 |
|
|
Item Details
| Title:
|
THE SOCIAL VIABILITY OF MONEY
COMPETITIVE EQUILIBRIA AND THE CORE OF OVERLAPPING GENERATIONS ECONOMIES |
| By: |
Joan Esteban |
| Format: |
Paperback |
| List price:
|
£89.99 |
|
We currently do not stock this item, please contact the publisher directly for
further information.
|
|
|
|
|
|
| ISBN 10: |
3540546499 |
| ISBN 13: |
9783540546498 |
| Publisher: |
SPRINGER-VERLAG BERLIN AND HEIDELBERG GMBH & CO. KG |
| Pub. date: |
11 December, 1991 |
| Edition: |
Softcover reprint of the original 1st ed. 1991 |
| Series: |
Lecture Notes in Economics and Mathematical Systems 372 |
| Pages: |
202 |
| Description: |
This work analyzes economies with overlapping generations from a game-theoretical point of view and studies the social acceptability of consumption allocations in infinite-horizon models of pure exchange economies with co-operative agents with finite lifetimes. |
| Synopsis: |
In this book overlapping generations economies are analysedfrom a game theoretical point of view and the socialacceptability of consumption allocations is studied ininfinite horizon models of pure exchange economieswithagents with finite lifetimes who behave cooperatively. Thecore of such economies and its relation with competitiveequilibria, both walrasian and monetary and the essentialcharacteristics of the overlapping generations model areexamined.The author defines the problem of trust in intertemporalconsumption allocations as a question of belonging or not tothe core of economy and provides a full characterization ofthe core allocations for n-goods pure exchange economieswith one agent per generation: a consumption allocationbelongs to the core if and only it is Pareto optimal andSequentially Individually Rational. From this it followsthat for one commodity economies no consumption allocationinvolving intertemporal transfers can belong to the core ofthe economy. In other words, no monetary equilibrium issocially viable. This result is no longer true for manygoods models. For that case it is demonstrated that thereexist bounds on the real value of equilibrium moneypurchases beyond which monetary equilibria are not sociallyviableand with many agents in every generation it is shownthat as the economy becomes large and monetary (as well asIOU) equilibria become eventually excluded from the core ofthe economy. These results provide an analytical rationalefor the fact that in most countries fiat money is legaltender. |
| Illustrations: |
X, 202 p. |
| Publication: |
Germany |
| Imprint: |
Springer-Verlag Berlin and Heidelberg GmbH & Co. K |
| Returns: |
Returnable |
|
|
|
 |
|
|
|
|
|
Little Worried Caterpillar (PB)
Little Green knows she''s about to make a big change - transformingfrom a caterpillar into a beautiful butterfly. Everyone is VERYexcited! But Little Green is VERY worried. What if being a butterflyisn''t as brilliant as everyone says?Join Little Green as she finds her own path ... with just a littlehelp from her friends.
|
|
All the Things We Carry PB
What can you carry?A pebble? A teddy? A bright red balloon? A painting you''ve made?A hope or a dream?This gorgeous, reassuring picture book celebrates all the preciousthings we can carry, from toys and treasures to love and hope. With comforting rhymes and fabulous illustrations, this is a warmhug of a picture book.
|
|
|
|