates of growth rather than to the levels. 相似文献
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S. Rao Aiyagari 《Journal of Economic Theory》1985,35(2):201-221
Two alternative frameworks for one-sector growth are considered: an overlapping generations model with two-period lived, strictly selfish agents and a discounted dynamic programming model with infinitely lived agents. It is shown that under certain assumptions the two models are observationally equivalent, i.e., generate identical timepaths for all aggregate variables. One of the key assumptions is that the steady-state real interest rate in the overlapping generations model be strictly greater than the growth rate. The result is proved for the deterministic case and extension to a stochastic case is indicated. 相似文献
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Summary We identify a family of discounted dynamic optimization problems in which the immediate return function depends on current consumption, capital input and a taste parameter. The usual monotonicity and concavity assumptions on the return functions and the aggregative production function are verified. It is shown that the optimal transition functions are represented by the quadratic family, well-studied in the literature on chaotic dynamical systems. Hence, Jakobson's theorem can be used to throw light on the issues of robustness of ergodic chaos and sensitive dependence on initial conditions. 相似文献
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Alp E. Atakan 《Economic Theory》2003,22(2):447-455
Summary. This paper explores sufficient conditions for a continuous stationary Markov optimal policy and a concave value function
in stochastic dynamic programming problems. Also, the paper addresses conditions needed for the differentiability of the value
function. The paper uses conditions such as first order stochastic dominance, second order stochastic dominance and concave
stochastic dominance that are widely applied in economics.
Received: February 23, 2001; revised version: May 19, 2002
RID="*"
ID="*" I am deeply indebted to Prajit Dutta for patient assistance and advice. This paper has benefited from discussions with
Tsz Cheong Lai, Tackseung Jun, Werner Stanzl and Satyajit Bose as well as feedback from an anonymous referee. 相似文献
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An input is inferior if and only if an increase in its price raises all marginal productivities. A sufficient condition for input inferiority under quasi-concavity of the production function is then that there are increasing marginal returns with respect to the other input and a non-positive marginal productivity cross derivative. Thus, contrary to widespread opinion, input “competitiveness” is not needed. We discuss these facts and illustrate them by introducing a class of simple production function functional forms. Our results suggest that the existence of inferior inputs is naturally associated with increasing returns, and possibly strengthen the case for inferiority considerably. 相似文献
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A new framework is presented for the study of the existence and uniqueness of solutions to the Koopmans’ equation in the unbounded
case, that is based on the contraction mapping approach. In the bounded below case with bounded consumption streams, uniqueness
of the solution in the whole class of weak-star continuous utility functions is obtained. When the aggregator is unbounded
below and/or consumption streams are unbounded, existence of a weak-star continuous solution is shown, and a simple criterium
to check the sufficient conditions for existence is provided.
Juan Pablo Rincón-Zapatero and Carlos Rodríguez-Palmero gratefully acknowledge financial support by the Ministerio de Educación y Ciencia and FEDER funds under Research Projects MTM2005-06534 and SEJ2005-08709/ECON, respectively, and by Consejería de Educación de la Junta de Castilla y León under Research Projects VA99/04 and VA017B05, respectively. This paper has substantially benefited from the comments of an
anonymous referee. Particular and special thanks are due to Robert Becker for his very helpful comments and valuable suggestions. 相似文献
8.
The development over the past 25 years of methods for the estimation of discrete choice dynamic programming (DCDP) models opened up new frontiers for empirical research in a host of areas, including labor economics, industrial organization, economic demography, health economics, development economics, political economy and marketing. In this paper, we first describe the development of the DCDP framework, showing how it was a natural extension of static discrete choice modeling. We then summarize six papers that adopt the DCDP paradigm that address substantively important social and economic questions. Finally, we consider the issue of the credibility of empirical findings based on the structural estimation of DCDP models. 相似文献
9.
Ventura Charlin 《Applied economics letters》2017,24(2):128-131
We estimate the correlation between the returns of an S&P 500-based portfolio and Renoir paintings. Unlike previous studies that relied on single-point estimates of the correlation to explore the merits of adding art assets to a portfolio of stocks, we rely on a wild bootstrap algorithm to determine confidence intervals for the correlation estimates. We find that these confidence intervals are so wide (a situation not peculiar to our example) that it seems impossible to make absolute remarks about the merits of adding art-related assets to stocks portfolios. Moreover, our results suggest that previous conclusions regarding the correlation between art and stocks should be taken with some scepticism. 相似文献
10.
Tiago Neves Sequeira 《International Review of Applied Economics》2011,25(1):25-37
Using a recent macroeconomic database, we empirically estimate an ‘erosion effect’: we show that Total Factor Productivity (TFP) growth decreases returns to experience. The ‘erosion effect’ is typically stronger within the rich and the most experienced countries in the world. This article complements the scarce microeconomic literature on the issue and the theoretical macroeconomic literature recently coming to the conclusion that this effect has important implications for the interaction between human capital accumulation and TFP. 相似文献
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This article estimates the degree of tax noncompliance using evidence from unaudited tax returns. Measurements of noncompliance are derived from the relationship between reported charitable contributions and reported income from wages and salary as compared to alternative reported income sources such as self-employment, farm and other small business income. Assuming that the source of one's income is unrelated to one's charitable inclinations and that the ratio of true income to taxable income does not vary by income source, any difference in the relationship between charitable contributions and the source of income can be attributed to (relative) underreporting by the individual. We find that the implied amount of noncompliance is significant and that it varies by source of income, as well as between positive and negative values of each type of income. 相似文献
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Forecasting and modelling commodities price movements and the activity of energy markets are of real interest to investors and policymakers, especially during turbulent times. This study investigates the volume–returns relationship for two major energy markets (oil and gas) during the recent global financial crisis. Unlike previous studies, we examine this relationship by applying an original fractal approach to intraday data, which has the advantage of accounting for further non-normality, nonstationarity, and fat-tailedness properties. Our study provides two interesting findings. First, we find a significant multifractal relationship between returns and volume in both markets and across all timescales, suggesting nonlinearity in the cross-correlation between returns and volume and rejecting the efficiency assumption. Second, the measure of multifractality in this relationship shows that the magnitude of the fluctuations during bearish and bullish trends affects the volume–return relationship differently, and that the oil market exhibits higher volatility than does the gas market. 相似文献
13.
We are concerned with the effects of a resource boom upon the industries of a trading economy. Such effects have come to be known in the literature as Dutch Disease. We look into related supply-side aspects which appear to be significant if seen from the viewpoint of microeconomic general equilibrium theory under conditions of decreasing returns to scale in production. Several comparative-statics results will be presented for the small-country case where there may also exist nontraded goods. In particular, we argue that in the presence of diseconomies of scale input substitution becomes a crucial issue. We also briefly discuss welfare implications in terms of changes in factor prices and GNP. 相似文献
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This paper considers the problem of a risk-neutral firm offering a gamble to consumers with preferences given by prospect theory. Under conditions satisfied by virtually all functional forms used in the literature, firms can extract arbitrarily high expected values from consumers. Moreover, for any given lottery, there exists another lottery that makes both the firm and the consumer better off. As a consequence, equilibria and Pareto optimal allocations do not exist in standard monopolistic or competitive models. 相似文献
16.
Patrick A. Pintus 《Economic Theory》2006,28(3):633-649
Summary. This paper shows, in the benchmark one-sector Ramsey model, that indeterminacy and sunspots may occur when externalities are small, provided that capital and labor are more substitutable than in the usual Cobb-Douglas specification. Key to the results are the general formulations of both preferences and technology that we consider. In particular, indeterminacy is shown to occur under almost constant returns to scale provided that both concavity of utility for consumption is small enough and labor supply is close to indivisible. An important implication of the results is that, when labor supply is positively sloped, indeterminacy does not necessarily require the equilibrium wage-hours locus to be upward sloping.Received: 16 June 2004, Revised: 8 March 2005, JEL Classification Numbers:
C62, D58, D91, E32.This is a companion paper of “Sunspots in real business-cycle models: completing calibration”, with new results that have emerged from extending the analysis contained in the latter article. The author would like to thank, without implicating, Bruno Decreuse, Andrew Postlewaite, Alain Venditti, Yi Wen, participants at the 2003 Society for Economic Dynamics Meeting, as well as C.D. Aliprantis, the Editor, and an anonymous referee for useful comments and suggestions. 相似文献
17.
本介绍了MGLS32064的内部结构,解释了其内置的液晶显示控制器HD61830A的众多特点,讨论了其与MCS-51单片机的接口电路和汉字软件程序设计。 相似文献
18.
The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuous-time two-sector models of endogenous growth with social constant returns. The necessary and sufficient condition for local determinacy is that the factor intensity rankings of the two sectors are consistent in the private/physical and social/value sense. The necessary and sufficient condition for dynamic indeterminacy is that the final (consumable) good sector is human (pure) capital intensive in the private sense but physical (consumable) capital intensive in the social sense. This paper re-examines the dynamic properties in a discrete-time endogenous growth framework and finds that conventional propositions obtained in continuous time need not be valid. It is shown that the established necessary and sufficient conditions on factor intensity rankings for local determinacy and dynamic indeterminacy are neither sufficient nor necessary, as the magnitudes of time preference and capital depreciation rates both play essential roles. We have benefitted from discussion with Robert Becker, Eric Bond, Michael Kaganovich, Karl Shell and participants of the Midwest Macroeconomic Conference in Chicago and the Midwest Economic Theory and International Trade Meetings at Indiana University. The fourth author acknowledges financial support from the Institute of Economics and Business Administration of Kobe University and the Institute of Economic Research of Kyoto University to enable this international collaboration. 相似文献
19.
Most conservation reserve design models presented in the literature are static and ignore the dynamic economic aspects of site selection. Typically conservation programs operate under time-related (e.g. annual) budgets and purchase land over time in a sequential manner. The uncertainty of land development has been incorporated in a few dynamic reserve selection formulations using stochastic dynamic programming. However, the existing formulations do not explicitly deal with inter-temporal price and location linkages. We address this issue here and present a two-period linear integer programming model for conservation reserve design that incorporates amenity driven price feedback effects inherent in the reserve development problem. In addition, the model includes spatial and ecological criteria. We then use this model to answer the question “How suboptimal is ignoring amenity driven price effects in reserve design models?” We apply the model to artificially generated data sets and compare the results with the results of an iterated static model that considers only one period at a time. We find that the dynamic model with price feedback effects selects sites at a lower per-site cost. The policy implication of this finding is that conservation programs should avoid purchasing land in the same neighborhood over multiple time periods. 相似文献
20.
Bennett and Farmer (J. Econ. Theory 93 (2000) 118) claim that the degree of increasing returns to scale required for indeterminacy in a single sector growth model can be lowered by allowing for preferences that are non-separable in consumption and leisure. In this paper I show that the example they give violates concavity. In a more general setup, which does not impose specific functional forms on utility, I prove that there are no concave utility functions compatible with indeterminacy if the elasticity of scale is lower than the inverse of the labor share in production. 相似文献