摘要:

ABSTRACTIn any Nash equilibrium no player will unilaterally deviate. However, many games have multiple Nash equilibria. In this paper, we survey some refinements of Nash equilibria based on the hypothesis that any player may consider a deliberate deviation from a Nash equilibrium vector while expecting other players to respond optimally to this deviation. The concepts studied here differ in the expectations players have about other players' responses to a deviation. This sort of deviations philosophy is predicated on the thought process of players. Therefore, the validity of a particular equilibrium concept to an economic model may depend upon the relevance of the thought process implied by the concept.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00604.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThe paper proposes an indicator of the performance of a tax and benefit system in generating a high level of social welfare. Under standard assumptions on the form of the admissible social welfare functions, the indicator is shown to be increasing in the progressivity of the system. Using UK household data for 1985, the paper asks (i) What can the performance of a tax system with constant residual progression be? (ii) Relative to a proportional system, what is the performance of existing or proposed tax and benefit systems? (iii) How can we estimate the average residual progression of unevenly progressive tax and benefit systems?

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00605.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThis paper investigates the links between individual and household distributions of earnings. Using a sample of 1991 data from the UK, considerable complexity is uncovered in the structure of the household earnings distribution. This is due to heterogeneity of earners and positive ‘clustering’ of earners within households. The structure of the clustering behaviour of earners for different household types is estimated, and the contribution of clustering to overall earnings inequality is evaluated. Perhaps surprisingly in view of the observed clustering behaviour, it is found that clustering has reduced overall inequality, although the mean‐adjusted distribution of individual earnings is insignificantly different from the distribution of household ear

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00606.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTUsing principal components analysis, this paper derives a direct measure of movements in the level and slope of the certificate of deposit yield curve. Appealing to the efficient markets view of the term structure of interest rates, evidence is reported which suggests that changes in Treasury Bill yields have a considerable influence over changes in the level of CD yields but only have a small, transitory effect on the slope of the term structure of CDs.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00607.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00608.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY