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Comparative risk apportionment
Springer Science and Business Media LLC - Tập 9 - Trang 91-112 - 2021
Paan Jindapon, Liqun Liu, William S. Neilson
A decision maker who would rather apportion an independent risk in a state with a good lottery than in a state with a bad lottery is said to have a preference for risk apportionment (Eeckhoudt and Schlesinger in Am Econ Rev 96:280–289, 2006). In this paper, we propose a measure for the strength of nth-degree risk apportionment preference based on Pratt’s probability premium (Pratt in Econometrica ...... hiện toàn bộ
Equilibrium in discontinuous games without complete or transitive preferences
Springer Science and Business Media LLC - Tập 4 - Trang 1-4 - 2015
Philip J. Reny
Reny (Econ Theory, 2015) is used here to prove the existence of equilibrium in discontinuous games in which the players’ preferences need be neither complete nor transitive. The proof adapts important ideas from Shafer and Sonnenschein (J Math Econ 2:345–348, 1975).
Stability in price competition revisited
Springer Science and Business Media LLC - Tập 4 - Trang 151-166 - 2015
Marta Faias, Javier Hervés-Estévez, Emma Moreno-García
We consider consumers with the same reservation price, who desire to buy at most one unit of a good. Firms compete only in prices, but there are other features firms cannot control that would eventually lead an agent to buy in one firm or another. We introduce such uncertainty in a model of a price competition game with incomplete information. This competition takes place under stability and we pr...... hiện toàn bộ
Equilibria in games with weak payoff externalities
Springer Science and Business Media LLC - - 2019
Takuya Iimura, Toshimasa Maruta, Takahiro Watanabe
The logic of Knightian games
Springer Science and Business Media LLC - Tập 2 Số 2 - Trang 161-182 - 2014
Shiri Alon, Aviad Heifetz
Existence and uniqueness of equilibrium in Lucas’ asset pricing model when utility is unbounded
Springer Science and Business Media LLC - Tập 5 - Trang 179-190 - 2017
João Brogueira, Fabian Schütze
This note presents a proof of the existence of a unique equilibrium in a Lucas (Econometrica 46(6):1429–1445, 1978) economy when the utility function displays constant relative risk aversion, and the logarithm of dividends follow a normally distributed autoregressive process of order one with positive autocorrelation. We provide restrictions on the coefficient of relative risk aversion, the discou...... hiện toàn bộ
Compatibility of egalitarian equivalence and envy-freeness in a continuum-agent economy
Springer Science and Business Media LLC - Tập 8 - Trang 97-103 - 2019
Susumu Cato
The purpose of this study is to investigate a relationship between egalitarian equivalence and envy-freeness in a continuum-agent economy, where tastes vary continuously across individuals. Under efficiency, the two criteria of equity are not compatible, except in the knife-edge case. In particular, when individual utility functions are restricted to the class of Cobb–Douglas-type functions, there...... hiện toàn bộ
Replica core limit theorem for economies with satiation
Springer Science and Business Media LLC - Tập 5 - Trang 259-270 - 2017
Hiromi Murakami, Ken Urai
Dividend equilibrium, defined by Aumann and Drèze (1986), is one of the most general competitive equilibrium concepts for markets that include satiated consumers. Konovalov (2005) shows a core equivalence theorem to the dividend equilibrium using the concept of rejective core. Konovalov’s argument, however, is based on the setting of a continuum atomless economy with a fin...... hiện toàn bộ
Risky human capital accumulation with endogenous skill premium
Springer Science and Business Media LLC - Tập 10 - Trang 283-291 - 2022
Karol Mazur
I investigate the welfare properties of a model with risky human capital accumulation, imperfect substitution between skill types and endogenous skill premium. I show that whenever the insurance markets are incomplete, pecuniary externalities render the competitive equilibrium constrained inefficient with a sub-optimal level of human capital.
On the continuity of the feasible set mapping in optimal transport
Springer Science and Business Media LLC - Tập 9 - Trang 113-117 - 2021
Mario Ghossoub, David Saunders
Consider the set of probability measures with given marginal distributions on the product of two complete, separable metric spaces, seen as a correspondence when the marginal distributions vary. Bergin (Econ Theory 13: 471–481, 1999) established the continuity of this correspondence, and in this note, we present a novel and considerably shorter proof of this important result.
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