Results 191 to 200 of about 10,823 (257)

Liquidity Crises and the Market‐Maker of Last Resort

open access: yesJournal of Money, Credit and Banking, Volume 58, Issue 5, Page 1327-1357, August 2026.
Abstract We study market illiquidity in an economy subject to nonfundamental shocks. Asset trading occurs via decentralized bargaining. The model has multiple rational expectations equilibria; we associate certain Pareto‐inferior equilibria with liquidity crises.
CHARLES M. KAHN   +2 more
wiley   +1 more source

On the Role of the Congestion Technology in Tax Competition With Unemployment

open access: yesJournal of Public Economic Theory, Volume 28, Issue 4, August 2026.
ABSTRACT The present study examines the role of the congestion technology in a tax competition framework with productive government spending and unemployment. Considering two well‐known specifications of congestion, the congestion technology can be shown to be crucial for the analysis of efficiency in both public provision and private utilization ...
Johannes Pauser
wiley   +1 more source

On Aubin's Veto Mechanism: A Survey

open access: yesJournal of Public Economic Theory, Volume 28, Issue 4, August 2026.
ABSTRACT We revisit Aubin's veto mechanism—known as the fuzzy veto—in which agents may participate in a blocking coalition with only a fraction of their endowments, and show that its Core‐Walras equivalence stems directly from the classical Debreu‐Scarf and Aumann theorems.
Carlos Hervés‐Beloso   +2 more
wiley   +1 more source

Knowledge Spillover Network and Optimal R&D Policy in Oligopoly

open access: yesJournal of Public Economic Theory, Volume 28, Issue 4, August 2026.
ABSTRACT This paper studies optimal R&D policy in a Cournot oligopoly with network‐based knowledge spillovers. Generalizing the standard two‐stage model of Kamien et al. (1992), we characterize the socially optimal policy by decomposing the net externality of private innovation into three channels: the market expansion effect, direct knowledge ...
Jun‐Hyung Lee
wiley   +1 more source

Decentralization for the Core of Non‐Convex Economies With Externalities

open access: yesJournal of Public Economic Theory, Volume 28, Issue 4, August 2026.
ABSTRACT We study pure exchange economies with consumption externalities, where agents' preferences depend on others' consumption and may be non‐convex. Adopting a cooperative approach, we allow agents to form coalitions and introduce a notion of generalized fuzzy core. We show that core allocations can be decentralized via suitable price systems.
Maria Gabriella Graziano   +2 more
wiley   +1 more source

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