By Alessandro Citanna, John Donaldson, H. Polemarchakis, Paolo Siconolfi, Stephen Spear

ISBN-10: 3540222677

ISBN-13: 9783540222675

Within the region of dynamic economics, David Cass’s paintings has spawned a few very important strains of analysis, together with the examine of dynamic normal equilibrium concept, the concept that of sunspot equilibria, and common equilibrium concept while markets are incomplete. in response to those contributions, this quantity includes new advancements within the box, written by way of Cass's scholars and co-authors.

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**Extra resources for Essays in Dynamic General Equilibrium Theory: Festschrift for David Cass (Studies in Economic Theory)**

**Sample text**

Sometimes they are deﬁned by ‘average’ unit costs that decrease with production. e. cient, in utilizing its resources as is typical to ﬁrms with large ﬁxed costs such as aerospace, airlines, and oil reﬁneries8 . In contrast, increasing returns to scale are external to the ﬁrm when the increased productivity comes about as a result of decreasing unit costs at the level of the industry as a whole. In the latter case, each ﬁrm could have constant unit costs as its production increases, and behave competitively9 .

N∆ = T . All ﬂow variables in the economy ( (t), c(t), f (t) and π(t)) are now interpreted as “ﬂows over the interval t to t + ∆”. We then take the limit as n → ∞ (∆ → 0). Proposition 5 reports the resulting optimality conditions and equilibrium characterization for the competitive, monopolistic pre-commitment and monopolistic time-consistent economies, assuming appropriate regularity conditions are satisﬁed. Proposition 5. In the continuous-time limit, as n → ∞, ∀t: (i) The competitive ﬁrm’s optimal labor demand f( D D (t), ε(t)) − w(t) = 0.

Ciency in a ﬁnite time if and only if the W P dw {w has no positive root. polynomial D({) = w=0 Proof. cients of the polynomial D({). cients, as in (3). Up to now we have proceeded to a ﬁnite number of successive changes. A justiﬁcation of the hypothesis is that, if there were inﬁnitely many nonzero values of |w , |w might tend to inﬁnity and the marginal approximation would hold no longer. However, the objection is avoided if we restrict the attention to uniformly bounded sequences {|}. ciency in a ﬁnite time, but it does so in an inﬁnite time, by repeating the operation for 38 Christian Bidard all dates at the same activity levels.

### Essays in Dynamic General Equilibrium Theory: Festschrift for David Cass (Studies in Economic Theory) by Alessandro Citanna, John Donaldson, H. Polemarchakis, Paolo Siconolfi, Stephen Spear

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