We present a method to analyze the welfare cost of price distortions created by taxes on the incomes of capital and labor and on consumption in an intertemporal model of general equilibrium. This efficiency cost depends in an important way on the production technology. It is not very sensitive...

It is known that in large economies with strongly convex preferences, the commodity bundles agents receive at core allocations are near their demand sets. Without convexity, it is know that agents need not be near their demand sets, although they will satisfy a weaker condition. In this paper,...

This paper attempts to define a new solution concept for n-person noncooperative games. The idea of the new concept is based on that of the von Neumann-Morgenstern stable set, or more precisely, rather on their interpretation of it which they call "standards of behavior." This new approach...

It is argued that although the pathological multiplicity of Nash equilibria of super games stated by the folk theorem can be removed by introducing limited observations into super games with a continuum of players, the consideration of super games in terms of the Nash equilibrium concept...

A method of extracting marginal density approximations using the multivariate version of the Laplace formula is given and applied to instrumental variable estimators. Some leading exact distributions are derived for the general single equation case which lead to computable formulae and...