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Institutions, Equilibria and Efficiency

Name: Institutions, Equilibria and Efficiency
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 01651864
Price: 59222 HUF
Availability: InStock
Author: Christian Schultz
ISBN: 9783642066375

Essays in Honor of Birgit Grodal

Christian Schultz

Karl Vind

Language

English

Book Paperback

Libristo code: 01651864

Publishers Springer-Verlag Berlin and Heidelberg GmbH & Co. KG, February 2010

Competition and efficiency is at the core of economic theory. This volume collects papers of leading... Full description

Libristo code: 01651864

406 b

59 222 Ft

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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.