ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00858.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIn this article the concept of nonrival input is re‐examined as a possible source of increasing returns, by taking a production process as the elementary unit of analysis. Nonrivalry of inputs is redefined in order to furnish an analytical tool to be used for extending the theory of value and distribution beyond the case of pure private goods and constant returns. Furthermore, the reformulation of the same concept is implemented for a critical appraisal of the notion of industrial design which has been adopted by Romer in his modelling approach to the theory of endogenous growt

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00859.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTA revised definition of efficiency compares portfolios with different net worths. One axiom rules out instantaneous riskless gains, the other asserts that it costs money to buy good portfolios. Unlimited short sales are allowed. Portfolios which cannot be improved at any price are called absolutely efficient. The geometry of the mean‐standard deviation frontiers is governed by three “efficient set constants”. A few results regarding efficient portfolios must be modified, and a new version of the security line equation is proposed. Explicit formulas are given: no need to use different formulas for singular or non‐singular covariance

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00860.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTThis paper exhibits some necessary and sufficient conditions for mechanisms embodying penalties to approach the first best solution in moral hazard problems.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00861.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIt is well known (Tobin (1965)) that in a monetary economy with full employment the monetary growth rate uniquely determines the steady‐state capital intensity of the economy. This paper demonstrates that portfolio balance in a Ricardo‐Von Neumann‐Lewis world implies that the steady‐state growth rate of the economy (the rate of capital accumulation) is uniquely determined by the rate of monetary growth. An increase in the monetary growth rate increases the steady‐state inflation rate which, through its effect on savings, increases the equilibrium growth of th

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00862.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIn a simple two‐period durable goods monopoly model, we study the effect of buyer behaviour on the monopolist's payoff. When the buyer behaves strategically, the monopoly seller gains from not being committed; the usual cost of a no‐commitment argument collap

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00863.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY