Now showing items 1-10 of 17
Consumption-Leisure Trade-offs and Persistency in Business Cycles
This paper studies whether nonseparabilities between consumption and leisure may help to explain the observed persistence in GNP growth. We consider an extended version of Lucas' (1988) human capital investment model that ...
Admissible Hierachic Sets
In this paper we present a solution concept for abstract systems called the admissible hierarchic set. The solution we propose is a refinement of the hierarchic solution, a generalization of the von Neumann and Morgenstern ...
An Approach to the stability of international environmental agreements: the absorbing sets solution
We study international environmental negotiations when agreements between countries can not be binding. A problem with this kind of negotiations is that countries have incentives for free-riding from such agreements. We ...
A Behavioral Foundation for Models of Evolutionary Drift
Binmore and Samuelson (1999) have shown that perturbations (drift) are crucial to study the stability properties of Nash equilibria. We contribute to this literature by providing a behavioural foundation for models of ...
Quesnay and Leontief on Capital and Income
I analyze Quesnay's explanation of the "Tableau Economique" of 1766 in order to show that he made a clear distinction between capital and income. In holding this distinction, Quesnay rejected the nowadays currently accepted ...
A Fundamental Contradiction in Keynes' Conception of Income
I contend that Keynes provides two contradictory definitions of aggregate income. According to the first definition, which is the dominant in Keynes as well as the standard in current Macroeconomics, the full value of ...
International and Intergenerational Dimensions of Climate Change: North-South Cooperation in an Overlapping Generations Framework
Global environmental problems such as climate change have both an international and an intertemporal dimension. Recently, some papers have used an overlapping generations framework to analyze the climate change problem ...
Egalitarian distributions in coalitional models: The Lorenz criterion
The paper presents a framework where the most important single-valued solutions in the literature of TU games are jointly analyzed. The paper also suggests that similar frameworks may be useful for other coalitional models.
Income risk of EU coal-fired power plants after Kyoto
Coal-fired power plants may enjoy a significant advantage relative to gas plants in terms of cheaper fuel cost. Still, this advantage may erode or even turn into disadvantage depending on CO2 emission allowance price. This ...
Output dynamics in an endogenous growth model
The aim of this paper is to analyze whether endogenous growth RBC models are consistent with two stylized facts about U.S. output dynamics. First, GNP growth is positively correlated in the short run and it has a weak ...