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Institutions, Equilibria and Efficiency

Author: Christian Schultz

Publisher: Springer Science & Business Media

Published: 2006-04-22

Total Pages: 380

ISBN-13: 3540281614

Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.

Institutions and Economic Theory

Author: Eirik G. Furubotn

Publisher: University of Michigan Press

Published: 2010-10-22

Total Pages: 150

ISBN-13: 047202714X

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This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included. Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University. Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.

Institutions, Equilibria and Efficiency

Author: Christian Schultz

Publisher: Springer

Published: 2006-02-13

Total Pages: 0

ISBN-13: 9783540281603

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Complementarity, Equilibrium, Efficiency and Economics

Author: G. Isac

Publisher: Springer Science & Business Media

Published: 2013-04-17

Total Pages: 458

ISBN-13: 1475736231

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In complementarity theory, which is a relatively new domain of applied mathematics, several kinds of mathematical models and problems related to the study of equilibrium are considered from the point of view of physics as well as economics. In this book the authors have combined complementarity theory, equilibrium of economical systems, and efficiency in Pareto's sense. The authors discuss the use of complementarity theory in the study of equilibrium of economic systems and present results they have obtained. In addition the authors present several new results in complementarity theory and several numerical methods for solving complementarity problems associated with the study of economic equilibrium. The most important notions of Pareto efficiency are also presented. Audience: Researchers and graduate students interested in complementarity theory, in economics, in optimization, and in applied mathematics.

Efficiency, Institutions, and Economic Policy

Author: Rüdiger Pethig

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 223

ISBN-13: 3642730647

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In a neoclassical world the existence of non-zero transaction costs, nonconvex technologies, public goods and so on creates inefficiencies which can be dealt with by various institutions. But, institutions can create inefficiencies of their own. This volume addresses the issue of efficiency and institutions from different angles. First, the efficiency of modern welfare states is analyzed on a general level where topics like social justice, redistribution and rent seeking are studied in an environment of pressure groups and self-interested politicians (papers by Streit, Schlieper, WickstrAm). Second, several papers deal with more specific issues like intergenerational transfers in a social insurance system, the efficiency of law, and contractual arrangements in the labor market (Witt, Rowley and Brough, Monissen and Wenger). Third, allocation procedures for nonexclusive public goods are analyzed (GA1/4th and Hellwig, Pethig).

Institutions and Economic Theory

Author: Eirik Grundtvig Furubotn

Publisher: University of Michigan Press

Published: 2000

Total Pages: 576

ISBN-13: 9780472086801

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A comprehensive introduction to and critical assessment of the theory and applications of the New Institutional Economics.

Wealth Expanding Theory Under the Principle of Efficiency-Equity Equilibrium

Author: Ye, Fred Y.

Publisher: IGI Global

Published: 2022-06-30

Total Pages: 291

ISBN-13: 1668449374

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It has been suggested that national economic policies should focus on taxation to achieve social equity and interest rates for economic efficiency; wealth distribution can balance efficiency and equity through tax rates, interest rates, and exchange rates. Additionally, while the economic system seeks efficiency and the social system pursues equity, common interest modifications with elastic exchange and tax rates should be applied for balancing efficiency and equity. Wealth Expanding Theory Under the Principle of Efficiency-Equity Equilibrium is a comprehensive reference source that considers economic philosophy for extending economic cognition, balancing economic efficiency and social equity, and future interstellar economics. Covering key topics such as poverty, fiscal policy, and macroeconomics, this reference work is ideal for policymakers, government officials, business owners, economists, managers, researchers, scholars, academicians, practitioners, instructors, and students.

Political Economy of Institutions, Democracy and Voting

Author: Norman Schofield

Publisher: Springer Science & Business Media

Published: 2011-06-11

Total Pages: 426

ISBN-13: 3642195199

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This book presents the latest research in the field of Political Economy, dealing with the integration of economics and politics and the way institutions affect social decisions. The authors are eminent scholars from the U.S., Canada, Britain, Spain, Italy, Mexico and the Philippines. Many of them have been influenced by Nobel laureate Douglass North, who pioneered the new institutional social sciences, or by William H. Riker who contributed to the field of positive political theory. The book focuses on topics such as: case studies in institutional analysis; research on war and the formation of states; the analysis of corruption; new techniques for analyzing elections, involving game theory and empirical methods; comparing elections under plurality and proportional rule, and in developed and new democracies.

Evolution and Efficiency

Author: Jack J. Vromen

Publisher:

Published: 1994

Total Pages: 308

ISBN-13:

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Institutions in Economics

Author: Malcolm Rutherford

Publisher: Cambridge University Press

Published: 1996-07-13

Total Pages: 244

ISBN-13: 9780521574471

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This book examines and compares the 'old' institutionalism of Veblen, Mitchell, Commons, and Ayres, with the 'new' institutionalism developed from neoclassical and Austrian sources.