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In a seminal 1972 paper, Robert M. May asked: "Will a Large Complex System Be Stable?" and argued that stability (of a … describe highlights in the development of our present understanding of stability and complexity in network systems, in order to …
Persistent link: https://www.econbiz.de/10012610199
In this note, we examine the connection between the roommate model and the partnership formation model (Talman and Yang, 2011, Journal of Mathematical Economics 47, 206-212). Upon noting that both occasionally lack equilibria we look at the stable partnerships model, a combination of the former...
Persistent link: https://www.econbiz.de/10013208589
stronger incentive properties are incompatible with much weaker stability properties and vice versa. The CR rule satisfies two …
Persistent link: https://www.econbiz.de/10013208707
Can we reconcile stability with non-manipulability in two-sided matching problems by selecting lotteries over matchings … corresponding notions of ex-ante stability and non-manipulability. For most sets, the properties are incompatible. However, for the … set of utility functions with increasing differences, stability and non-manipulability characterize Compromises and …
Persistent link: https://www.econbiz.de/10013208741
This paper considers some methodological aspects of Joan Robinson's contribution to post-Keynesian growth theory. Joan Robinson's criticisms of equilibrium analysis, of the conflation of logical and historical time and of the uses (and misuses) of mathematical formalisation are scathing. But...
Persistent link: https://www.econbiz.de/10010456990
This paper compares Kaleckian and Harrodian models of accumulation. The simplicity of the canonical Kaleckian model is appealing but more complex Harrodian specifications are preferable from a behavioral perspective. The local instability of Harrodian-inspired specifications, moreover, offers a...
Persistent link: https://www.econbiz.de/10010287809
economies possess a property that he called "the instability of stability," and (2) solution pathways exist and are unique …
Persistent link: https://www.econbiz.de/10011545299
This paper analyzes the role of heterogeneous households in propagating shocks over the business cycle by generalizing a basic sticky-price model to allow for imperfect risk-sharing between households that differ in labor incomes. I show that imperfectly insured household consumption distorts...
Persistent link: https://www.econbiz.de/10010282846
The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest this may be due to linear interpolation used to generate missing prewar data. Monte Carlo simulations that support this view generate large standard-errors, making such inference imprecise....
Persistent link: https://www.econbiz.de/10014304175
Die EZB tut alles, um ihr Inflationsziel von 2 Prozent zu erreichen - bislang ohne Erfolg. Stattdessen machen sich unerwünschte Nebeneffekte breit. So wird vermutet, dass niedrige Zinssätze auf dem Kapitalmarkt der Produktivität einer Volkswirtschaft schaden. Auf die Frage, warum die...
Persistent link: https://www.econbiz.de/10011438046