摘要:

The Shapley value theory is extended to cost functions with multiple outputs (or to production functions with multiple inputs) where each output is demanded by a different agent and the level of demand varies. Beyond the Additivity and Dummy axioms (Shapley's original axioms) we insist that the cost‐share of an agent should not decrease when she increases her demand (Demand Monotonicity). This property rules out the Aumann‐Shapley pricing formula, as well as any method charging average cost for homogeneous goods.We characterize the class of cost sharing methods satisfying Additivity, Dummy, Demand Monotonicity and Cross Monotonicity. The last says that when outputsiandjare cost complements (resp‐cost substitutes) the cost share ofiis non decreasing (resp‐non increasing) in the demand ofj.Two prominent methods in the class are the Shapley‐Shubik method (i.e. the Shapley value of the Stand Alone cost game) and serial cost sharing (which extends to multiple goods a formula due to Moulin and Shenker). They are characterized respectively by a lower bound and by an upper bound on individual co

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00024.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper is an investigation of the role of international credit as a factor influencing the donor Countries' exports. Based on standard techniques of microeconomic theory, our model examines this relationship under different market structures in the industrialized donor country (North). Under monopoly and perfect competition, the availability of credit increases the North's exports; under oligopoly, within a class of parametric configurations, this relationship is reversed. We also find that, under certain conditions, if a developing country (South) takes recourse to international credit to finance its imports, it would end up worse off, that is the availability of international credit can be welfare‐decreasing for the borrowing natio

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00025.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

In terms of the history of modern economic growth the major axis of world confrontation has always been between early and late comers to industrialization. Severe confrontation arises typically when a late‐comer is believed to have developed a model of economic development capable of allowing it to catch up with or even overtake the economic power of the countries that industrialized early. Rises and falls of the various catch‐up models in the modern history are examined. In this historical perspective the characteristics of confrontation are identified between the system of developmental market economies in Japan and Asian NIES and the system of liberal market economies in Western countr

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00026.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper suggests that the possibility of dynamically inefficient resource allocation as pointed out by Diamond (1965) is due to the neoclassical property of that model where no investment instalment cost, and hence no investment function in the proper sense, may exist. If one introduces, instead, Tobin'sq‐theory type investment function, competitive equilibrium is shown to be consistent only with the dynamically efficient use of resource

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00027.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

An attempt to formulate the implications of corporate “philanthropy” by private firms is made in this paper. By philanthropy we mean the public activities of private agents, which are not carried out through the ordinary price mechanism. From the point of view of social roles, corporate philanthropy complements the price mechanism as do the government sector, non‐profit organizations and individuals. Here we formulate corporate philanthropy as the product of two possible motivations: either as a means of long‐term profit maximization, or as a direct element in an objective function of

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00028.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

An interest income tax and a publicly provided private good are introduced into the Hamada overlapping‐generations model consisting of heterogeneous individuals where the government can use a wage‐income tax, an identical lump‐sum transfer, and the public debt. Two interesting problems are studied: (a) what relation exists between the optimal interest rate and the population‐growth rate and (b) how dynamic efficiency affects the optimal‐decision rules of taxes and the publicly provided good. We show that (i) if the government can (not) tax the interest income, then the optimal interest rate is (not) equal to the population‐growth rate, (ii) without the availability of the interest tax the difference between these two rates is mainly caused by the income‐distribution effect of the public debt and (iii) the dynamic efficiency effects on the optimal rules of the wage tax and the publicly provided good depend on not only such a difference but also the average substitute‐complement relations among leisure, the second‐period consumption and the publi

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00029.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

The tax treatment of bequests under the consumption tax policy is studied in two models of bequeathing behaviour, a model where the parent cares about the bequest itself and a model where the parent cares about the welfare of his offspring instead. It is shown that the two models make preciselyoppositepredictions of the effects of the consumption tax including the conditions under which the tax is neutral, the differential incidence of the tax in a closed economy when it is non‐neutral, and the international transmission effect of the tax when it is non‐neut

ISSN:1352-4739    

DOI:10.1111/j.1468-5876.1995.tb00030.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY