We consider a sequential equilibrium model over two periods, during the first of which agents have perfect information and their expectations are formed as if there were complete future markets. We show that, in the second period, equilibrium prices may well be different from those expected,...

This paper is aimed at discussing Mandler's interpretation of Sraffa's price theory. In particular we will analyse Mandler's idea that an institutional determination of distribution, suggested by Sraffa, could be solidly advanced only in the case of equilibrium price indeterminacy in...

The theory of value has been based ever since Adam Smith on the idea that the market prices of commodities, those at which actual trade takes place, gravitate around a central position known as natural prices. This paper seeks to develop a statistical idea of the process in question and suggests...

Malinvaud (2003) observed that once techniques are ranked according to Hick’s concept of average period for a given rate of interest, a rise in the latter entails the use of a technique with a shorter average period. After a reconstruction of Malinvaud’s argument, it is shown that the result...

In questo scritto si discutono tre questioni relative alla teoria della rendita assoluta: 1) una possibile reinterpretazione delle ipotesi che Marx pone alla base della sua teoria della rendita assoluta; 2) le differenze tra la rendita assoluta e la rendita da monopolio; 3) la possibilità di...

One of the foundations of the labour theory of value used by Ricardo in the Principles is that rent does not enter into commodity prices. In response to objections raised by Malthus and Say, Ricardo defended this idea by arguing that even where all cultivated land pays rent, the last dose of...

ABSTRACT Some Remarks on the Shape of the Capital Demand and Supply Curves. The present paper is aimed at discussing some results concerning the choice of techniques and the capital theory in order to shed some light on aspects that might cause, and sometimes caused, a misunderstanding. We will...

The aim of this paper is to study the relationship between reverse capital deepening and instability of the equilibrium between investments and savings. It is shown for a model with n commodities, infinitely many linear technique of production, and overlapping generation that a badly-behaved...