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Prices vs Quantities in a Second-best Setting
Quirion, Philippe - HAL - 2005
The choice between taxes and tradable permits has been independently analysed by two distinct research traditions. The first proceeds from Weitzman's partial equilibrium stochastic model and concludes that a tax should be preferred if the marginal abatement cost curve is steeper than the...
Persistent link: https://www.econbiz.de/10008789416
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The growing evidence of Keynes's methodology advantage and its consequences within the four macro-markets framework
Asensio, Angel - HAL - 2008
Recent developments in econometrics and economic theory attest the growing evidence of strong uncertainty. The paper … support Keynes's powerful concepts and theory. It emphasizes how replacing ‘risk' with strong uncertainty suffices to … required to give us some stability in a monetary economy). As it is not based on a restrictive definition of uncertainty …
Persistent link: https://www.econbiz.de/10008791285
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On the value of randomization
Gauthier, Stéphane; Laroque, Guy - HAL - 2011
An optimal contract may involve randomization when the agents differ in their attitudes towards risk, so that randomization enables the principal to relax the incentive constraints. The paper provides a necessary and sufficient condition for local random deviations to be welfare improving in a...
Persistent link: https://www.econbiz.de/10010635001
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Should the carbon price be the same in all countries ?
D'Autume, Antoine; Schubert, Katheline; Withagen, Cees - HAL - 2011
International differences in fuel taxation are huge, and may be justified by different local negative externalities that taxes must correct, as well as by different preferences for public spending. In this context, should a worldwide unique carbon tax be added to these local taxes to correct the...
Persistent link: https://www.econbiz.de/10010635013
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The perfect foresights' assumption revisited : (I) the existence of equilibrium with multiple price expectations
Boisdeffre, Lionel De - HAL - 2008
-arbitrage condition of finance. This result, which extends our earlier theorems, shows that private information or price uncertainty would …
Persistent link: https://www.econbiz.de/10010738445
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The perfect foresight assumption revisited : the existence of sequential equilibrium with price uncertainty
Boisdeffre, Lionel De - HAL - 2009
Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew at the outset which price would prevail tomorrow on each spot market. Yet, observation...
Persistent link: https://www.econbiz.de/10010738450
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From equilibrium models to mechanism design: On the place and the role of government in the public goods provision analysis in the second part of the twentieth century
Florenzano, Monique - HAL - 2009
Focussing on their analysis of the optimal public goods provision problem, this paper follows the parallel development of equilibrium models and mechanism design after the accommodation of Samuelson's definition of collective goods to the general equilibrium framework. Both paradigms lead to the...
Persistent link: https://www.econbiz.de/10010738669
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Oskar Lange and the influence of Walrasian theory during the Keynesian revolution
Rubin, Goulven - HAL - 2011
My paper examines how Lange integrated the Walrasian and the Keynesian ingredients in his research. I argue that his works proposed two kinds of macroeconomics. The first kind was IS-LM, but IS-LM interpreted as an aggregate version of Walras' general equilibrium model (Lange, 1938). The second...
Persistent link: https://www.econbiz.de/10010899492
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Dynamic models with non clearing markets
Bénassy, Jean-Pascal - HAL - 2006
Abstract This article studies a new class of models which synthesize the two traditions of general equilibrium with nonclearing markets and imperfect competition on the one hand, and dynamic stochastic general equilibrium (DSGE) models on the other hand. This line of models has become a central...
Persistent link: https://www.econbiz.de/10010930194
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The Stability of Walrasian General Equilibrium
Gintis, Herbert; Mandel, Antoine - HAL - 2012
On démontre la stabilité de l'équilibre dans une économie walrasienne complètement décentralisée dans laquelle les prix sont fixés par les agents économiques et où échange et production ont lieu hors équilibre.
Persistent link: https://www.econbiz.de/10011025559