The American Economic Review, Volume 70,Edições 3-5American Economic Association., 1980 Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association. |
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Página 395
... exist a competitive equilibrium . * Trade among individuals occurs either because tastes ( risk aversions ) differ ... exist . See Green ( 1977 ) . Of course , for the utility function we choose equilibrium does exist . since and are ...
... exist a competitive equilibrium . * Trade among individuals occurs either because tastes ( risk aversions ) differ ... exist . See Green ( 1977 ) . Of course , for the utility function we choose equilibrium does exist . since and are ...
Página 401
... exist if ( and only if ) eac < √1 + n . ( b ) If information is perfect ( o2 = 0 , n = ∞ ) , there never exists an equilibrium . PROOF : ( a ) If eac < V1 + n , then by ( 20 ) and ( 21 ) , Y ( A ) is discontinuous at λ = 0 ; λ = 0 is ...
... exist if ( and only if ) eac < √1 + n . ( b ) If information is perfect ( o2 = 0 , n = ∞ ) , there never exists an equilibrium . PROOF : ( a ) If eac < V1 + n , then by ( 20 ) and ( 21 ) , Y ( A ) is discontinuous at λ = 0 ; λ = 0 is ...
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... exist . For instance , in our model , were we to introduce an additional security , say a security which paid z = { 1 if 0 if u > E0 * u < E0 * then the demand y for this security by the informed would depend on its price , say q on p ...
... exist . For instance , in our model , were we to introduce an additional security , say a security which paid z = { 1 if 0 if u > E0 * u < E0 * then the demand y for this security by the informed would depend on its price , say q on p ...
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adjustment Amer analysis assets assumed assumption average behavior budget capital coefficient constant constraint consumer consumer's surplus consumption cost countries curve demand functions differential distribution earnings Econ Economic effect efficient elasticity equal equation equilibrium estimates exchange rate expected utility Figure firm foreign exchange market given hypothesis implies income increase indifference curve indirect utility function individual industry inflation interest rate investment investor labor force lagged LDCs marginal marginal utility maximize measure ment monetary money illusion money supply Nash equilibrium nomic optimal output P₁ paper parameters percent period positive preferences price level problem production profits quantity ratio rational expectations regression regulation relative risk aversion Section sector share spot price statistically substitution supply Table tariff Theory tion tive unemployment United University utility function variables wage welfare workers yields zero