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Stability and mean growth rate of stochastic Solow model driven by jump–diffusion process 跳跃-扩散过程驱动的随机索洛模型的稳定性和平均增长率
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-01-11 DOI: 10.1016/j.jmateco.2024.102942
Zhong-Wei Liao , Jinghai Shao
{"title":"Stability and mean growth rate of stochastic Solow model driven by jump–diffusion process","authors":"Zhong-Wei Liao ,&nbsp;Jinghai Shao","doi":"10.1016/j.jmateco.2024.102942","DOIUrl":"10.1016/j.jmateco.2024.102942","url":null,"abstract":"<div><p>This work focuses on the stability and mean growth rate of stochastic Solow growth model. The uncertainty in our model is generated by the technology part, which includes fluctuations on the technological accumulation and jump growth from new inventions and ideas. We introduce the criteria of stability, including stochastic stability and exponential stability, and the sufficient condition for the existence of balanced growth path. Furthermore, we precisely calculate the higher-order moment of effective capital–labor ratio and the mean growth rate of major economic quantities on the balanced growth path. Our analysis sheds light on the impact of various stochastic effects on economic quantities and provides insight into the stability of the stochastic Solow model with technological uncertainty.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"111 ","pages":"Article 102942"},"PeriodicalIF":1.3,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139462763","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
Mixture independence foundations for expected utility 预期效用的混合独立性基础
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-01-10 DOI: 10.1016/j.jmateco.2023.102938
Jingyi Meng , Craig S. Webb , Horst Zank
{"title":"Mixture independence foundations for expected utility","authors":"Jingyi Meng ,&nbsp;Craig S. Webb ,&nbsp;Horst Zank","doi":"10.1016/j.jmateco.2023.102938","DOIUrl":"10.1016/j.jmateco.2023.102938","url":null,"abstract":"<div><p>An alternative preference foundation for expected utility is provided. Our segregated approach considers four logically independent implications of the classic von Neumann–Morgenstern independence axiom. The monotonicity principle is, for a transitive relation, equivalent to monotonicity with respect to first-order stochastic dominance. Rank-dependent separability is similar to the comonotonic sure-thing principle used in the ambiguity literature. The remaining two properties are weak formulations of the independence principle which invoke the latter only for probability mixtures with the extreme, that is the best, respectively, the worst outcome. These four implications of independence, together with completeness, transitivity and continuity of a preference relation, characterize expected utility. Furthermore, if rank-dependent separability is dropped, expected utility still holds on each subset of three-outcomes lotteries that give positive probability to both the best and the worst outcomes.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"111 ","pages":"Article 102938"},"PeriodicalIF":1.3,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406823001313/pdfft?md5=d0063153d760d2b1ea780c2aa049b89e&pid=1-s2.0-S0304406823001313-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139408124","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
Discounted dynamic optimization and Bregman divergence 贴现动态优化和布雷格曼发散
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-27 DOI: 10.1016/j.jmateco.2023.102935
Gerhard Sorger
{"title":"Discounted dynamic optimization and Bregman divergence","authors":"Gerhard Sorger","doi":"10.1016/j.jmateco.2023.102935","DOIUrl":"10.1016/j.jmateco.2023.102935","url":null,"abstract":"<div><p>We define the concept of Bregman continuity and show that a function is an optimal policy function of a discounted dynamic optimization problem if and only if it is Bregman continuous.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102935"},"PeriodicalIF":1.3,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406823001283/pdfft?md5=5439b05b1293ac22737f77c5d0aaab76&pid=1-s2.0-S0304406823001283-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139067279","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
Anchored belief updating from recommendations 根据建议更新信念
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-21 DOI: 10.1016/j.jmateco.2023.102937
Hyoeun Park, Jason Paulo Tayawa
{"title":"Anchored belief updating from recommendations","authors":"Hyoeun Park,&nbsp;Jason Paulo Tayawa","doi":"10.1016/j.jmateco.2023.102937","DOIUrl":"10.1016/j.jmateco.2023.102937","url":null,"abstract":"<div><p>We study a belief updating behavior in a framework where information is presented as a recommendation from a menu of actions. We introduce a property on belief updating called <em>order independence of recommendations</em>, which is analogous to the Bayes’ Rule property of path independence of signals. We show that order independence and the properties that characterize the contraction rule of Ke et al. (2021) lead to an impossibility result on the general domain of recommendations. We then show that such a rule exists if and only if the domain is substantially restricted. Lastly, we propose the <em>anchored contraction rule</em>, which satisfies order independence on the general domain. The <em>anchored contraction rule</em> gives a theoretical ground for the asymmetric confirmation bias in the general domain of recommendations that a belief is updated if and only if information supports an ideal point.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102937"},"PeriodicalIF":1.3,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139015048","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
On concave functions over lotteries 关于彩票的凹函数
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-21 DOI: 10.1016/j.jmateco.2023.102936
Roberto Corrao , Drew Fudenberg , David K. Levine
{"title":"On concave functions over lotteries","authors":"Roberto Corrao ,&nbsp;Drew Fudenberg ,&nbsp;David K. Levine","doi":"10.1016/j.jmateco.2023.102936","DOIUrl":"10.1016/j.jmateco.2023.102936","url":null,"abstract":"<div><p><span><span>This note discusses functions over lotteries that are concave and continuous, but are not necessarily superdifferentiable. Earlier work claims that concave continuous utility for lotteries that satisfy best-outcome independence can be written as the minimum of affine functions. We give a counter-example that cannot be written as the minimum of affine functions, because there is no tangent </span>hyperplane that dominates the functions at the boundary. We then review the fact that </span>concavity<span> and upper semi-continuity are equivalent to a representation as the infimum of affine functions, and show that these assumptions imply continuity for functions on finite-dimensional lotteries. Therefore, in finite-dimensional simplices, concavity and continuity are equivalent to the “infimum” representation. The “minimum” representation is equivalent to the existence of local utilities (supporting affine functions) at every lottery, a property that is equivalent to superdifferentiability.</span></p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102936"},"PeriodicalIF":1.3,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139030101","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
Anchored belief updating from recommendations 根据建议更新信念
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-21 DOI: 10.1016/j.jmateco.2023.102937
Hyoeun Park, Jason Paulo Tayawa
{"title":"Anchored belief updating from recommendations","authors":"Hyoeun Park, Jason Paulo Tayawa","doi":"10.1016/j.jmateco.2023.102937","DOIUrl":"https://doi.org/10.1016/j.jmateco.2023.102937","url":null,"abstract":"<p>We study a belief updating behavior in a framework where information is presented as a recommendation from a menu of actions. We introduce a property on belief updating called <em>order independence of recommendations</em>, which is analogous to the Bayes’ Rule property of path independence of signals. We show that order independence and the properties that characterize the contraction rule of Ke et al. (2021) lead to an impossibility result on the general domain of recommendations. We then show that such a rule exists if and only if the domain is substantially restricted. Lastly, we propose the <em>anchored contraction rule</em>, which satisfies order independence on the general domain. The <em>anchored contraction rule</em> gives a theoretical ground for the asymmetric confirmation bias in the general domain of recommendations that a belief is updated if and only if information supports an ideal point.</p>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"28 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139030037","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
On reaching social consent 关于达成社会共识
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-20 DOI: 10.1016/j.jmateco.2023.102934
Wonki Jo Cho , Juan D. Moreno-Ternero
{"title":"On reaching social consent","authors":"Wonki Jo Cho ,&nbsp;Juan D. Moreno-Ternero","doi":"10.1016/j.jmateco.2023.102934","DOIUrl":"10.1016/j.jmateco.2023.102934","url":null,"abstract":"<div><p>We explore the process of reaching social consent by means of a model of group identification, in which we seek to relatively evaluate agents’ opinions on who belongs to a given group. Our main concerns are captured by two new axioms in this setting, dubbed <em>separability</em> and <em>individual monotonicity</em>. In the dichotomous setting, we show that the two axioms, combined with <em>symmetry</em>, characterize the family of <em>consent rules</em>. We also show that the result generalizes to the setting in which decisions can take any finite number of values (thus, not necessarily dichotomous) provided that the number of agents exceeds the number of possible values. In the most general setting, where the membership decision can be any value within a continuum set, we show that the same three axioms characterize a much richer family that we call the <em>generalized consent rules</em>. The latter rules extend the spirit underlying the consent rules to the general model, while keeping the issue of relative evaluation in focus.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102934"},"PeriodicalIF":1.3,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406823001271/pdfft?md5=0a018c6857a7051350999ff582eafafa&pid=1-s2.0-S0304406823001271-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138993934","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
Habits and demand changes after COVID-19 COVID-19后习惯和需求的变化
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-12-02 DOI: 10.1016/j.jmateco.2023.102933
Mauro Bambi , Daria Ghilli , Fausto Gozzi , Marta Leocata
{"title":"Habits and demand changes after COVID-19","authors":"Mauro Bambi ,&nbsp;Daria Ghilli ,&nbsp;Fausto Gozzi ,&nbsp;Marta Leocata","doi":"10.1016/j.jmateco.2023.102933","DOIUrl":"https://doi.org/10.1016/j.jmateco.2023.102933","url":null,"abstract":"<div><p>In this paper, we investigate how a transitory lockdown of a sector of the economy may have changed our habits and, therefore, altered the goods’ demand permanently. In a two-sector infinite horizon economy, we show that the demand of the goods produced by the sector closed during the lockdown could shrink or expand with respect to their pre-pandemic level depending on the lockdown’s duration and the habits’ strength. We also show that the end of a lockdown may be characterized by a price surge due to a combination of strong demand of both goods and rigidities in production.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102933"},"PeriodicalIF":1.3,"publicationDate":"2023-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S030440682300126X/pdfft?md5=4f6fc3a3d88a83b246778107fab0a5fc&pid=1-s2.0-S030440682300126X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138502010","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
Optimal consumption for recursive preferences with local substitution — the case of certainty 具有局部替代的递归偏好的最优消费——确定性的情况
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-11-29 DOI: 10.1016/j.jmateco.2023.102932
Hanwu Li , Frank Riedel , Shuzhen Yang
{"title":"Optimal consumption for recursive preferences with local substitution — the case of certainty","authors":"Hanwu Li ,&nbsp;Frank Riedel ,&nbsp;Shuzhen Yang","doi":"10.1016/j.jmateco.2023.102932","DOIUrl":"https://doi.org/10.1016/j.jmateco.2023.102932","url":null,"abstract":"<div><p>We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We establish existence, uniqueness, and a version of the Kuhn–Tucker theorem. The structure of optimal consumption plans is described explicitly for a large class of aggregators. For Epstein-Zin preferences, the solution coincides with the solution of the corresponding time-additive preferences.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102932"},"PeriodicalIF":1.3,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138471840","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
Null players, outside options, and stability: The conditional Shapley value 空玩家，外部选项和稳定性:条件Shapley值
IF 1.3 4区 经济学
Journal of Mathematical Economics Pub Date : 2023-11-27 DOI: 10.1016/j.jmateco.2023.102931
André Casajus , Pierfrancesco La Mura
{"title":"Null players, outside options, and stability: The conditional Shapley value","authors":"André Casajus ,&nbsp;Pierfrancesco La Mura","doi":"10.1016/j.jmateco.2023.102931","DOIUrl":"https://doi.org/10.1016/j.jmateco.2023.102931","url":null,"abstract":"<div><p><span>We suggest a new component efficient solution for monotonic TU games with a coalition structure, the conditional Shapley value. In contrast to other such solutions, it satisfies the </span>null player property. Nevertheless, it accounts for the players’ outside options in productive components of coalition structures. For all monotonic games, there exist coalition structures that are stable under the conditional Shapley value. For voting games, such stable coalition structures support Gamson’s theory of coalition formation (Gamson, 1961).</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"110 ","pages":"Article 102931"},"PeriodicalIF":1.3,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138471980","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
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