Titlebook: Institutions, Equilibria and Efficiency; Essays in Honor of B Christian Schultz,Karl Vind Book 2006 Springer-Verlag Berlin Heidelberg 2006

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Lars Tyge Nielsenle mediators or arbitrators).  What characterizes the juridical act, the process or the procedure in the broad sense, is the regulated development of a dispute.  And the intervention of judges, their opinion or decision, is only ever an episode in this development.  What defines the juridical order

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John E. Roemerl practices which later led to another key work, Discipline .“What characterizes the act of justice is not resort to a court and to judges; it is not the intervention of magistrates (even if they had to be simple mediators or arbitrators).  What characterizes the juridical act, the process or the pr

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Ptosis

On the Definition of Differentiated Products in the Real World,rds. The potential consistency of such a model based on engineering consideration is analyzed. For a large pure exchange economy, competitive equilibria exist and are Pareto optimal. Production issues such as the derived demand for intermediate products, continuity of cost functions, and product sel

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Adaptive Contracting: The Trial-and-Error Approach to Outsourcing,tial benefits of adaptive contracting: First, the delegation of authority can be advantageous even if the agent acts opportunistically, since expected private benefits will be shared between the parties through price negotiation. Second, the principal extracts information from experimenting with del

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Monetary Equilibria over an Infinite Horizon,uncertainty and a sequentially complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances through open market operations or loans. A public authority, which, most pertinently, inherits a strictly positive public debt, raises revenue from taxes

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Do the Wealthy Risk More Money? An Experimental Comparison,amounts of money at risk are small (not surprising, since ten dollars is a smaller amount for a wealthy person than for a poor one), but, interestingly, for the larger amounts of money at risk the fraction of the nonwealthy displaying risk attraction actually exceeds that of the wealthy. We also rep

权宜之计

Are Incomplete Markets Able to Achieve Minimal Efficiency?, assets other than shares in this firm. In Dierker, Dierker, Grodal (2002), we give an example of such an economy in which all market equilibria are constrained inefficient. In this paper, we weaken the concept of constrained efficiency by taking away the planner’s right to determine consumers’ inve

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