摘要:

ABSTRACTIn this paper population growth is the outcome of a utility maximizing process undertaken by each working generation. This is distinct from the usual treatment of population growth as an exogenous variable. Steady state growth paths are analysed, and the model is extended to allow for international lending and borrowing. The results obtained broadly correspond to the case of a given rate of increase of population, but under certain assumptions it is found that a capital importing country will have a faster rate of growth as a result of being able to borrow on international capital markets.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1983.tb00443.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1983.tb00444.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

ABSTRACTThis article proposes a model of the competitive firm simultaneously facing price constraints and forward markets under price uncertainty. The incorporation of a forward market is shown to be very important because a risk‐averse firm will set its production decision to the forward price regardless of its attitude toward risk. In addition, we show that risk aversion is a sufficient condition for a decrease in risk to reduce the amount hedged when risk is reduced through a mean‐preserving price sque

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1983.tb00445.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

ABSTRACTThis paper generalizes an earlier paper by Heal (1976) in which the‘lemons problem’is analysed in an exchange framework over time. Heal showed that the Akerlof (1970) rule that bad goods (lemons) always drive out good may not always be a valid one. Heal's anti‐lemons result is also shown to be a Balanced Tempta‐Equilibrium (B.T.E.) in the supergame. But it is also shown, paradoxically, that the B.T.E. can itself be dominated by certain strategies, hence there is a direct counterpart to the constituent version of the Lemons Game in its supergame a

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1983.tb00446.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1983.tb00447.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY