Book•
Core and Equilibria of a Large Economy.
21 Jan 1974-
About: The article was published on 1974-01-21 and is currently open access. It has received 1192 citations till now. The article focuses on the topics: Core (optical fiber).
Citations
More filters
Book•
01 Feb 1993TL;DR: Inequalities for mixed volumes 7. Selected applications Appendix as discussed by the authors ] is a survey of mixed volumes with bounding boxes and quermass integrals, as well as a discussion of their applications.
Abstract: 1. Basic convexity 2. Boundary structure 3. Minkowski addition 4. Curvature measure and quermass integrals 5. Mixed volumes 6. Inequalities for mixed volumes 7. Selected applications Appendix.
3,954 citations
TL;DR: In this paper, the authors consider an economy in which policymakers with different preferences alternate in office as a result of elections, and the equilibrium level of debt is larger the larger is the degree of polarization between alternating governments and the less likely it is that the current government will be re-elected.
Abstract: This paper considers an economy in which policymakers with different preferences alternate in office as a result of elections. Government debt is used strategically by each policymaker to influence the choices of his successors. If different policymakers disagree about the desired composition of government spending between two public goods, the economy exhibits a deficits bias; that is, debt accumulation is higher than it would be with a social planner. The equilibrium level of debt is larger the larger is the degree of polarization between alternating governments and the less likely it is that the current government will be re-elected.
1,334 citations
Cites background from "Core and Equilibria of a Large Econ..."
...Proof of Lemma 1 Continuity of Re(.) follows from the fact that the maximization is 27 performed on a compact feasible set, and from the continuity of u(•), v(•) and h(•) (see the theorem of the maximum in Hildenbrand (1974))....
[...]
1,173 citations
TL;DR: In this paper, a general equilibrium model of a competitive security market in which traders possess independent pieces of information about the return of a risky asset is presented. And a closed-form characterization of the rational expectations equilibrium is presented, and a counter-example to the existence of fully revealing equilibrium is developed.
1,028 citations