The conventional estimate of technological progress and aggregate productivity growth, the total factor productivity, or TFP, can be upwardly biased if environmental externalities generated during the production processes are not accounted for. In this paper, we revisit TFP growth rates across...

This paper examines mild conditions under which a macroscopic fundamental diagram (MFD) emerges, relating space-averaged speed to occupancy in some area. These conditions are validated against empirical data. We allow local speed-occupancy relationships and , in particular, require no...

This note establishes a new identification result for additive random utility discrete choice models (ARUM). A decision-maker associates a random utility U_{j}+m_{j} to each alternative in a finite set j∈{1,.,J}, where U={U₁,.,U_{J}} is unobserved by the researcher and random with an unknown...

Investors in financial markets face several restrictions apart from wealth constraints. The first attempt to understand these restrictions in a general competitive equilibrium framework can be traced back to Radner (1972). Here these restrictions are assumed to be given exogenously, as first...

An abundant literature is concerned with the existence of equilibrium in incomplete markets where participation to financial markets is not restricted. To mention a few, Cass (1984), Werner (1985), Geanakoplos and Polemarchakis (1986), Duffie (1987), Duffie and Shafer (1985) and Magill and...