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The purpose of this note is to demonstrate a sufficient condition for discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases the discrete tâtonnement process is complex in a...
Persistent link: https://www.econbiz.de/10015222409
Robert W. Clower’s article “The Keynesian Counter-Revolution: A Theoretical Appraisal” (1965) deeply influenced the course of Keynesian macroeconomics by contributing to the transition from IS/LM macroeconomics to fix-price theories. Despite this influence, no scholar proposed to explain...
Persistent link: https://www.econbiz.de/10015250644
Robert W. Clower’s article “The Keynesian Counter-Revolution: A Theoretical Appraisal” (1965) was central to the transformation of Keynesian macroeconomics since it contributed to the emergence of fixed-price models, in the 1970s. Despite this influence, no scholar has proposed to explain...
Persistent link: https://www.econbiz.de/10015255967
This paper aims to relate the principles of Ronald Coase Theorem with negative impacts of biotechnology, taking cases of specific research groups and medium-sized companies in biotechnology. We consider an application of economic theory on transaction costs (TEC) provides a good foundation for...
Persistent link: https://www.econbiz.de/10015229845
This paper aims to relate the principles of Ronald Coase Theorem with negative impacts of biotechnology, taking cases of specific research groups and medium-sized companies in biotechnology. We consider an application of economic theory on transaction costs (TTC) provides a good foundation for...
Persistent link: https://www.econbiz.de/10015229850
There is now considerable evidence on the value of using external resources to promote the development of innovative technologies. Furthermore, the ability to experience innovations in business by external links that may help to avoid risk, improve the quality of natural products, which means...
Persistent link: https://www.econbiz.de/10015230058
There is now considerable evidence on the value of using external resources to promote the development of innovative technologies. Furthermore, the ability to experience innovations in business by external links that may help to avoid risk, improve the quality of natural products, which means...
Persistent link: https://www.econbiz.de/10015230067
This paper analyses the properties of (strong) core allocations in a two-period asymmetric information economy that also involves both negligible and non-negligible agents as well as an infinite dimensional commodity space. Within this setup, we allow the consumption set of each agent to be an...
Persistent link: https://www.econbiz.de/10015269184
We study core allocations in a two-period asymmetric information mixed economy, where the consumption sets are arbitrary subsets of an ordered Banach space, and the feasibility is defined as exact. We prove that (i) the strong blocking by a generalized coalition leads to a weak blocking by some...
Persistent link: https://www.econbiz.de/10015270376
In an article appeared in the Journal of Mathematical Economics, J. Geanakoplos and H. Polemarchakis, [Geanakoplos J. and Polemarchakis H.M.: "Pareto improving taxes", Journal of Mathematical Economics 44 (2008), 682-696], prove on page 685 the following theorem: "Theorem. For almost all...
Persistent link: https://www.econbiz.de/10015250569