Pursuit of relative utility and division of labor
A study focuses on the relationship between the pursuit of relative utility and the development of division of labor in two equilibrium models. The equilibrium level of division of labor is shown to be dependent on a certain critical level of transaction efficiency, which is determined by preference parameters for relative utility, for consumption and for various activities. Conditions will determine whether or not consumption of relative position generates positive effects.
Publication Name: Journal of Comparative Economics
Testing for credit rationing: an application of disequilibrium econometrics
An application of disequilibrium econometrics on credit rationing tests finds that banks ration credit to some firms in all three models of short term credit markets. Models considered include all firms experiencing equilibrium, all firms are rationed and a mixture of the two and the test constitutes a heuristic likelihood ratio test comparing all equilibrium likelihood with that of the mixed likelihood.
Publication Name: Journal of Macroeconomics
On the Transfer Paradox
The existence of the transfer paradox even under Walrasian equilibrium is confirmed. Agents must exceed or equal three. The paradox occurs when the price effect due to transfer is advantageous to the donor and overcomes the pure transfer effect.
Publication Name: International Economic Review
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