ALBERT

All Library Books, journals and Electronic Records Telegrafenberg

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Electronic Resource
    Electronic Resource
    Springer
    Economic theory 10 (1997), S. 437-462 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: C60 ; D42 ; D51 ; D90 ; G12.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper develops a pure-exchange model to study the consumption-portfolio problem of an agent who acts as a non-price-taker, and to analyze the implications of his behavior on equilibrium security prices. The non-price-taker is modeled as a price leader in all markets; his price impact is then recast as a dependence of the Arrow-Debreu prices on his consumption, allowing a tractable formulation. Besides the aggregate consumption, the endowment of the non-price-taker appears as an additional factor in driving equilibrium allocations and prices. Comparisons of equilibria between a price-taking and a non-price-taking economy are carried out.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 2
    Electronic Resource
    Electronic Resource
    Springer
    Economic theory 9 (1997), S. 511-528 
    ISSN: 1432-0479
    Keywords: D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary This paper investigates the dynamical properties of optimal paths in one-sector overlapping generations models without assuming that the utility function of the representative agent is separable. When the utility function is separable, the optimal growth paths monotonically converges toward the modified golden rule steady state. In the non-separable case, we show that the optimal growth path may be oscillating and optimal two-period cycles may exist. Applying these results to the model with altruism, we show that the condition of operative bequest is fully compatible with endogeneous fluctuations provided that the discount factor is close enough to one. All our results are illustrated using Cobb-Douglas utility and production functions.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 3
    Electronic Resource
    Electronic Resource
    Springer
    Economic theory 13 (1999), S. 207-219 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: C61 ; D90 ; O41.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper analyzes the optimal allocation problem of a small trading country facing an uncertain technology. It is involved in production of many commodities. Differentiability cannot be guaranteed, hence, the Ramsey-Euler condition of optimality needs to be modified. From the optimality criterion, we derive a pair of conditions, which does not require differentiability. If “enough” uncertainty is allowed, the sequence of the distribution functions of investment expenditure converges uniformly to a unique invariant measure. In addition to the weak convergence of the stochastic process of investment expenditure we also have the sequences of the stochastic process of investment expenditure converging weakly.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 4
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economic growth 1 (1996), S. 505-523 
    ISSN: 1573-7020
    Keywords: Endogenous growth ; redistribution ; wealth distribution ; D31 ; D90 ; O30 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper analyzes the relationship between income distribution and economic growth. It introduces heterogeneous households who have preferences for leisure into Grossman and Helpman's model of endogenous growth (in which income distribution has no effect on economic growth). Wealth distribution affects the endogenous rate of growth as the labor supply of each individual responds inversely to his permanent income. When the labor Engel curve is concave (convex), unequal wealth distribution decreases (increases) the rate of growth. Pareto-improving-growth-enhancing wealth redistributions are characterized.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 5
    Electronic Resource
    Electronic Resource
    Springer
    Experimental economics 2 (1999), S. 107-127 
    ISSN: 1573-6938
    Keywords: experimental economics ; discount rates ; censored dependent variable ; C91 ; D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Controlled laboratory conditions using monetary incentives have been utilized in previous studies that examine individual discount rates, and researchers have found several apparently robust anomalies. We conjecture that subject behavior in these experiments may be affected by (uncontrolled) factors other than discount rates. We address some experimental design issues and report a new series of experiments designed to elicit individual discount rates. Our primary treatments include: (i) informing subjects of the annual and effective interest rates associated with alternative payment streams, and (ii) informing subjects of current market interest rates. We also test for the effect of real (vs. hypothetical) payments and for the effect of delaying both payment options (vs. offering an immediate payment option). The statistical analysis uses censored data techniques to account for the interactions between field and lab incentives. Each of the information treatments appears to reduce revealed discount rates. When both types of information are provided, annual rates in the interval of 15%–17.5% are revealed, whereas rates of 20%–25% are revealed in the control session. Each of the treatments also lowers the residual variance of subject responses.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 6
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 69 (1999), S. 217-238 
    ISSN: 1617-7134
    Keywords: optimal programs ; competitive conditions ; transversality condition ; intertemporal decentralization ; C61 ; D90 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract For infinite-horizon optimal-growth problems the standard result in the literature says that a program is optimal if and only if associated with it is a sequence of present-value prices at which the program satisfies (i) a set of myopic “competitive conditions,” and (ii) an asymptotic “transversality condition”. The principal result of this paper points out the interesting and surprising fact that at least for a class of multisector models where the production side is described by a simple linear model, and there are some limiting primary factors, the competitive conditions alone characterize an optimal program.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 7
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 70 (1999), S. 187-207 
    ISSN: 1617-7134
    Keywords: overlapping generations ; general equilibrium ; cycles ; D51 ; D90 ; E32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We show that equilibrium cycles in an overlapping-generations model are equivalent to asymmetric equilibria in a general-equilibrium model. We use this equivalence to find equilibrium cycles in the overlapping-generations model with two and three generations, respectively. For the example with two generations we show that for certain parameter values cycles of all periods occur.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 8
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 72 (2000), S. 67-79 
    ISSN: 1617-7134
    Keywords: Recursive preferences ; increasing marginal impatience ; local substitution ; elasticity of substitutability ; durable consumption ; D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract For infinite-horizon models with recursive preferences the condition known as increasing marginal impatience is often adopted, but the condition is not fully understood in the literature. This paper shows that increasing marginal impatience is equivalent to the intuitive property that the substitutability between the consumption levels in two different periods is a decreasing function of the distance between the periods.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 9
    Electronic Resource
    Electronic Resource
    Springer
    Journal of economics 65 (1997), S. 257-277 
    ISSN: 1617-7134
    Keywords: market uncertainty ; overlapping generations ; rational expectations ; rationalizable expectations ; sunspots ; D51 ; D84 ; D90 ; E21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract There are two theories for the treatment of market uncertainty: rationalizable expectations and sunspot equilibria. This paper shows how the game-theoretic solution concept of rationalizable expectations can be applied to an overlapping-generations exchange economy. Some general properties of these equilibria are discussed. It is shown that rationalizable-expectations equilibria are the predictions yielded by considering sunspot equilibria in which probability beliefs may differ across individuals. This result allows for a new interpretation of sunspot equilibria and helps to understand their relevance.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 10
    Electronic Resource
    Electronic Resource
    Springer
    Constitutional political economy 7 (1996), S. 35-48 
    ISSN: 1572-9966
    Keywords: A12 ; D10 ; D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper argues that with regard to sequential choice problems the set of assumptions that are necessary for the process of planning to be logically consistent may make the notion of rational dynamic consistency an unacceptable prescription for choice. In this sense, motivational limits to rationality may arise, adding to the inability of making consistent plans an unwillingness to engage in planning consistently. A different notion of planning, centered around the notion of self-commitment and rule-governed behavior may appear to be a more natural solution to optimal sequential choice.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 11
    Electronic Resource
    Electronic Resource
    Springer
    Experimental economics 3 (2000), S. 137-152 
    ISSN: 1573-6938
    Keywords: intertemporal allocation behavior ; C91 ; D81 ; D90
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract If the future is uncertain, optimal intertemporal decisions rely on anticipating one's own optimal future behavior as is typical in dynamic programming. Our aim is to detect experimentally stylized facts about intertemporal decision making in a rich stochastic environment. Compared to previous experimental studies our experimental design is more complex since the time horizon is uncertain and termination probabilities have to be updated. In particular the decision task is non-stationary as in real life which seriously complicates the task of diagnosing behavioral regularities. In this study we give some illustrative results and provide some general perspectives. Our main result is that subjects' reaction to information about termination probablilities are qualitatively correct.
    Type of Medium: Electronic Resource
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
Close ⊗
This website uses cookies and the analysis tool Matomo. More information can be found here...