On The Efficiency Of Competitive Equilibrium In Infinite Horizon Monetary Economies

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On The Efficiency Of Competitive Equilibrium In Infinite Horizon Monetary Economies

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Author : Masahiro Okuno
language : en
Publisher:
Release Date : 1979

On The Efficiency Of Competitive Equilibrium In Infinite Horizon Monetary Economies written by Masahiro Okuno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with categories.

The Social Viability Of Money

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Author : Joan Esteban
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

The Social Viability Of Money written by Joan Esteban and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

In this book overlapping generations economies are analysed from a game theoretical point of view and the social acceptability of consumption allocations is studied in infinite horizon models of pure exchange economieswith agents with finite lifetimes who behave cooperatively. The core of such economies and its relation with competitive equilibria, both walrasian and monetary and the essential characteristics of the overlapping generations model are examined. The author defines the problem of trust in intertemporal consumption allocations as a question of belonging or not to the core of economy and provides a full characterization of the core allocations for n-goods pure exchange economies with one agent per generation: a consumption allocation belongs to the core if and only it is Pareto optimal and Sequentially Individually Rational. From this it follows that for one commodity economies no consumption allocation involving intertemporal transfers can belong to the core of the economy. In other words, no monetary equilibrium is socially viable. This result is no longer true for many goods models. For that case it is demonstrated that there exist bounds on the real value of equilibrium money purchases beyond which monetary equilibria are not socially viableand with many agents in every generation it is shown that as the economy becomes large and monetary (as well as IOU) equilibria become eventually excluded from the core of the economy. These results provide an analytical rationale for the fact that in most countries fiat money is legal tender.

Optimality In Infinite Horizon Economies

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Author : Anders Borglin
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-06-29

Optimality In Infinite Horizon Economies written by Anders Borglin and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-29 with Business & Economics categories.

Modern welfare economics as it is known today to economists took its final shape with the emergence of the Arrow-Debreu model. The classical conjectures about the beneficient workings of markets together with the converse statement, that optimal (in the sense of Pareto) allocations may be sustained by prices and markets, has laid a firm foundation for further research in welfare economics. But more than that, it has inspired researchers to take up entirely new topics, notably by closer considerations of situations where the assumptions of the original model may seem overly restrictive. One of these new directions has been connected with generalizing the model so that it takes into account the possibility of infinitely many commodities. On the face of it, the idea of an infinity of commodities may seem a mathematical fancy having no "real" counterpart in economic life. This is not so, however. Quite to the contrary, infinity enters in a very natural way when it is taken into account that economic transactions take place over time. 2 In the Arrow-Debreu formalism, time may be incorporated into the model in a very simple way using dated commodities. Thus two commodities are considered as being different if they are to be delivered at different points of time.

The Theory Of Money And Financial Institutions

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Author : Martin Shubik
language : en
Publisher: MIT Press (MA)
Release Date : 1999

The Theory Of Money And Financial Institutions written by Martin Shubik and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Financial institutions categories.

The third and last volume of a work aimed at providing the theoretical underpinnings for an economic dynamics.

Financial Economics Risk And Information

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Author : Marcelo Bianconi
language : en
Publisher: World Scientific Publishing Company Incorporated
Release Date : 2003

Financial Economics Risk And Information written by Marcelo Bianconi and has been published by World Scientific Publishing Company Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.

6. Non-convexities and lotteries in general equilibrium. 6.1. Introduction. 6.2. A static decentralized competitive framework. 6.3. Competitive equilibrium. 6.4. Trade in lotteries. 6.5. Implications for the elasticity of labor supply. 6.6. Summary I. 6.7. General equilibrium approach to asymmetric information. 6.8. Basic structure, pareto optimality and decentralized competitive equilibrium. 6.9. An insurance problem with adverse selection. 6.10. Summary II. 6.11. Unemployment insurance, asset returns and adverse selection. 6.12. Basic structure. 6.13. Heterogeneity, efficiency, and market completeness. 6.14. Consequences for asset allocation. 6.15. Summary III -- 7. Dynamics I: discrete time. 7.1. Time and markets. 7.2. Introduction to financial contracts. 7.3. Summary I. 7.4. General equilibrium and asset pricing under uncertainty with complete markets. 7.5. General equilibrium under uncertainty: two equivalent approaches. 7.6. Pricing contingent claims in the two-period economy with complete markets. 7.7. Introduction to the multi-period economy. 7.8. Conditional and transitional probabilities, Markov processes, and conditional moments. 7.9. The multi-period economy again. 7.10. Asset prices in an infinite horizon exchange economy. 7.11. Excess returns. 7.12. Summary II. 7.13. Stochastic monetary theory. 7.14. Fisher equation and risk. 7.15. Summary III. 7.16. The financial problem of the firm in general equilibrium. 7.17. Summary IV. 7.18. Private information, stochastic growth and asset prices. 7.19. Recursive contracts, general equilibrium and asset prices. 7.20. Growth and asset prices with alternative arrangements. 7.21. Summary V -- 8. Dynamics II: continuous time. 8.1. Asset price dynamics, options and the Black-Scholes model. 8.2. Discrete time random walks. 8.3. A multiplicative model in discrete time and a preview of the lognormal random variable. 8.4. Introduction to random walk models of asset prices in continuous time. 8.5. A multiplicative model of asset prices in continuous time. 8.6. Introduction to Ito's lemma and the lognormal distribution again. 8.7. Ito's formula: the general case. 8.8. Asset price dynamics and risk. 8.9. Options. 8.10. The Black-Scholes partial differential equation. 8.11. The Black-Scholes formula for a European call option. 8.12. Summary I. 8.13. Introduction to equilibrium stochastic models. 8.14. Consumption growth and portfolio choice with logarithmic utility. 8.15. Consumption growth and portfolio choice with CRRA utility. 8.16. Capital accumulation and asset returns. 8.17. Risk aversion and intertemporal substitution. 8.18. Summary II

General Equilibrium Growth And Trade

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Author : Lionel W. McKenzie
language : en
Publisher: New York : Academic Press
Release Date : 1979

General Equilibrium Growth And Trade written by Lionel W. McKenzie and has been published by New York : Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.

Determinacy Of Equilibrium In Infinite Horizon Economics

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Author : Walter J. Muller
language : en
Publisher: Forgotten Books
Release Date : 2018-03-02

Determinacy Of Equilibrium In Infinite Horizon Economics written by Walter J. Muller and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-02 with Business & Economics categories.

Excerpt from Determinacy of Equilibrium in Infinite Horizon Economics: A Perspective Muller and Woodford develop a stationary overlapping generations model with production, with infinite-lived as well as finite-lived consumers, and with nondepreciating assets called land that yield a stationary stream of consumption goods. There are n goods in each time period. Each generation of finite-lived agents is identical, and consists of a finite number of agents who consume in period t and t]1. There is also a generation 0 that consists of a finite number of agents who consume only in period 1. In addition, there is a finite set of infinite-lived agents that live in every period. Each infinite-lived agent has an additively separable utility function and an endowment that is the same in each period. Finally, there is a constant returns to scale production technology available in each period that allows production spanning two periods. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Monetary Equilibria Over An Infinite Horizon

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Author : Gaetano Bloise
language : en
Publisher:
Release Date : 2003

Monetary Equilibria Over An Infinite Horizon written by Gaetano Bloise and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Overlapping Structures As A Model Of Money

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Author : Bruno Schönfelder
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Overlapping Structures As A Model Of Money written by Bruno Schönfelder and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

The list of those to whom I am indebted is a long one. Prof. Neil Wallace (University of Minnesota) stimulated my interest in the kind of models with which the book deals. I am grateful for a large number of conversations with him. I learned a lot from him and will always be proud that I have been one of his student. I hope that he is not dissappointed with the outcome. I am deeply indebted to Prof. Dr. Hans-Werner Sinn (University of Munich). His observations and critical remarks were instrumental for a great number of changes and improvements which I was able to introduce while revising the manuscript again and again, and rethinking the basic arguments. I also want to thank Prof. Dr. Utta Gruber (University of Munich) for her helpful comments and for her support. I am very much obliged to Prof. Dr. Dr. h. c. Hans Moller (University of Munich). For many years I have had the honour of a nearly continuous dialogue with him. I am also grateful to Prof. Dr. Werner Gumpel (University). The stimulating atmosphere and the research opportunities which were provided by his seminar contributed a lot to my work. Finally I want to thank my wife Sigrid for looking through the English draft of this book and correcting numerous linguistic flaws. The remaining errors are of course mine. CONTENTS Page v Preface 1. INTRODUCTION 1. 1.

Institutions Equilibria And Efficiency

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Author : Christian Schultz
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-04-22

Institutions Equilibria And Efficiency written by Christian Schultz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-22 with Business & Economics categories.

Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.