Journal: Journal of Economic Theory

Abbreviation

J. econ. theory

Publisher

Elsevier

Journal Volumes

ISSN

0022-0531
1095-7235

Description

Filters

2010 - 201982020 - 20255
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Publications 1 - 10 of 13
  • Electoral competition with costly policy changes: A dynamic perspective
    Item type: Journal Article
    Gersbach, Hans; Jackson, Matthew O.; Muller, Philippe; et al. (2023)
    Journal of Economic Theory
    We analyze two-party electoral competition with a one-dimensional policy space, costly policy changes, and random negative shocks to a party's viability over an infinite horizon. We show the existence and uniqueness of stationary Markov perfect equilibria in which parties use so-called simple strategies. Regardless of the initial policy, party choices converge in the long run to a stochastic alternation between two policies, with transitions occurring if and only if parties suffer a negative shock to their viability. Although costs of change have a moderating effect on policies, full convergence to the median voter position does not take place when parties are polarized.
  • When is multidimensional screening a convex program?
    Item type: Journal Article
    Figalli, Alessio; Kim, Young-Heon; McCann, Robert J. (2011)
    Journal of Economic Theory
  • A behavioral study of "noise" in coordination games
    Item type: Journal Article
    Mäs, Michael; Nax, Heinrich (2016)
    Journal of Economic Theory
  • Incomplete markets, liquidation risk, and the term structure of interest rates
    Item type: Journal Article
    Challe, Edouard; Le Grand, François Louis; Ragot, Xavier (2013)
    Journal of Economic Theory
  • Justifying social discounting
    Item type: Journal Article
    Zuber, Stéphane; Asheim, Geir B. (2012)
    Journal of Economic Theory
  • Would you Prefer your Retirement Income to Depend on your Life Expectancy?
    Item type: Journal Article
    Bommier, Antoine; Schernberg, Hélène (2021)
    Journal of Economic Theory
    We study the demand for retirement income of agents who gradually learn about their life expectancy. For a given expected budget, temporally risk-averse agents prefer that pension levels respond to incoming information about life ex- pectancy rather than being fixed ex-ante. Indeed, this offers a hedging strategy that couples shorter lives with higher consumption levels, and longer lives with lower consumption levels. A calibrated life-cycle model provides an order of mag- nitude of the effects at play.
  • Comparative risk aversion
    Item type: Journal Article
    Bommier, Antoine; Chassagnon, Arnold; Le Grand, François Louis (2012)
    Journal of Economic Theory
  • Market versus optimum allocation in open economies
    Item type: Journal Article
    Egger, Peter H.; Huang, Ruobing (2025)
    Journal of Economic Theory
    A large body of theoretical and quantitative work concerns models of heterogeneous firms and monopolistic competition. But most of it relies on strong assumptions regarding demand structure, firm-productivity distribution, and country heterogeneity. This paper studies a general-equilibrium model with directly explicitly additive preferences, non-specified productivity distributions, and asymmetric countries, for which much less is known. We first prove the existence and uniqueness of the market equilibrium with a three-stage approach of analyzing competition intensities and wages. We then explore the market-allocation mechanism and provide a baseline comparison between the market and a utilitarian optimum from a global planner's perspective. We show that misallocation in open economies can be decomposed into two effects, driven by country asymmetry and the variable elasticity of substitution. We present two examples exhibiting constant and variable markups, respectively, to illustrate how to apply our general theorem.
  • The macroeconomics of Modigliani-Miller
    Item type: Journal Article
    Gersbach, Hans; Haller, Hans; Mueller, Juerg (2015)
    Journal of Economic Theory
  • Groups, collective decisions and markets
    Item type: Journal Article
    Gersbach, Hans; Haller, Hans (2011)
    Journal of Economic Theory
Publications 1 - 10 of 13