Journal of Mathematical Economics最新文献_第3页

An even tighter bound for the Shapley–Folkman–Starr theorem 沙普利-福克曼-斯塔尔定理的更严格约束

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-24 DOI: 10.1016/j.jmateco.2024.103028

Haoyu Wu , Ao Tang

引用次数: 0

The on-line transfer rule for queueing with arrivals 有到达者排队的在线转移规则

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-20 DOI: 10.1016/j.jmateco.2024.103026

Changyong Han , Youngsub Chun , Manipushpak Mitra , Suresh Mutuswami

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A general solution to the quasi linear screening problem 准线性筛选问题的一般解决方案

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-20 DOI: 10.1016/j.jmateco.2024.103025

Guillaume Carlier , Xavier Dupuis , Jean-Charles Rochet , John Thanassoulis

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Interacting mechanisms: A perspective on generalized principal–agent problems 互动机制：广义委托代理问题透视

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-19 DOI: 10.1016/j.jmateco.2024.103023

Françoise Forges , Frédéric Koessler , Andrés Salamanca

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General equilibrium and dynamic inconsistency 一般均衡与动态不一致性

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-15 DOI: 10.1016/j.jmateco.2024.103024

Kirill Borissov , Mikhail Pakhnin , Ronald Wendner

{"title":"General equilibrium and dynamic inconsistency","authors":"Kirill Borissov , Mikhail Pakhnin , Ronald Wendner","doi":"10.1016/j.jmateco.2024.103024","DOIUrl":"10.1016/j.jmateco.2024.103024","url":null,"abstract":"<div><p>We study the role of different sources of naivete in a general equilibrium version of the Ramsey model with quasi-hyperbolic discounting. When agents are aware of others’ naivete, as strongly suggested by empirical evidence, they revise consumption paths, correctly anticipating prices in a resulting sliding equilibrium (perfect foresight). When agents are unaware of others’ naivete, as is typically assumed in the theoretical literature, they revise both consumption paths and price expectations (quasi-perfect foresight). We prove the existence of sliding equilibrium under perfect foresight for the class of isoelastic utility functions. We show that generically quasi-hyperbolic discounting matters for saving behavior: sliding equilibrium under perfect foresight is observationally equivalent to some optimal path in the standard Ramsey model <em>only if</em> utility is logarithmic. By comparing sliding equilibria under different types of foresight we show that perfect foresight implies a higher saving rate, long-run capital stock and consumption level than quasi-perfect foresight.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"114 ","pages":"Article 103024"},"PeriodicalIF":1.0,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000843/pdfft?md5=c814bde0745cfe8b048bf2ec53299a1e&pid=1-s2.0-S0304406824000843-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141700025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Preferences on discounting under time risk 时间风险下的贴现偏好

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-04 DOI: 10.1016/j.jmateco.2024.103020

Marzia De Donno , Mario Menegatti

引用次数: 0

Recursive two-stage evaluation model for dynamic decision making under ambiguity 模糊条件下动态决策的递归两阶段评估模型

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-04 DOI: 10.1016/j.jmateco.2024.103022

Ying He

{"title":"Recursive two-stage evaluation model for dynamic decision making under ambiguity","authors":"Ying He","doi":"10.1016/j.jmateco.2024.103022","DOIUrl":"10.1016/j.jmateco.2024.103022","url":null,"abstract":"<div><p>In this paper, the two-stage-evaluation (TSE) model for decision making under ambiguity (He 2021) is extended to intertemporal setting in an axiomatic approach. The first set of axioms employed are commonly adopted for dynamic non-expected utility models in the literature. Besides these regular axioms, I also assume dynamic consistency and conditions which deliver a static TSE for consumption plans only pay non-zero consequences for one period. It is shown that these axioms hold if and only if these exists a recursively defined evaluation utility model representing decision maker (DM)’s preferences over consumption plans conditional on arriving at any node in an event tree. Such a recursive form implies that one can apply dynamic programming technique (rolling back the decision tree) to solve a dynamic decision making problem under TSE model. It can be shown that the solution for the recursively defined dynamic TSE model exists uniquely. Due to the “small domain” setup, the agent is short-sighted in the sense that they only process subjective probabilities over events defined on one period uncertainty over next period states, which differs from “far-sighted” assumption in most extant models that assume subjective probabilities exist over events defined on multiple periods. It is shown that under some extra conditions, our DM applies Bayes’ rule “updating’ her subjective beliefs.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103022"},"PeriodicalIF":1.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S030440682400082X/pdfft?md5=0b10df5a79e45447f66db3677258e03e&pid=1-s2.0-S030440682400082X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Intergenerational equity and infinite-population ethics: A survey 代际公平与无限人口伦理：调查

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-04 DOI: 10.1016/j.jmateco.2024.103021

Marcus Pivato , Marc Fleurbaey

引用次数: 0

Recent advances on testability in economic equilibrium models 经济均衡模型可检验性的最新进展

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-07-03 DOI: 10.1016/j.jmateco.2024.103019

Andrés Carvajal

{"title":"Recent advances on testability in economic equilibrium models","authors":"Andrés Carvajal","doi":"10.1016/j.jmateco.2024.103019","DOIUrl":"10.1016/j.jmateco.2024.103019","url":null,"abstract":"<div><p>The revealed preference program started by Paul Samuelson brought a Popperian view of what constituted true scientific discovery to economic theory.<span><span><sup>1</sup></span></span> In his <em>Foundations</em>, Samuelson states that “meaningful theorems” are hypotheses “about empirical data which could conceivably be refuted”.<span><span><sup>2</sup></span></span> He worried that by appealing to unobservable fundamentals such as preferences, the body of economic theory built upon the premise of rational individual choice lacked a scientific foundation.</p><p>While the program quickly succeeded in providing an empirical counterpart for the individual choice problem, its application to social outcomes, namely market interactions and games, proved more difficult, and only in the 1990s did the profession start to develop the testable implications of equilibrium concepts in these contexts. Carvajal et al. (2004) covered the early literature that followed the seminal contributions of Brown and Matzkin (1996) and Sprumont (2000). This survey is an update on the state of that literature covering the results of the last two decades. As the reader will see, the <em>Journal of Mathematical Economics</em> has played a key role in developing these ideas.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"114 ","pages":"Article 103019"},"PeriodicalIF":1.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141639413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A model of growth with living capital 活资本增长模式

IF 1 4区经济学

Journal of Mathematical Economics Pub Date : 2024-06-29 DOI: 10.1016/j.jmateco.2024.103018

Stefano Bosi , Carmen Camacho , Cuong Le Van

{"title":"A model of growth with living capital","authors":"Stefano Bosi , Carmen Camacho , Cuong Le Van","doi":"10.1016/j.jmateco.2024.103018","DOIUrl":"10.1016/j.jmateco.2024.103018","url":null,"abstract":"<div><p>Acknowledging the economic role of knowledge, education, training and health, can preserve and make them thrive without assuming that preferences depend on any of them. In this paper we will define living capital as the aggregate of all these factors, and then, total capital as the sum of physical and living capital.</p><p>In a planned economy, we find that the optimal sequence of total capital is always monotonic. Depending on the productivity of total capital, three different regimes hold: bounded growth; asymptotically balanced unbounded growth or unbalanced unbounded growth.</p><p>At the early stages of development the economy optimally devotes all its investment effort to increase the stock of physical capital and only physical capital. As the economy develops, it will start involving living capital in production. In the first regime, total capital converges to a steady state with a positive stock of total capital, which is larger than the one without living capital. In the second regime, growth becomes unbounded, and consumption grows at a constant rate. Total capital grows at the same rate but only asymptotically. In the third case, living capital is used increasingly from the beginning. Once the economy is sufficiently rich, physical capital starts growing faster than living capital.</p><p>To close, we consider a market economy with externalities from the living. In this scenario, if the government levies taxes to finance the accumulation of living capital and implements exactly the optimal sequence of living capital as in the planner’s program, then the equilibrium market prices exactly decentralize the planner’s solution.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103018"},"PeriodicalIF":1.0,"publicationDate":"2024-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141522055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0