General equilibrium, growth, and trade: essays in honor of Lionel McKenzie
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
New York
Acad. Pr.
1979
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| Schriftenreihe: | Economic theory, econometrics, and mathematical economics
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 401 S. graph. Darst. |
| ISBN: | 0122987500 |
Internformat
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Datensatz im Suchindex
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| adam_text |
General Equilibrium,
Growth, and Trade
Essays in Honor of Lionel McKenzie
Edited by JERRY R. GREEN
DEPARTMENT OF ECONOMICS
HARVARD UNIVERSITY
CAMBRIDGE. MASSACHUSETTS
JOSE ALEXANDRE SCHEINKMAN
DEPARTMENT OF ECONOMICS
UNIVERSITY OF CHICAGO
CHICAGO, ILLINOIS
ACADEMIC PRESS New .York San Francisco London 1979
A Subsidiary of Harcourt Brace Jovanovich, Publishers
CONTENTS
List of Contributors xi
Preface
Introduction l
JERRY R. GREEN AND JOSE ALEXANDRE SCHEJNKMAN
References 8
Part 1 GENERAL EQUILIBRIUM
Continuously Dispersed Preferences, Regular
Preference-Endowment Distribution, and Mean Demand Function
AKIRA YAMAZAKI
1. Introduction 13
2. Model and the Statement of Results 14
3. Proofs 20
References 23
Employment Policies for the Multiperiod Monopolist-Monopsonist
with Implications for Macroeconomic Control
JOHN P. BONIN
I. Introduction 25
II. The Model of the Multiperiod Monopolist- Monopsonist 27
v
VI' CONTENTS
III. Optimal Input Policies 29
IV. The Sensitivity of Optimal Policies to Price Parameters 34
V. Conclusion: Disequilibrium Comparative Statics
and Macroeconomic Policy 38
References 40
A Stable Price Adjustment Process 43
ANJAN MUKHERJI
References 49
Price Adjustment in a Competitive Market and the Securities
Exchange Specialist
JAMES BRADFIELD AND EDWARD ZABEL
I. Introduction
II. The Trading Process
III. The Specialist's Activities and Security Prices
IV. Price Variability
V. A Digression on the Bid-Ask Spread
VI. Conclusions
Appendix. Verification of Optimal Behavior
References
An Infinite Horizon Model with Money
CHARLES WILSON
The Individual Agents 81
A Characterization of Maximal Sequences 85
Equilibrium 90
The Existence of Equilibrium and Equivalent
Government Policies 94
Conclusion 103
References 104
Consumption under Uncertainty 105
SANFORD GROSSMAN, DAVID LEVHARI, AND LEONARD J. MIRMAN
51
53
58
66
70
71
72
Appendix
References
121
123
CONTENTS
vii
Balanced Outcome Functions Yielding Walrasian and Lindahl
Allocations at Nash Equilibrium Points for Two or More Agents
LEONID HURWICZ
1. The Nash-Walras Equivalence for Two or More Agents 126
2. The Nash-Lindahl Equivalence for Two or More Agents 134
References ' 36
Stochastic Stability of Market Adjustment in Disequilibrium
W. H1LDENBRAND AND R. RADNER
1. Introduction 139
2. The Stochastic Stability Theorem 141
References 149
Identifiability of the von Neumann-Morgenstern Utility
Function from Asset Demands 151
JERRY R. GREEN, LAWRENCE J. LAU. AND
HERAKLIS M. POLEMARCHAKIS
References 160
Part 2 GROWTH
An Integration of Stochastic Growth Theory and the Theory
of Finance, Part I: The Growth Model
WILLIAM A. BROCK
1. Introduction 165
2. The Optimal Growth Model 167
Appendix. Section 2 179
References 190
Fair Division of a Random Harvest: The Finite Case
DAVID GALE AND JOEL SOBEL
1. Introduction 193
2. Preliminary Simplifications 195
viii
CONTENTS
3. The Kuhn-Tucker Theorem 196
4, Proof of the Main Theorem 196
References 198
Characterizing Inefficiency of Infinite-Horizon Programs
in Nonsmooth Technologies
LAWRENCE M. BENVENISTE AND TAPAN MITRA
1. Introduction 199
2. The Model 201
3. Some General Characterization Results 202
4. Complete Characterizations in Smooth Technologies 206
5. Partial Characterizations in Golden-Rule Technologies 208
6. A Special Case of Flats and Kinks 212
References 215
Notes on Comparative Dynamics
ALOISIO P. DE ARAUJO AND JOSE ALEXANDRE SCHEINKMAN
1. Introduction 217
2. The Model 218
3. A General Result 221
4. A Result Involving Diagonal Dominance 222
5. A Further Remark 225
References 225
Efficient Intertemporal Allocation, Consumption-Value
Maximization, and Capital-Value Transversality:
A Unified View
DAVID CASS AND MUKUL MAJUMDAR
I. Introduction and Summary 227
tl. Fundamental Support Properties 229
III. General Growth Model 233
IV. Characterization of Efficiency 235
V. Efficiency and Consumption-Value Maximization 240
VI. Optimality (or Consumption-Value Maximization)
and Capital-Value Transversality 244
VII. Complications from Primary Factors 246
VIII. Alternative Notions of Optimality 251
Appendix A 254
Appendix B 258
References 271
CONTENTS
ix
Part 3 TRADE
The Theory and Application of Trade Utility Functions
JOHN S. CHIPMAN
1. Introduction 277
2. Definitions and Preliminary Results 278
3. The Trade Utility Function 282
4. The Trade Demand Correspondence 285
5. The Case of a Differentiable Trade Demand Function 289
6. Treatment in Terms of Inverse Demand Functions 290
References 294
A Model of Trade and Unemployment
KAMRAN NOMAN AND RONALD W. JONES
1. Introduction 297
II. Preliminary Models 300
III. Production Relationships 301
IV. Real Expenditure and the Demand for Nontradables 303
V. A Fall in the Wage Rate 306
VI. Currency Devaluation 310
VII. Long-Run Adjustments 313
VIII. Concluding Remarks 320
References 321
Two Propositions on the Global Univalence of Systems
of Cost Function
ANDREU MAS-COLELL
I. Introduction and Statement of Results 323
II. Proofs 327
References 330
On The Concepts of Factor Intensities and the Relation
between Commodity Prices and Factor Rewards
YASUO UEKAWA
1. Introduction 333
2. General Formulation 335
3. The Concepts of Factor Intensities 338
4. Economic Interpretation of Factor Intensity Conditions 344
References 345
X
CONTENTS
Factor Price Equalization with More Industries Than Factors
TROUT RADER
1. Introduction 347
2. Definitions 348
3. Three Theorems 349
4. Examples and Conclusions 352
References 353
The General Equilibrium Framework of Economic Analysis: Stocks
and Flows—with Special Application to Macroeconomic Models
JOHN Z. DRABICKI AND AKIRA TAKAYAMA
I. Stocks and Flows 357
II. The Framework of Macroequilibrium 373
III. A Historical Note 379
References 398 |
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| spelling | General equilibrium, growth, and trade essays in honor of Lionel McKenzie ed. by Jerry R. Green ... New York Acad. Pr. 1979 XV, 401 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economic theory, econometrics, and mathematical economics Gesamtwirtschaftliches Gleichgewicht (DE-588)4156933-7 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content (DE-588)4016928-5 Festschrift gnd-content MacKenzie, Lionel W. gnd rswk-swf Gesamtwirtschaftliches Gleichgewicht (DE-588)4156933-7 s DE-604 MacKenzie, Lionel W. f Green, Jerry R. 1946- Sonstige (DE-588)130591300 oth MacKenzie, Lionel hnr Digitalisierung UB Augsburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002314552&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | General equilibrium, growth, and trade essays in honor of Lionel McKenzie Gesamtwirtschaftliches Gleichgewicht (DE-588)4156933-7 gnd |
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| title | General equilibrium, growth, and trade essays in honor of Lionel McKenzie |
| title_auth | General equilibrium, growth, and trade essays in honor of Lionel McKenzie |
| title_exact_search | General equilibrium, growth, and trade essays in honor of Lionel McKenzie |
| title_full | General equilibrium, growth, and trade essays in honor of Lionel McKenzie ed. by Jerry R. Green ... |
| title_fullStr | General equilibrium, growth, and trade essays in honor of Lionel McKenzie ed. by Jerry R. Green ... |
| title_full_unstemmed | General equilibrium, growth, and trade essays in honor of Lionel McKenzie ed. by Jerry R. Green ... |
| title_short | General equilibrium, growth, and trade |
| title_sort | general equilibrium growth and trade essays in honor of lionel mckenzie |
| title_sub | essays in honor of Lionel McKenzie |
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