Skip to main content
  • Book
  • © 2006

Institutions, Equilibria and Efficiency

Essays in Honor of Birgit Grodal

Editors:

(view affiliations)

Part of the book series: Studies in Economic Theory (ECON.THEORY, volume 25)

Buying options

eBook
USD 169.00
Price excludes VAT (USA)
  • ISBN: 978-3-540-28161-0
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book
USD 219.99
Price excludes VAT (USA)
Hardcover Book
USD 249.99
Price excludes VAT (USA)

This is a preview of subscription content, access via your institution.

Table of contents (20 chapters)

  1. Front Matter

    Pages I-XII
  2. Birgit Grodal: A Friend to Her Friends

    • Andreu Mas-Colell
    Pages 1-7
  3. Equilibrium Pricing of Derivative Securities in Dynamically Incomplete Markets

    • Robert M. Anderson, Roberto C. Raimondo
    Pages 27-48
  4. Adaptive Contracting: The Trial-and-Error Approach to Outsourcing

    • Morten Bennedsen, Christian Schultz
    Pages 49-68
  5. Monetary Equilibria over an Infinite Horizon

    • Gaetano Bloise, Jacques H. Drèze, Herakles M. Polemarchakis
    Pages 69-93
  6. Do the Wealthy Risk More Money? An Experimental Comparison

    • Antoni Bosch-Domènech, Joaquim Silvestre
    Pages 95-116
  7. Are Incomplete Markets Able to Achieve Minimal Efficiency?

    • Egbert Dierker, Hildegard Dierker, Birgit Grodal
    Pages 117-129
  8. A Competitive Model of Economic Geography

    • Bryan Ellickson, William Zame
    Pages 131-147
  9. The Organization of Production, Consumption and Learning

    • Bryan Ellickson, Birgit Grodal, Suzanne Scotchmer, William R. Zame
    Pages 149-185
  10. Household Inefficiency and Equilibrium Efficiency

    • Hans Gersbach, Hans Haller
    Pages 187-209
  11. Equilibrium with Arbitrary Market Structure

    • Birgit Grodal, Karl Vind
    Pages 211-223
  12. Pareto Improving Price Regulation when the Asset Market is Incomplete

    • P. Jean-Jacques Herings, Herakles Polemarchakis
    Pages 225-244
  13. On Behavioral Heterogeneity

    • Werner Hildenbrand, Alois Kneip
    Pages 245-259
  14. The Evolution of Conventions under Incomplete Information

    • Mogens Jensen, Birgitte Sloth, Hans Jøgen Whitta-Jacobsen
    Pages 273-293
  15. Group Formation with Heterogeneous Feasible Sets

    • Michel Le Breton, Shlomo Weber
    Pages 295-315
  16. Monotone Risk Aversion

    • Lars Tyge Nielsen
    Pages 317-329
  17. Will Democracy Engender Equality?

    • John E. Roemer
    Pages 331-349

About this book

Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.

Keywords

  • Economic efficiency
  • Economic equilibrium
  • Incomplete Markets
  • Market structure
  • Markov Chain

Editors and Affiliations

  • Department of Economics, University of Copenhagen, Copenhagen K, Denmark

    Christian Schultz

Bibliographic Information

  • Book Title: Institutions, Equilibria and Efficiency

  • Book Subtitle: Essays in Honor of Birgit Grodal

  • Editors: Christian Schultz, Karl Vind

  • Series Title: Studies in Economic Theory

  • DOI: https://doi.org/10.1007/3-540-28161-4

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2006

  • Hardcover ISBN: 978-3-540-28160-3

  • Softcover ISBN: 978-3-642-06637-5

  • eBook ISBN: 978-3-540-28161-0

  • Series ISSN: 1431-8849

  • Series E-ISSN: 2196-9930

  • Edition Number: 1

  • Number of Pages: XII, 384

  • Number of Illustrations: 21 b/w illustrations

  • Topics: Quantitative Economics, Econometrics

Buying options

eBook
USD 169.00
Price excludes VAT (USA)
  • ISBN: 978-3-540-28161-0
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book
USD 219.99
Price excludes VAT (USA)
Hardcover Book
USD 249.99
Price excludes VAT (USA)