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Institutions, Equilibria and Efficiency

Essays in Honor of Birgit Grodal

Language EnglishEnglish
Book Paperback
Book Institutions, Equilibria and Efficiency Christian Schultz
Libristo code: 01651864
Competition and efficiency is at the core of economic theory. This volume collects papers of leading... Full description
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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.

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About the book

Full name Institutions, Equilibria and Efficiency
Language English
Binding Book - Paperback
Date of issue 2010
Number of pages 384
EAN 9783642066375
ISBN 3642066372
Libristo code 01651864
Weight 611
Dimensions 155 x 235 x 20
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