For two independent principles of intergenerational equity, the implied discount rate equals the growth rate of real per capita income, say, 2%, thus falling right into the range suggested by the U.S. Office of Management and Budget. To prove this, we develop a simple tool to evaluate small...

Stochastic games model repeated play with symmetric information. We analyze their value in the zero-sum case, and approach the study of their equilibria in the non-zero-sum case.

Selected applications of the NTU Shapley value to settings other than that of general equilibrium in perfect competition. Three models are considered: Taxation and Redistribution, Public Goods, and Fixed Prices. In each case, the value leads to significant conceptual insights which, while...

To extend the analysis of continuous-time general-equilibrium macro models we study 2 parameter variants Lp,q of the Lebesgue spaces, thus gaining separate control on the asymptotic behaviour (p) and the local behaviour (q): they behave w.r.t.  p like the spaces ℓp and w.r.t.  q like the...

For an overlapping generations economy with varying life-cycle productivity, non-stationary endowments, continuous time starting at <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$-\infty $$</EquationSource> </InlineEquation> (hence allowing for full anticipation), constant-returns-to-scale production and <Emphasis Type="SmallCaps">ces utility, we fully characterise equilibria where output is higher...</emphasis></equationsource></inlineequation>