and that the derivative at the balanced growth equilibrium can be computed analytically from the primitives of the model.

A necessary condition is time-invariance, which is satisfied by any common solution concept in an overlapping generations model with exogenous growth. The method is applied to derive the discount rate for cost-benefit analysis under two different utilitarian welfare functions: traditional and...

In an exogenous-growth economy with overlapping generations we analyse local stability of a balanced growth equilibrium with respect to changes in consumption endowments, which could be interpreted as a transfer policy. We show that generically, in the space of parameters, equilibria around BGE...

We prove here the existence of a value (of norm 1) on the spaces 'NA and even 'AN, the closure in the variation distance of the linear space spanned by all games f o \mu, where \mu is a non-atomic, non-negative finitely additive measure of mass 1 and f a real-valued function on [0, 1] which...

We prove that games with absorbing states with compact action sets have a value.

We generalise the classical implicit function theorem (IFT) for a family of Banach spaces, with the resulting implicit function having derivatives that are locally Lipschitz to very strong operator norms.

We introduce 2 parameter variants L_{p,q} of the Lebesgue spaces, to gain separate control on the asymptotic behaviour (p) and the local behaviour (q). Thus they behave with respect to p like the spaces ell_p and with respect to q like the spaces L_q on a probability space. Convolution behaves...

For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at infinity (hence allowing for full anticipation), constant-returns-to-scale production and ces utility we fully characterise equilibria where output is higher than...