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Sequential Pairwise Trading : Convergence and Welfare Implications
Miceli, Maria-Augusta - 2016
This paper characterizes the out-of-equilibrium dynamics of a symmetric, pure exchange economy with two goods and N agents with uniformly distributed preferences and identical endowments. Relaxing the auctioneer assumption, but maintaining a global price rule, sequentially random pairwise...
Persistent link: https://www.econbiz.de/10013007729
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Chapter 5 The Economic Theory of Gift-Giving: Perfect Substitutability of Transfers and Redistribution of Wealth
Mercier Ythier, Jean - In: Handbook of the economics of giving, altruism and …, (pp. 227-369). 2006
This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent voluntary redistribution of income or wealth. The theory...
Persistent link: https://www.econbiz.de/10014023678
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Chapter 7. Field Experiments in Markets
Al-Ubaydli, O.; List, J.A. - 2017
This is a review of the literature of field experimental studies of markets. The main results covered by the review are … as follows: (1) Generally speaking, markets organize the efficient exchange of commodities; (2) There are some behavioral …
Persistent link: https://www.econbiz.de/10014023423
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Strictly Fair Allocations in Large Exchange Economies
Zhou, Lin - Cowles Foundation for Research in Economics, Yale University - 1991
In this paper we introduce the concept of a strictly fair allocation and investigate the set of strictly fair allocations in large exchange economies. We prove that when agents' utility functions are differentiable, the set of strictly fair allocations coincides with the set of equal-income...
Persistent link: https://www.econbiz.de/10005464043
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A top dog tale with preference rigidities
Randon, Emanuela; Simmons, Peter J. - 2012
With preference rigidities we find Pareto optima of an exchange economy, some of which involve unconsumed endowments. We show that such Pareto Optima can only be attained as market equilibria if there is a top dog in the initial endowment distribution who is richer than the other individuals....
Persistent link: https://www.econbiz.de/10011734317
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Taxation and Domestic Free Trade
Johnsson, Richard - Ratioinstitutet - 2004
In this paper it is argued that the domestic division of labor and trade is organized according to the same principle … as the international division of labor and trade – the Ricardian comparative advantages. After all, the ultimate source … trade, thus creating a Darwinist society of the survival of the fittest. The least productive individuals and those who face …
Persistent link: https://www.econbiz.de/10005642399
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Mistakes in Cooperation : The Stochastic Stability of Edgeworth's Recontracting
Serrano, Roberto; Volij, Oscar - 2005
In an exchange economyw ith a finite number of indivisible goods, we analyze a dynamic trading process of coalitional recontracting where agents may make mistakes with small probability. We show first that the recurrent classes of the unperturbed (mistakefree) process consist of (i) all core...
Persistent link: https://www.econbiz.de/10014064875
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
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Money and Production, and Liquidity Trap
Geanakoplos, John; Dubey, Pradeep K. - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10014056773
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Zero Population Growth Rate and Eldercare Hours : Optimal for Some EU Countries?
Miyakoshi, Tatsuyoshi - 2021
As zero population growth rates have existed for about 30 years in many EU countries, one wonders whether this is optimal in these countries, considering different consumer preferences and different worker wages. In this paper, we construct a framework to examine this issue, in particular...
Persistent link: https://www.econbiz.de/10013225694