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Keeping up with the Joneses, reference dependence, and equilibrium indeterminacy

Stracca, Livio; al-Nowaihi, Ali - 2005

externalities on both the determinacy and the desirability of the equilibrium. …

Persistent link: https://www.econbiz.de/10011604490

The Distributional Impacts of Policies for the Control of Transport Externalities.An Applied General Equilibrium Model

Mayeres, Inge - 1999

welfare effects of small policy changes in the presence of transport externalities. The model incorporates three types of … externalities: congestion, which has a feedback effect on the behaviour of the economic agents, air pollution and accidents. The … the equity effects of the policy reforms. The second contribution is related to the way in which the externalities are …

Persistent link: https://www.econbiz.de/10011608472

Externality, convexity and institutions

Papandreou, Andreas - 2000

for externalities" is misleading since it tends to imply that there is more to externality than simply the non … detrimental nature of externality. Indeed, Arrow markets will not in general eliminate externalities. In a similar vein it is not …

Persistent link: https://www.econbiz.de/10011608612

Beware of Workaholics : Household Preferences and Individual Equilibrium Utility

Gersbach, Hans; Haller, Hans - 2005

individual preferences and enjoy positive leisure-dependent externalities. For instance, a global sociological change where the …

Persistent link: https://www.econbiz.de/10010262216

When inefficiency begets efficiency

Gersbach, Hans; Haller, Hans - 2003

Collective consumption decisions taken by the members of a household may prove inefficient. The impact of such inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when household decisions are inefficient, namely when household...

Persistent link: https://www.econbiz.de/10010292768

Socially Responsible Investment in General Equilibrium

Beltratti, Andrea - 2003

Socially responsible investment in analyzed in a general equilibrium context. This is important in order to understand the ultimate consequences of SRI on the decisions of economic agents. Building on models by Brock (1982) and Merton (1987), SRI is modelled as the choice to voluntarily give up...

Persistent link: https://www.econbiz.de/10011325126

Conformism and structural change

Horiy, Takeo; Ikefuji, Masako; Mino, Kazuo - 2011

-specific consumption externalities can be a source of structural change. When the degrees of consumption externalities are different … that the degrees of consumption externalities are the same, structural change does not occur. We also show that the …

Persistent link: https://www.econbiz.de/10010332246

Trade, Envy and Growth: International Status Seeking in a Two-Country World

Valente, Simone - 2006

This paper analyzes international status seeking in a two-country model of endogenous growth: utility of agents in developing countries is affected by con- sumption gaps with the average consumer in advanced economies. By distorting terms of trade, status seeking: (i) may compensate for...

Persistent link: https://www.econbiz.de/10011753118

International Status Seeking, Trade, and Growth Leadership

Valente, Simone - 2007

This paper formalizes international status seeking in a two-country model of endogenous growth: utility of agents in developing countries is affected by consumption gaps with advanced economies. By distorting intertemporal choices, envy tends to revert growth differentials in favor of the...

Persistent link: https://www.econbiz.de/10011753139

Preference evolution and the dynamics of capital markets

Curatola, Giuliano - 2016

This paper introduces endogenous preference evolution into a Lucas-type economy and explores its consequences for investors' trading strategy and the dynamics of asset prices. In equilibrium, investors herd and hold the same portfolio of risky assets which is biased toward stocks of sectors that...

Persistent link: https://www.econbiz.de/10011440411