In this paper we study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. Our investigation encompasses both models with bounded and unbounded accumulation paths, and models with one and two sectors of production. Under reasonable...

In this paper I consider an OLG model with production and a single commodity. I show that in such an environment unbounded growth of income per capita is not possible if the aggregate technology is of the usual constant returns to scale type. This is not due to lack of productivity of the...

We study a general equilibrium model where agents search for production and trading opportunities, that generalizes the existing literature by considering a large number of differentiated commodities and agents with idiosyncratic tastes. Thus, agents must chose nontrivial exchange as well as...

We study the asymptotic stability of infinite horizon concave programming problems. Turnpike theorems for this class of models generally have to assume a low level of discounting. By generalizing our precedent work we provide a one-parameter family of verifiable conditions that guarantee...

I study an overlapping generations model where physical and human capitals are used in production and can be accumulated by withholding resources from current consumption. Human capital is accumulated through a schooling system which can be finance either by private expenditures or by taxes on...

This paper investigates the claim, often put forth by Real Business Cycle proponents ("e.g. Prescott(1986)), that the poor performances of their models in matching real world aggregate labor market behavior are due to the fact that observed real wage payments do not correspond to the actual...

Growth theorists have almost always adopted the assumption of balanced growth in their investigations of development phenomena. In reality countries growth rates oscillate, sometimes wildly, around some average value. The latter is often taken to represent the balanced rate to which the...

We investigate in a laboratory setting whether revealing information on the intelligence of both players affects behavior in repeated games. We study the Prisoners' Dilemma (PD) and Battle of Sexes (BoS) as they cover a large set of the interesting scenarios generated by repeated games of two...

Rational choice theories assume that voters accurately assess the outcomes of policies. However, many important policies—such as regulating prices and introducing Pigouvian taxation—yield outcomes through indirect or equilibrium effects that may differ from their direct effects. Citizens may...