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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Household Inefficiency and Equilibrium Efficiency,old inefficiencies are caused by inefficient net trades with the market or by inefficient distribution of resources within households. Inefficient net trades might be consistent with global efficiency. Inefficient internal distribution always results in inefficient equilibrium allocations. This lead

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Equilibrium with Arbitrary Market Structure,existing general equilibrium theory to uncertainty and time. This interpretation of general equilibrium theory is the Arrow-Debreu model. The complete market predicted by this theory is clearly unrealistic, and Radner [.] formulated and proved existence of equilibrium in a multiperiod model with inc

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On Behavioral Heterogeneity,ogeneity the less sensitive depends the aggregate consumption expenditure ratio upon prices. As a consequence, a high index implies a tendency for the Jacobian of aggregate demand to have a dominant negative diagonal.

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Macronutrients

Monotone Risk Aversion,increasing and risk averse utility function with decreasing absolute risk aversion is necessarily differentiable with an absolutely continuous derivative. A risk averse utility function has decreasing absolute risk aversion if and only if it has a decreasing absolute risk aversion density, and if an

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