Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz

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Mordecai Kurz, Charalambos D. Aliprantis
Springer Science & Business Media, 2004 - Business & Economics - 742 pages
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Mordecai Kurz, Joan Kenney Professor of Economics at Stanford University, USA The genuine savings criterion and the value of population * l 2 3 Kenneth J. Arrow , Partha Dasgupta , and Karl-Goran Maler 1 Department of Economics, Stanford University, Stanford, CA 94305-6072, USA (e-mail: arrow@stanford. edu) 2 Faculty of Economics and Politics, University of Cambridge, Cambridge CB3 9DE, UK (e-mail: partha. dasgupta@econ. cam. ac. uk) 3 Stockholm School of Economics and Beijer International Institute for Ecological Economics, Royal Academy of Sciences, Box 50005, 10691 Stockholm, SWEDEN (e-mai: Karl@Beijer. kva. se) Received: June 1,2002; revised version: September 27,2002 Summary. In any dynamic model of the economy with changing population, the latter should properly be one of the state variables of the system. It enters both in the maximand, at least under total utilitarianism, and into the production function in one way or another. If population growth is exponential and constant returns prevails, then a simple transformation to per capita variables can be used to eliminate one state variable, but this ceases to be true if growth is not exponential, as it obviously is not and cannot be. If the growth of population is exogenous, then introducing it into the system does not affect the optimal policy.
  

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Contents

Foreword to the Symposium in Honor of Mordecai Kurz
1
The genuine savings criterion and the value of population
3
Macro foundations of microeconomics
13
Risk aversion in the Talmud
19
Annuities and retirement
27
Claims problems and weighted generalizations of the Talmud rule
55
Speculative trading with rational beliefs and endogenous uncertainty
77
the role of endogenous uncertainty
107
The cheapest hedge
387
The informational efficiency of finite price mechanisms
413
Information at equilibrium
461
Nash and Walras equilibrium via Brouwer
473
an analysis of the discrepancy between WTP and WTA based on survey data
493
Similarity of endowments and the factor price equalization condition
507
Domestic and international strategic interactions in environment policy formation
515
Firm reputation with hidden information
537

Endogenous uncertainty and the nonneutrality of money
131
Inside and outside fiat money gains to trade and ISLM
161
imperfect private credit markets
213
Speculative trade asset prices and investment levels
237
Indeterminacy of equilibrium in stochastic OLG models
249
natural monopoly in the most liquid asset
269
Is assortative matching efficient?
303
On extensive form implementation of contracts in differential information economies
323
Vickrey auctions with reserve pricing
355
the core
369
The rule not the exception
555
Effect of credible quality investment with Bertrand and Cournot competition
579
an axiomatic characterization
599
Closedloop equilibrium in a multistage innovation race
619
Modelling exchange of probabilistic opinions
643
Effects of asset market structure on welfare and trading volume
675
Estimating the stationary distribution of a Markov chain
695
the symmetric case
709
A more reasonable model of insurance demand
733
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Aliprantis-Indiana University

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