In this paper we consider convex combinations of matrices that arise in the study of distribution problems and analyse the properties of Perron's eigenvalue, and its associated positive eigenvector. We prove that the components in the (normalized) associated positive eigenvector have a monotone...

How to facilitate how we learn ? How to improve and generalize knowledge transfers ? How to increase our creativity ? These questions are the economic stakes of the 21st century. In this article we present how the brain development is the result of evolutionary process of the alive, and how the...

I will sketch the history of the so-called turnpike theorems and describe some interesting recent developments regarding them. I will also discuss the attempt to apply the ideas of turnpike theorems in the literature of optimal capital accumulation to the theory of competitive equilibrium over...

The non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare dynamical properties of Keynesian and Classical macroeconomic models. We start with an extended dynamical IS-LM...

In the homogeneous case of one type of goods or objects, we prove the existence of an additive utility function without assuming transitivity of indifference and independence. The representation reveals a positive factor smaller than 1 that infuences rational choice beyond the utility function...

This paper aims at increasing our insights into the way financial markets respond to news. We view the market as a (nonlinear) filter of news on fundamentals. A stylized version of this situation is obtained by considering by a time dependent dividend rate which is driving the market. To model...

This paper prepared for the Handbook of Statistics (Vol.14: "Statistical Methods in Finance"), surveys the subject of stochastic volatility. the following subjects are covered: volatility in financial markets (instantaneous volatility of asset returns, implied volatilities in option prices and...

This paper is a survey which describes and explains in non-technical terms the logic behind various methodologies used in conducting retrospective quantitative evaluations of public policy programs. The programs usually have as their main targets firms or individuals who benefit from direct...

According to conventional wisdom, intergenerational transfers can survive, in the absence of altruism, only if the old are net recipients. I prove that this need not hold in an overlapping generations model with a fixed factor. For example, the middle-aged owning land may gain by providing...

Since the Finnish unemployment rate has rocketed to a very high level in the beginning of the 1990?s it is worth to study to what extent the unemployment rate prevailing today is due to cyclical or to structural reasons. In this paper we try to estimate two different indicators that represent...