This paper has examined simple versions of life-cycle. Keynesian, and target wealth models of consumption. It has drawn out their implications for the age profile of wealth inequality. The latter is observed to decline over the working lifetime and to uncrease in retirement in a range of...

A social policy is a rule which assigns each possible set of endowments an allocation of these endowments among members of society. This paper assumes that individuals have preferences over private consumption and preferences over all possible social policies.

It is important to keep two closely related distinctions in mind when discussing the microeconomics of money: that between the social arrangement known as monetary exchange, and those assets known as money; and that between what Patinkin (1957) called the market experiment and individual experiment.

This paper discusses two ways in which decision makers facing sequential choices can make themselves invulnerable to Dutch books.

We illustrate by means of a dynamic research and development race that, while at some points in the race, social incentives and private incentives may coincide, at other points they may diverge-- too many researchers remain that race.

The paper examines the arguments of the two books in order to explore the reasons for their diametrically opposed conclusions. The paper argues that what determines their relative oppositions at the finishing gate is their relative position at the starting posts - and what is different between...

This paper proposes and applies a method of moments to estimate dynamic decision models with corner solutions. The method is applied to estimate a model of price and inventory decisions using data of individual goods from a supermarket chain.

Based on a model of perpetual growth through optimal search for better technologies, calibrated on time series data form the Israeli economy, it is shown that capital subsidies produce a definite gain in expected growth rates, but those gain are invariant to the particular restrictions...

The purpose of this paper is to analyse the effects of preference for children of particular gender on fertility and children's welfare, with and without sex selection on "gender control".