This paper proposes a new unified voter utility function with both proximity and directional components. This improved unified spatial voter utility function enables researchers to predict voter choices from survey data and test the relative explanatory power of theories of voting behavior...

This paper unveils how Kydland and Prescott have eliminated the wage rate variable from their labor function to call its fluctuation “real”. The trick is the abuse of constant returns to scale. When all variables of a production function are eliminated this way, the so-called DSGE model is...

We study existence and uniqueness of continuous-time stochastic Radner equilibria in an incomplete markets model. An assumption of "smallness'' type - imposed through the new notion of "closeness to Pareto optimality'' - is shown to be sufficient for existence and uniqueness. Central role in our...