Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz

Front Matter....Pages I-VII
Foreword to the Symposium in Honor of Mordecai Kurz....Pages 1-2
The genuine savings criterion and the value of population....Pages 3-11
Macro foundations of micro-economics....Pages 13-18
Risk aversion in the Talmud....Pages 19-25
Annuities and retirement....Pages 27-53
Claims problems and weighted generalizations of the Talmud rule....Pages 55-75
Speculative trading with rational beliefs and endogenous uncertainty....Pages 77-106
Floating exchange rates versus a monetary union under rational beliefs: the role of endogenous uncertainty....Pages 107-129
Endogenous uncertainty and the non-neutrality of money....Pages 131-159
Inside and outside fiat money, gains to trade, and IS-LM....Pages 161-211
The economic effects of restrictions on government budget deficits: imperfect private credit markets....Pages 213-235
Speculative trade, asset prices and investment levels....Pages 237-247
Indeterminacy of equilibrium in stochastic OLG models....Pages 249-268
Existence and uniqueness of ‘money’ in general equilibrium: natural monopoly in the most liquid asset....Pages 269-302
Is assortative matching efficient?....Pages 303-321
On extensive form implementation of contracts in differential information economies....Pages 323-354
Vickrey auctions with reserve pricing....Pages 355-367
Incentives in market games with asymmetric information: the core....Pages 369-386
The cheapest hedge....Pages 387-412
The informational efficiency of finite price mechanisms....Pages 413-460
Information at equilibrium....Pages 461-472
Nash and Walras equilibrium via Brouwer....Pages 473-491
The application of CVM for assessing the tele-health system: an analysis of the discrepancy between WTP and WTA based on survey data....Pages 493-506
Similarity of endowments and the factor price equalization condition....Pages 507-514
Domestic and international strategic interactions in environment policy formation....Pages 515-535
Firm reputation with hidden information....Pages 537-553
Structural breaks in the volatility of macroeconomic and financial data: The rule, not the exception....Pages 555-578
Effect of credible quality investment with Bertrand and Cournot competition....Pages 579-598
To each according to his needs: an axiomatic characterization....Pages 599-618
Closed-loop equilibrium in a multi-stage innovation race....Pages 619-641
Modelling exchange of probabilistic opinions....Pages 643-673
Effects of asset market structure on welfare and trading volume....Pages 675-693
Estimating the stationary distribution of a Markov chain....Pages 695-708
Monte Carlo simulation of macroeconomic risk with a continuum of agents: the symmetric case....Pages 709-732
A more reasonable model of insurance demand....Pages 733-742
Back Matter....Pages 744-744