Knowledge that Transforms

Journal Article Transaction Costs, Uncertainty and Generally Inactive Futures Markets Get access H. M. Shefrin H. M. Shefrin University of Santa Clara Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 1, January 1981, Pages 131–137, https://doi.org/10.2307/2297125 Published: 01 January 1981 Article history Received: 01 October 1978 Accepted: 01 April 1980 Published: 01 January 1981

Journal Article A Note on Pasinetti's “Ricardian System” Get access P. J. Eygelshoven, P. J. Eygelshoven University of Groningen Search for other works by this author on: Oxford Academic Google Scholar S. K. Kuipers S. K. Kuipers University of Groningen Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 1, January 1981, Pages 185–186, https://doi.org/10.2307/2297132 Published: 01 January 1981 Article history Received: 01 October 1979 Accepted: 01 May 1980 Published: 01 January 1981

In this paper I develop an N-person stochastic game in which each player views himself as facing a Markov decision process. Specifically, every player is assumed to choose his strategy as a policy which is optimal with respect to the process in question. It is clear that such a strategy need not be a best reply to the strategy choices of the other players, so a Nash equilibrium might not be appropriate for this game. Consider the following alternative equilibrium concept. Every player compares the subjective transition probabilities from his Markov decision process with the objective frequencies which he encounters during the course of the game. If no player receives disconfirming evidence about the subjective probabilities he is using, then the game is said to be in informational equilibrium. In this case the subjective probabilities are termed self-generating. Clearly, an informational equilibrium falls into the class of fulfilled expectations or rational equilibria. The main result of the paper is that an informational equilibrium exists for the game under consideration. The motivation for studying this particular class of games derives from the microeconomic treatment of household and firm intertemporal decisions under uncertainty. In economic theory it is common to treat these decision problems within a dynamic programming Markov decision process framework.' Here Markov transistion probabilities are used to describe the random prices faced by households and the random demand functions faced by firms. A question which would seem to be of considerable interest involves the problem of how one might model a complete economy in which each agent treats his own decision problem as a Markov decision process. Choosing an appropriate equilibrium concept would naturally be of paramount importance. This is the essential issue with which the present paper is concerned. It is important though to emphasize that the underlying approach does not really depend upon the specification of any particular economy. Therefore the general framework is described in terms of an

Journal Article Some Results on the Optimal Depletion of Exhaustible Resources Under Negative Discounting Get access Tapan Mitra Tapan Mitra State University of New York, Stony Brook Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 3, July 1981, Pages 521–532, https://doi.org/10.2307/2297164 Published: 01 July 1981 Article history Received: 01 May 1977 Accepted: 01 October 1980 Published: 01 July 1981

Journal Article Consumer Search and Market Equilibria: A Note Get access Avishay Braverman, Avishay Braverman The World Bank Search for other works by this author on: Oxford Academic Google Scholar Avinash Dixit Avinash Dixit Princeton University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 4, October 1981, Pages 657–658, https://doi.org/10.2307/2297205 Published: 01 October 1981 Article history Received: 01 June 1981 Accepted: 01 July 1981 Published: 01 October 1981

Journal Article On the Existence of an Optimal Income Tax Schedule Get access Mamoru Kaneko Mamoru Kaneko University of Tsukuba and Yale University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 4, October 1981, Pages 633–642, https://doi.org/10.2307/2297202 Published: 01 October 1981 Article history Received: 01 June 1980 Accepted: 01 April 1981 Published: 01 October 1981

Journal Article Incomplete Information, Risk Shifting, and Employment Fluctuations Get access Herschel I. Grossman Herschel I. Grossman Brown University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 2, April 1981, Pages 189–197, https://doi.org/10.2307/2296879 Published: 01 April 1981 Article history Received: 01 March 1980 Accepted: 01 October 1980 Published: 01 April 1981

Journal Article The Elasticity of Derived Net Supply and a Generalized Le Chatelier Principle Get access W. E. Diewert W. E. Diewert University of British Columbia Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 1, January 1981, Pages 63–80, https://doi.org/10.2307/2297121 Published: 01 January 1981 Article history Received: 01 August 1977 Accepted: 01 March 1980 Published: 01 January 1981

Journal Article A Comment on “Stable Spillovers among Substitutes” Get access G. Laroque G. Laroque Institut National de la Statistique et des Etudes Economiques Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 2, April 1981, Pages 355–361, https://doi.org/10.2307/2296892 Published: 01 April 1981 Article history Received: 01 March 1980 Accepted: 01 October 1980 Published: 01 April 1981

Journal Article Import Substitution Policies: A Two-Sector, Fix-Price Model Get access John T. Cuddington John T. Cuddington Stanford University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 48, Issue 2, April 1981, Pages 327–342, https://doi.org/10.2307/2296889 Published: 01 April 1981 Article history Received: 01 November 1979 Accepted: 01 September 1980 Published: 01 April 1981