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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...
Persistent link: https://www.econbiz.de/10009294162
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...
Persistent link: https://www.econbiz.de/10010672254
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...
Persistent link: https://www.econbiz.de/10011081056
We study the asymptotic nucleolus of a smooth and symmetric oligopoly with an atomless sector. We show that under appropriate assumptions, the asymptotic nucleolus of the TU market game coincides with the unique TU competitive payoff distribution. This equivalence results from nucleolus of a...
Persistent link: https://www.econbiz.de/10010685985
Persistent link: https://www.econbiz.de/10005408934
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.
Persistent link: https://www.econbiz.de/10005461612
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...
Persistent link: https://www.econbiz.de/10005461625
and that the derivative at the balanced growth equilibrium can be computed analytically from the primitives of the model.
Persistent link: https://www.econbiz.de/10011080576
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...
Persistent link: https://www.econbiz.de/10005585331
We prove that games with absorbing states with compact action sets have a value.
Persistent link: https://www.econbiz.de/10005585380