Restricted Stock Markets in Simple General Equilibrium Models with Production Uncertainty

Article Abstract:

Uncertainty is introduced into a two-sector equilibrium production model in an explicit portfolio approach. A dual relationship is developed between factor endowments and equity outputs and between factor prices and equity prices. Properties of the restricted stock market are derived providing a general theory of the pattern of equity trade. Previous theories are extended.

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Public expenditure under uncertainty: the net-benefit criteria

Article Abstract:

A model of public expenditure under uncertainty is developed. The model is used to establish how many public and private goods to offer to consumers when the private goods are claims to the commodity of dollars, which depend on one of the states of nature. The net-benefit function is formulated. This function selects prices that will clear the market.

Economic aspects, Expenditures, Public, Public expenditures, Cost benefit analysis

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The Possibility of an Immiserizing Transfer Under Uncertainty

Article Abstract:

Under uncertainty a transfer is shown to lower the welfare of the recipient and raise the donor's welfare. Production is affected by transfer. The form of transfer payment determines the welfare consequences of the transfer.

International trade, Economics

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