Maximin growth paths with recursive preferences: A complete characterization

This paper examines the growth paths that maximize the utility of the worst off generation for an economy where preferences are stationary and can be represented by a recursive utility function. The analysis focuses on the case where second period utility is an inferior good. It is shown that in such a case the maximin growth paths are time inconsistent. A possible solution to the time inconsistency problem is examined.     

Whither Classical Liberalism?

Two British academics were invited to reflect on the argument of ten leading scholars including three Nobel Loureates) on the 'unfinished' agenda of economic liberalisation. * Norman Barry, Professor of Policits of the University of Buckingham, and David Collard, Professor of Economics at Bath University, present diverse sympthetic and sceptical judgements.     

提高频谱效率的同步快捕方法

本文将QPSK调制用于快捕系统中,提出了一种快捕方案,并与BPSK调制的快捕方法比较,提高了频谱效率。     

Dynamic complexity in a stochastic rationing model

We have constructed a simple discrete-time macroeconomic model founded on individuals' stochastic optimizing behavior. Actual transactions are carried out in a sequence of disequilibrium markets in which the level of aggregate trade is the lesser of aggregate demand and supply, and in which the individual faces all-or-nothing basis stochastic rationing. In such environments, the actual transaction an individual obtains is generally different from the expectation he forms. This difference is a source of macro-dynamics. The paper demonstrates that, through the interactions of individuals in different markets, the expectation adjustment process is inherently nonlinear and generates complex dynamics involving chaos.I am indebted to Professors Richard Day, James Dulgeroff, Hajime Hori, Osamu Kamoike, Masahiro Okuno-Fujiwara, Makoto Towada, Makoto Yano, and two referees of this Journal for helpful comments and many constructive suggestions to improve the quality of this paper substantially. I am grateful to financial support from Tohyo Trust Bank. All remaining errors are my responsibility.     

Stability with regime switching

The purpose of this paper is to analyze the stability of systems of piecewise continuous differential equations, and to apply the results to a disequilibrium economic model. The discontinuity problem appears in disequilibrium models because of the so-called “short-side” rule. The concept of Filippov solution makes it possible to analyze the dynamic evolution of such a model. This paper demonstrates that (i) stability conditions for each subsystem are neither necessary nor sufficient for overall stability, except in special cases such as a system of linear differential equations in R² with two regimes separated by a linear boundary; (ii) several sufficient conditions for overall stability with many regimes are available; and (iii) stability theorems with regime switching are useful for disequilibrium economic models with several regimes.