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Efficiency and equilibrium with dynamic increasing aggregate returns due to demand complementarities

Article Abstract:

A model was formulated to assess the aggregate implications of the dynamic nonconvexities at the disaggregate level for optimal and decentralized market equilibrium allocations. The model, which involves production of differentiated intermediated inputs that is subjected to dynamic convexities, reveals that such implications rely on the degree of Hicks-Allen complementarity between differentiated inputs. The model also reveals that when differentiated inputs become Hicks-Allen complements, dynamic nonconvexities at the aggregate level become evident.

Author: Matsuyama, Kiminori, Ciccone, Antonio
Publisher: Blackwell Publishers Ltd.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1999
Econometrics & Model Building, Analysis, Equilibrium (Economics), Business models, Convex domains

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The recursive core

Article Abstract:

A dynamic model for characterizing capital accumulation in an 'infinite horizon setting' is developed to show the feasibility of a nonmonetary trust mechanism via the trading of commodities. Specifically, it demonstrates that recursive core allocations can occur provided that 'no coalition of agents will break the initial core contract' for the distributed capital stocks. As such, the model addresses questions related to trust and time inconsistency of intertemporal contracts.

Author: Becker, Robert A., Chakrabarti, Subir K.
Publisher: Blackwell Publishers Ltd.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1995
Capital formation

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Subjects list: Research, Models, Econometrics
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