Journal Article A Note on “A Four-Flagged Lemma” Get access Karl Vind Karl Vind University of Copenhagen Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 41, Issue 4, October 1974, Page 571, https://doi.org/10.2307/2296707 Published: 01 October 1974

Journal Article A Theorem on the Core of an Economy Get access Karl Vind Karl Vind Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 32, Issue 1, January 1965, Pages 47–48, https://doi.org/10.2307/2296330 Published: 01 January 1965

Pontryagin's Principle can be and has been used in inventory theory, production theory, capital theory and growth theory. The idea presented in this paper shows how the principle can be used also when a firm operates in a market economy or a country in a world market. The resulting jumps in the state variables-amount of capital, amount sold of a commodity, etc.-will disappear through a reinterpretation of the system. The idea is that time is one of the variables and the speed of time can be controlled. By stopping time and letting the other variables change, one can get jumps with respect to time.

[This paper presents an expected utility theory for state-dependent preferences. It proposes axioms that permit the joint derivation of subjective probabilities and utilities when the decision maker's preferences are not independent of the prevailing state of nature. In addition to the usual von Neumann-Morgenstern axioms, these axioms also include the requirement that the decision-maker's actual preferences are consistent with his preferences contingent on an hypothetical probability distribution over the states of nature. Two versions of the consistency axiom are introduced and their significance in the context of Bayesian decision theory is discussed.]