Showing papers in "Journal of Mathematical Economics in 2010"

TL;DR: The existence of a Paretian and finitely anonymous ordering in the set of infinite utility streams implies the existence of non-Ramsey sets (a non-constructive object whose existence requires The Axiom of Choice) as discussed by the authors.

TL;DR: In imperfectly discriminating contests, the contestants contribute effort to win a prize but the highest contributed effort does not necessarily secure a win this article, and the contest success function is the technology that translates an individual's effort into his or her probability of winning.

TL;DR: In this article, the authors study the assignment model where a collection of indivisible goods are sold to a set of buyers who want to buy at most one good, and characterize the extreme and interior points of the set of Walrasian equilibrium price vectors for this model.

TL;DR: A polynomial-time algorithm is provided that determines whether a given preference profile has a one-dimensional Euclidean representation and, if so, constructs one and has electoral and mechanism design applications.

TL;DR: The generalized time-invariant overtaking criterion as mentioned in this paper is defined by extending proliferating sequences of complete and transitive binary relations defined on finite dimensional spaces and can be specialized to at least two, extensively researched examples, the utilitarian and the leximin orderings on a finite dimensional Euclidean space.

TL;DR: In this article, a tradeoff between a direct parameter effect and an indirect strategic substitute effect was studied for best-response functions, differentiable payoff functions, and general payoff functions.

TL;DR: In this paper, the authors studied sabotage in a dynamic tournament, where three players compete in two rounds and a player who is leading in the race, but not yet beyond the reach of his competitors, is sabotaged more heavily.

TL;DR: In this paper, the authors refine the theory of subjective probability for the case of countably additive beliefs and obtain a unique extension of preference that parallels Caratheodory's unique extension for probability measures.

TL;DR: In this article, it was shown that starting with an arbitrary system of mass transfers, whenever the resulting distribution is first order dominated one can gradually rearrange transfers, according to a certain decentralized procedure, and obtain a system of transfers all shifting mass to outcomes that are worse.

TL;DR: In this paper, the authors consider a two-sector endogenous growth model where the productions of the final good and human capital require economywide external effects and show that local and global indeterminacy of equilibrium paths are compatible with any values for the elasticity of intertemporal substitution in consumption and any sign for the capital intensity difference across the two sectors.

TL;DR: In this paper, the complexity of rationalizing choice behavior has been studied by analyzing two polar cases, and a number of intermediate ones, and it has been shown that rationalizing complete preorders is equivalent to a graph problem.

TL;DR: In this paper, the authors characterize the optimal auction in an independent private values framework for a completely general distribution of valuations and introduce a new concept: the generalized virtual valuation (GVV).

TL;DR: In this paper, the authors show that financial market equilibria need not exist if agents possess cumulative prospect theory preferences with piecewise-power value functions, which might cause an infinite short-selling problem.

TL;DR: In this paper, the authors give conditions on compact sets of possible beliefs that guarantee that every continuous value function on Θ is the value function associated with some strictly proper scoring rule.

TL;DR: In this paper, the role of labor supply in a Ramsey model with heterogeneous households subject to borrowing constraints is discussed, and the existence of two kinds of steady states: the one where everybody supplies labor, the other where only the most patient agent refrains from working.

TL;DR: In this paper, the authors developed a dynamic programming approach for a family of optimal investment models with vintage capital and proved that the value function is the unique regular solution of the associated stationary Hamilton-Jacobi-Bellman equation, and existence and uniqueness of optimal feedback controls.

TL;DR: In this paper, an EO who maximizes inter-temporal welfare under uncertainty, with expected-utility preferences, with various social welfare criteria entail alternative von Neumann- Morgenstern utility functions for the EO.

TL;DR: In this paper, the authors consider a population game where each player continuously adjusts her action to move up the payoff gradient, and find conditions that render gradient adjustment myopically optimal and analyze two broad classes of population games.

TL;DR: In this paper, the authors characterize full implementation of social choice sets in mixed-strategy Bayesian equilibrium with both exact and virtual mixed implementation, and show that mixed virtual implementation is more permissive than mixed implementation in iteratively undominated strategies, and nonregular mechanisms are essential for the implementation of rules in that gap.

TL;DR: In this paper, the role of progressive tax rules on the allocations of steady state and the stability properties in a Ramsey economy with heterogeneous households and borrowing constraints is studied. But the authors focus on the steady state with a segmented population, while the impatient ones are workers.

TL;DR: In this article, the authors consider decision making under risk in which the decision maker's preferences depend on a reference outcome, and they provide a preference foundation for this loss aversion model.

TL;DR: In this article, the authors developed a stochastic differential game of capitalism to analyze the role of uncertainty and derived a subgame-consistent solution for individual rationality, based on a payoff distribution procedure based on Yeung and Petrosyan.

TL;DR: In this paper, the authors analyze the endogenous price formation mechanism of a pure exchange economy with two assets, riskless and risky, and derive a complete characterization of equilibria.

TL;DR: In this article, the authors focus on the mean age as a function of the stable population growth rate instead of the function used in d'Albis (2007) and provide a simpler proof with more general conditions.

TL;DR: In this article, the optimal replacement of a firm's capital is described in the framework of Solow-type vintage capital models, where the firm controls the investment into new capital and scrapping of obsolete capital.

TL;DR: In this paper, the relationship between the general equilibrium model with multi-member households and a club model with multiple private goods is investigated, and the main distinction in the definitions consists in the equilibrium concepts.

TL;DR: In this article, it was shown that there is no universal topological type space in the category of topological types, and hence no universal type space can be found in the topological model.

TL;DR: In this article, a dynamic binary choice model with social interactions is proposed, in which heterogeneity of peer group effects is modeled introducing diversity in individual characteristics and linking pairwise influences to a social distance between individuals.

TL;DR: In this paper, the authors show that firms' incentives to share this type of information are aligned with social welfare, and that whenever revealing information is the dominant strategy (such as for Cournot firms revealing costs or Bertrand firms revealing demand), it is socially beneficial.

TL;DR: In this paper, the wealth dynamics of investors holding self-financing portfolios in a continuous-time model of a financial market were studied and the authors derived results on the asymptotic dynamics of the wealth distribution and asset prices for constant proportions investment strategies.