Now showing items 21-30 of 50
A Model of Evolutionay Drift
Drift appears to be crucial to study the stability properties of Nash equilibria in a component specifying different out-of-equilibrium behaviour. We propose a new microeconomic model of drift to be added to the learning ...
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 ...
Implementing with veto players: a simple non cooperative game
The paper adapts a non cooperative game presented by Dagan, Serrano and Volij (1997) for bankruptcy problems to the context of TU veto balanced games. We investigate the relationship between the Nash outcomes of a ...
A Fundamental Contradiction in Standard Rent Theory: A Case Study on Varian's "Intermediate Microeconomics"
In this paper, I examine Varian’s treatment of rent in his textbook on Microeconomics. I argue that he holds contradictory conceptions: sometimes rent is defined as surplus over cost whereas sometimes it is defined as cost, ...
Joan Robinson Was Almost Right: Output under Third-Degree Price Discrimination
In this paper, we show that in order for third-degree price discrimination to increase total output, the demands of the strong markets should be, as conjectured by Robinson (1933), more concave than the demands of the weak ...
Mergers in Durable Goods Industries
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
This paper is concerned with the study of durability as an aspect of competition and market structure that contributes to determining the incentives for mergers. We find that relative to the incentives in industries that ...
Profit as Cost versus Profit as Surplus over Cost: A Case Study on Varian's "Intermediate Microeconomics"
(UPV/EHU. Departamento de Fundamentos del Análisis Económico I/Ekonomi Analisiaren Oinarriak I Saila, 2004-12)
On the analysis of Varian’s textbook on Microeconomics, which I take to be a representative of the standard view, I argue that Varian provides two contrary notions of profit, namely, profit as surplus over cost and profit ...
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 ...
Adam Smith on Capital and Income
In this paper I critically analyze Smith's thesis in book I, chapter 6 of the "Wealth of Nations" that the replacement of the capital goods consumed in production becomes fully income. I argue that Smith’s argument is ...