Dynamic externalities, multiple equilibria, and growth

Article Abstract:

An overlapping generations model is presented. The model sets applications for dynamic externalities, multiple equilibrium conditions and economic development and assumes production and a single market commodity. It is shown that unlimited economic growth of per capita income is invalid under such conditions when aggregate technology exhibits returns to scale behavior. The introduction of external effects in the aggregate production function offers the possibility of permanent economic growth.

Economic development, Externalities (Economics)

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Valuation equilibrium with clubs

Article Abstract:

A model is developed to test the implications of clubs or finite-sized associations on the general competitive framework. The model implicitly examines the role of commodity space and the actions of clubs on commodity space, which requires the trading of a rich and artificial menu of commodities. Results show that in a commodity space, restrictions on the composition of clubs can significantly affect consumption and production sets in an economy.

Economics, Research and Development in the Social Sciences and Humanities, Models, Associations, institutions, etc., Associations, Finite groups

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Dynamic games with hidden actions and hidden states

Article Abstract:

Research investigating economic equilibrium strategies in dynamic games where the actions of the players are unobservable is presented. Particular attention is given to the development of an algorithm aimed at solving equilibria problems.

Games

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