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Economics

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General equilibrium with endogenously incomplete financial markets

Article Abstract:

A financial equilibrium model,which is based on the strategic interaction of intermediaries, was developed in an effort to evaluate the nature of general equilibrium economies where price-taking consumers exist. Although intermediaries are compelled to issue nominal type securities alone, such economies manifest monetary neutrality and full-indexation of securities payoffs. However, such markets are characterized by endogenously incomplete properties due to the high cost associated with financial intermediation.

Analysis, Financial markets, Equilibrium (Economics), Financial intermediation

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The distribution of wealth with imperfect altruism

Article Abstract:

A modeling of imperfect altruism in an economy characterized by infinitely lived families and risk-free, linear production technology shows that such an altruism can result in the stationary distribution of wealth. Imperfect altruism acts as a preference shock that can be characterized as a first-order Markov process in each family.

Economic aspects, Inheritance and succession, Altruism, Altruism (Human behavior)

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The economics of cultural transmission and the dynamics of preferences

Article Abstract:

Research is presented concerning the use of an intergenerational cultural transmission to determine the preference traits of its population dynamics. Paternalistic altruism and cultural transmission mechanisms are discussed.

Research, Culture diffusion

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