Showing papers in "Journal of Economic Theory in 1978"

TL;DR: The purpose of this paper is to specify a set of properties such an efficiency measure should satisfy, to show that the widely used measure proposed by Farrell does not satisfy them, and to introduce a new measure that does satisfy these properties.

TL;DR: In this article, it has been argued that inequality values by themselves do not accurately reflect the differences between individuals, since the true situation depends to a large extent on how the relative positions of individuals vary over time.

TL;DR: In this article, necessary and sufficient conditions on the stochastic structure of asset returns for portfolio choice to be equivalent to choice among a limited number of mutual funds of assets, independent of investors' preferences, were established.

TL;DR: Shubik and Shubik as discussed by the authors examined a noncooperative equilibrium solution to one of the alternative models and to contrasting this with the non-cooperative solution to the original model.

TL;DR: In this article, a multistage method of sophisticated voting is proposed, which is easy to apply and intuitively understandable, and it is shown that if a majority alternative exists, sophisticated voting leads to an outcome at least as good as and sometimes preferred to the outcome of sincere voting.

TL;DR: The concept of trust is formalized by the "sequential core" as mentioned in this paper, and the absence of trust induces a sequential structure on an economy, even if markets are complete at the first day.

TL;DR: The Gibbard-Satterthwaite Theorem as mentioned in this paper states that all non-dictatorial rules will have this property and it is known that any decentralized mechanism which selects Pareto-optimal allocations and which has a no-trade option will have it.

TL;DR: In this article, the dynamic behavior of a simple macroeconomic disequilibrium model is analyzed in which consumers' changes in money holdings constitute the dynamic link between any two periods, and it is shown that, under constant government consumption, a constant production function (no investment), and fixed prices and wages, stationary states of Keynesian unemployment are stable whereas those of repressed inflation are globally unstable.

TL;DR: In this paper, the impact of such barriers to trade is analyzed and the authors recognize that it would seem worthwhile to recognize this and to analyze the impact such barriers have on trade.