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This paper studies the optimal growth of a developing non-renewable natural resource producer. It extracts the resource, and produces a single consumption good with man-made capital. Moreover, it can sell the extracted resource abroad and use the revenues to buy an imported good, perfect...
Persistent link: https://www.econbiz.de/10008860964
for existence of efficient allocations is the overlapping of the interiors of the risk adjusted sets of priors or the … or risk averse the agents, the more likely are efficient allocations and equilibria to exist. …
Persistent link: https://www.econbiz.de/10008860930
This paper analyzes the private provision of public goods where consumers interact within a fixed network structure and may benefit only from their direct neighbors' provisions. We present a proof of the existence and uniqueness of a Nash equilibrium for general networks and best-reply...
Persistent link: https://www.econbiz.de/10011263570
We model an economy with clubs (or jurisdictions) where individuals may belong to multiple clubs and where clubs sizes … are arbitrary--clubs may be restricted to consist of only one or two persons, or as large as the entire economy, or …
Persistent link: https://www.econbiz.de/10005159950