# Springer

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Society for the Advancement of Economic Theory (SAET)

# Economic Theory

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### 2004, Volume 23, Issue 3

**493-505 Vickrey auctions with reserve pricing***by*Lawrence Ausubel & Peter Cramton**507-527 A new model of equilibrium involuntary unemployment***by*Leo Kaas & Paul Madden**529-552 Equilibria in large economies with differentiated commodities and non-ordered preferences***by*V. Martins-da-Rocha**553-568 Arbitrage and equilibrium in strategic security markets***by*Leonidas Koutsougeras & Konstantinos Papadopoulos**569-587 Ambiguity, uncertainty aversion and equilibrium welfare***by*Rose-Anne Dana**589-599 A general revealed preference theorem for stochastic demand behavior***by*Taradas Bandyopadhyay & Indraneel Dasgupta & Prasanta Pattanaik**601-619 Green national accounting with a changing population***by*Geir Asheim**621-641 Dynamic provision of public goods***by*Francisco Candel-Sánchez**643-658 Strong monotonicity in surplus sharing***by*Eric Friedman**659-670 Implementing egalitarian-equivalent allocation of indivisible goods on restricted domains***by*Shinji Ohseto**671-688 An extended Heckscher-Ohlin model with transaction costs and technological comparative advantage***by*Wenli Cheng & Jeffrey Sachs & Xiaokai Yang**689-699 Jointly radial and translation homothetic preferences: generalized constant risk aversion***by*Robert Chambers & Rolf Färe & John Quiggin**701-714 Yaari's dual theory without the completeness axiom***by*Fabio Maccheroni

### 2004, Volume 23, Issue 2

**227-257 The probability of conflicts in a U.S. presidential type election***by*Marc Feix & Dominique Lepelley & Vincent Merlin & Jean-Louis Rouet**259-282 A model of rational bias in self-assessments***by*Ján Zábojník**283-320 Computationally restricted unmediated talk under incomplete information***by*Amparo Urbano & Jose Vila**321-335 Background risk and the demand for state-contingent claims***by*Guenter Franke & Richard Stapleton & Marti Subrahmanyam**337-352 A tangent cone analysis of smooth preferences on a topological vector space***by*Stephen Clark**353-370 Edgeworth and Walras equilibria of an arbitrage-free exchange economy***by*Nizar Allouch & Monique Florenzano**371-382 Finiteness property in vertically differentiated markets: a note on locally increasing and decreasing returns***by*Rim Lahmandi-Ayed**383-394 Joint liability among bank borrowers***by*Philip Bond**395-410 Bilateral bargaining, unverifiable quality, and options to return***by*Anke Kessler & Christoph Lülfesmann**411-421 Does a sudden death liven up the game? Rules, incentives, and strategy in football***by*Anurag Banerjee & Johan Swinnen**423-428 Undecidability of the existence of pure Nash equilibria***by*N. Sofronidis**429-437 What is a commodity? Two axiomatic answers***by*Yves Sprumont**439-444 Distributive politics and economic growth: the Markovian Stackelberg solution***by*Ines Lindner & Holger Strulik**445-454 Finding a Nash equilibrium in spatial games is an NP-complete problem***by*Richard Baron & Jacques Durieu & Hans Haller & Philippe Solal**455-465 The optimal degree of commitment in a negotiation with a deadline***by*Antoni Cunyat

### 2003, Volume 23, Issue 1

**1-12 Dynamical systems subject to random shocks: An introduction***by*Rabi Bhattacharya & Mukul Majumdar**13-38 Random dynamical systems: a review***by*Rabi Bhattacharya & Mukul Majumdar**39-71 The nature of the steady state in models of optimal growth under uncertainty***by*Tapan Mitra & Luigi Montrucchio & Fabio Privileggi**73-84 Applications of a generalized metric in the analysis of iterated function systems***by*Niclas Carlsson**85-105 Random continued fractions: a Markov chain approach***by*Alok Goswami**107-122 Stationary measures for some Markov chain models in ecology and economics***by*Krishna Athreya**123-147 Optimal risk adoption: a real options approach***by*Luis Alvarez & Rune Stenbacka**149-164 The theory of economic price and quantity indicators***by*Bert Balk & Rolf Färe & Shawna Grosskopf**165-174 Existence, uniqueness, and stability of equilibrium in an OLG economy***by*Ronald Wendner**175-181 Transitive closure, proximity and intransitivities***by*Nick Baigent & Christian Klamler**183-194 Pure strategy and no-externalities with multiple agents***by*Michael Peters**195-204 Neutrality in arrow and other impossibility theorems***by*Luis Ubeda

### 2003, Volume 22, Issue 4

**699-725 Core and Walrasian equilibria when agents' characteristics are extremely dispersed***by*Konrad Podczeck**727-741 Existence and optimality of oligopoly equilibria in linear exchange economies***by*Jean-Marc Bonnisseau & Michael Florig**743-771 Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment***by*Cuong Le Van & Yiannis Vailakis**773-792 A two-sector overlapping generations model with heterogeneous capital***by*Karl Farmer & Ronald Wendner**793-815 Financial intermediation and entry-deterrence***by*Neelam Jain & Thomas D. Jeitschko & Leonard J. Mirman**817-829 The option of joint purchase in vertically differentiated markets***by*Jean J. Gabszewicz & Xavier Y. Wauthy**831-843 Arbitrary small indivisibilities***by*Michael Florig**845-862 Partition function bargaining with public demands***by*Maarten F. Cornet**863-873 On the geography of conventions***by*Andreas Blume & Ted Temzelides**875-892 Purification of incentive compatible allocations***by*James Bergin**893-902 Theorems on correspondences and stability of the core***by*Farhad Hüsseinov**903-905 The equilibrium set of two-player games with complementarities is a sublattice***by*Federico Echenique**907-915 A simple axiomatization and constructive representation proof for choquet expected utility***by*Alain Chateauneuf & Jürgen Eichberger & Simon Grant**917-925 Optimal fiscal policy in the Uzawa-Lucas model with externalities***by*Manuel A. Gómez**927-933 The sale of small firms: a multidimensional analysis***by*Christian At & Pierre-Henri Morand

### 2003, Volume 22, Issue 3

**469-494 Ranking investment projects***by*James E. Foster & Tapan Mitra**495-528 Exact arbitrage and portfolio analysis in large asset markets***by*M. Ali Khan & Yeneng Sun**529-555 Unsettling aspects of voting theory***by*Donald G. Saari**557-568 A strategy-proofness characterization of majority rule***by*Donald E. Campbell & Jerry S. Kelly**569-581 Implementation in teams***by*Shasikanta Nandeibam**583-606 Inefficient Markov perfect equilibria in multilateral bargaining***by*Hongbin Cai**607-611 Background risk in generalized expected utility theory***by*John Quiggin**613-627 Balancedness and the core in economies with asymmetric information***by*Stefan Maus**629-660 Rate-of-return dominance and efficiency in an experimental economy***by*Gabriele Camera & Charles Noussair & Steven Tucker**661-669 Indeterminacy in a small open economy with endogenous labor supply***by*Qinglai Meng & Andrés Velasco**671-674 A new proof of the maximum principle***by*Ngo Van Long & Koji Shimomura**675-683 Inefficient ex-post equilibria in efficient auctions***by*Oleksii Birulin**685-688 The Borda rule, Condorcet consistency and Condorcet stability***by*Eyal Baharad & Shmuel Nitzan**689-698 Medical insurance with rank-dependent utility***by*Matthew J. Ryan & Rhema Vaithianathan

### 2003, Volume 22, Issue 2

**233-243 Candidate stability and nonbinary social choice***by*Lars Ehlers & John A. Weymark**245-262 Equilibrium in a decentralized market with adverse selection***by*Max R. Blouin**263-288 Learning, non-equilibrium beliefs, and non-pecuniary payoffs in an experimental game***by*Miguel A. Costa-Gomes & Klaus G. Zauner**289-309 Delegation and polarization of platforms in political competition***by*Ramon Faulí-Oller & Efe A. Ok & Ignacio Ortuño-Ortín**311-351 Parimutuel betting markets as information aggregation devices: experimental results***by*Charles R. Plott & Jorgen Wit & Winston C. Yang**353-374 Recursive structure and equilibria in games with private monitoring***by*Massimiliano Amarante**375-394 Incentive compatible contractible information***by*Philip Bond**395-413 Discounting long run average growth in stochastic dynamic programs***by*Jorge Durán**415-418 A short and intuitive proof of Marshall's Rule***by*Christian Ewerhart**419-429 Alternating-offer bargaining over menus under incomplete information***by*Roman Inderst**431-446 Equilibrium binding agreements under diverse behavioral assumptions***by*Effrosyni Diamantoudi**447-455 Stochastic convexity in dynamic programming***by*Alp E. Atakan**457-467 Endogenous market segmentation with heterogeneous agents***by*Gautam Bose

### 2003, Volume 22, Issue 1

**1-15 Generic inefficiency of equilibria in the general equilibrium model with incomplete asset markets and infinite time***by*Felix Kubler & Karl Schmedders**17-31 Cournot-Nash and Lindahl equilibria in pure public “bad” economies***by*Benyamin Shitovitz & Menahem Spiegel**33-44 Mixed equilibria in games of strategic complementarities***by*Federico Echenique**45-62 Dictatorial domains***by*Navin Aswal & Shurojit Chatterji & Arunava Sen**63-88 A class of fair distribution rules à la Rawls and Sen***by*Reiko Gotoh & Naoki Yoshihara**89-110 Optimal design of pension funds: a mission impossible?***by*Anja De Waegenaere & Jeroen Suijs & Peter Borm**111-140 Quasi-fundamental exchange rate variation***by*Steven Russell**141-168 Environmental tax policy in a model of growth cycles***by*Tetsuo Ono**169-192 Sunspot cycles***by*Julio Dávila**193-210 An algebraic theory of portfolio allocation***by*David A. Hennessy & Harvey E. Lapan**211-217 On the constancy of bribe-proof solutions***by*Hideki Mizukami**219-225 A note on Bossert, Pattanaik and Xu's “Choice under complete uncertainty: axiomatic characterization of some decision rules”***by*Ritxar Arlegi**227-232 On strategic complementarity conditions in Bertrand oligopoly***by*Rabah Amir & Isabel Grilo

### 2003, Volume 21, Issue 4

**767-782 Is gold an efficient store of value?***by*Pradeep Dubey & John Geanakoplos & Martin Shubik**783-841 Comparing finite mechanisms***by*Leonid Hurwicz & Thomas Marschak**843-869 Individual welfare, social deprivation and income taxation***by*Satya R. Chakravarty & Patrick Moyes**871-893 Pareto efficient insurance contracts when the insurer's cost function is discontinuous***by*Guillaume Carlier & Rose-Anne Dana**895-900 More on parametric characterizations of risk aversion and prudence***by*Thomas Eichner & Andreas Wagener**901-906 Non-cooperative games with a continuum of players whose payoffs depend on summary statistics***by*Michael T. Rauh**907-912 Probability of survival in a random exchange economy with dependent agents***by*Nigar Hashimzade**913-919 Stochastic growth: asymptotic distributions***by*John Stachurski**921-928 Evolutionary foundations of aggregate-taking behavior***by*Alex Possajennikov**929-934 Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist***by*Frank Riedel

### 2003, Volume 21, Issue 2

**215-216 Foreword to the Symposium in Honor of Mordecai Kurz***by*Charalambos D. Aliprantis & Kenneth J. Arrow & Peter J. Hammond & Felix Kubler & Ho-Mou Wu & Nicholas C. Yannelis**217-225 The genuine savings criterion and the value of population***by*Kenneth J. Arrow & Partha Dasgupta & Karl-Göran Mäler**227-232 Macro foundations of micro-economics***by*Frank Hahn**233-239 Risk aversion in the Talmud***by*Robert J. Aumann**241-261 Claims problems and weighted generalizations of the Talmud rule***by*Toru Hokari & William Thomson**263-292 Speculative trading with rational beliefs and endogenous uncertainty***by*Ho-Mou Wu & Wen-Chung Guo**293-315 Floating exchange rates versus a monetary union under rational beliefs: the role of endogenous uncertainty***by*Carsten Krabbe Nielsen**317-345 Endogenous uncertainty and the non-neutrality of money***by*Maurizio Motolese**347-397 Inside and outside fiat money, gains to trade, and IS-LM***by*Pradeep Dubey & John Geanakoplos**399-421 The economic effects of restrictions on government budget deficits: imperfect private credit markets***by*Christian Ghiglino & Karl Shell**423-433 Speculative trade, asset prices and investment levels***by*Alvaro Sandroni**435-454 Indeterminacy of equilibrium in stochastic OLG models***by*Michael Magill & Martine Quinzii**455-474 Why is there money? Endogenous derivation of `money' as the most liquid asset: a class of examples***by*Ross M. Starr**475-493 Is assortative matching efficient?***by*Steven N. Durlauf & Ananth Seshadri**495-526 On extensive form implementation of contracts in differential information economies***by*Dionysius Glycopantis & Allan Muir & Nicholas C. Yannelis**527-544 Incentives in market games with asymmetric information: the core***by*Beth Allen**545-572 Finite allocation mechanisms: approximate Walrasian versus approximate Direct Revelation***by*Leonid Hurwicz & Thomas Marschak**573-584 Information at equilibrium***by*E. Minelli & H. Polemarchakis**585-603 Nash and Walras equilibrium via Brouwer***by*John Geanakoplos**605-612 Similarity of endowments and the factor price equalization condition***by*Kwan Koo Yun**613-633 Domestic and international strategic interactions in environment policy formation***by*Kazuharu Kiyono & Masahiro Okuno-Fujiwara**635-651 Firm reputation with hidden information***by*Steven Tadelis**653-672 Effect of credible quality investment with Bertrand and Cournot competition***by*Reiko Aoki**673-695 Closed-loop equilibrium in a multi-stage innovation race***by*Kenneth L. Judd**697-727 Modelling exchange of probabilistic opinions***by*Hiroyuki Nakata**729-742 Estimating the stationary distribution of a Markov chain***by*Krishna B. Athreya & Mukul Majumdar**743-766 Monte Carlo simulation of macroeconomic risk with a continuum of agents: the symmetric case***by*Peter J. Hammond & Yeneng Sun

### 2003, Volume 21, Issue 1

**1-18 Temporary financial equilibrium***by*Yves Balasko**a5-a5 In Memoriam: Bruce D. Smith (1954–2002)***by*Edward C. Prescott**19-42 Currency restrictions, government transaction policies and currency exchange***by*Christopher J. Waller & Elisabeth S. Curtis**43-58 Incomplete risk sharing arrangements and the value of information***by*Bernhard Eckwert & Itzhak Zilcha**59-79 Endogenous spillovers and incentives to innovate***by*Hans Gersbach & Armin Schmutzler**81-95 Nonconvex n-person bargaining: efficient maxmin solutions***by*Jens Leth Hougaard & Mich Tvede**97-116 Innovative leadership: First-mover advantages in new product adoption***by*Richard Jensen**117-131 Nash implementation with a private good***by*John Duggan**133-154 Is capital a collusion device?***by*Switgard Feuerstein & Hans Gersbach**155-165 Elasticity of substitution and growth: normalized CES in the Diamond model***by*Kaz Miyagiwa & Chris Papageorgiou**167-173 Distributions for the first-order approach to principal-agent problems***by*Marco LiCalzi & Sandrine Spaeter**175-183 On Intersectoral allocations, factors substitutability and multiple long-run growth paths***by*Jean-Pierre Drugeon & Odile Poulsen & Alain Venditti**185-193 A KKM-result and an application for binary and non-binary choice functions***by*M. Carmen Sánchez & Juan-Vicente Llinares & Begoña Subiza**195-204 Complete and incomplete markets with short-sale constraints***by*Eduardo L. Giménez**205-214 On the dynamics of an endogenous growth model with learning by doing***by*Alfred Greiner

### 2002, Volume 20, Issue 4

**645-675 Segmented risk sharing in a continuous-time setting***by*Hector Chade & Bart Taub**677-702 Preference for flexibility in infinite horizon problems***by*Aldo Rustichini**703-732 Credit contracting and bidding under wealth constraints***by*Charles E. Hyde & James A. Vercammen**733-750 Allocating multiple units***by*Kala Krishna & Torben Tranæ s**751-765 Exact nonradial input, output, and productivity measurement***by*Robert G. Chambers**767-776 Verifying gross substitutability***by*Jos A.M. Potters & Anita van Gellekom & Hans Reijnierse**777-791 Core rationalizability in two-agent exchange economies***by*Walter Bossert & Yves Sprumont**793-807 Equilibrium selection in coordination games with simultaneous play***by*Per Svejstrup Hansen & Oddvar M. Kaarbøe**809-829 A leximin characterization of strategy-proof and non-resolute social choice procedures***by*Jerry S. Kelly & Donald E. Campbell**831-836 Geometry and impossibility***by*Juan Perote-Peña & Ashley Piggins**837-847 The convergence of least squares learning in stochastic temporary equilibrium models***by*Shurojit Chatterji**849-860 Price equilibrium in address models of product differentiation: unit-elastic demand***by*Martin Peitz

### 2002, Volume 20, Issue 3

**435-453 Continuity of the first price auction Nash equilibrium correspondence***by*Bernard Lebrun**455-481 Bancruptcy in a model of unsecured claims***by*Mário R. Páscoa & Aloisio P. Araujo**483-502 Strategy-proof and nonbossy allocation of indivisible goods and money***by*Lars-Gunnar Svensson & Bo Larsson**503-537 Boiteux's solution to the shifting-peak problem and the equilibrium price density in continuous time***by*Anthony Horsley & Andrew J. Wrobel**539-553 Randomization, revelation, and redistribution in a Lerner world***by*Uri Possen & Pierre Pestieau & Steven Slutsky**555-577 Bertrand vs. Cournot equilibrium with risk averse firms and cost uncertainty***by*Harrison Cheng**579-601 Cycles and multiple equilibria in the market for durable lemons***by*Maarten C. W. Janssen & Vladimir A. Karamychev**603-621 When vagueness induces indirect competition: strategic incompleteness of contracts***by*Jaideep Roy & Konstantinos Serfes**623-627 Preference profiles sustaining Arrow's theorem***by*Antonio Quesada**629-636 Derived factor demand under monopoly***by*Thorsten Bayindir-Upmann**637-644 Risk aversion, moral hazard, and the principal's loss***by*Hector Chade & Virginia N. Vera de Serio

### 2002, Volume 20, Issue 2

**217-235 Indeterminacy and cycles in two-sector discrete-time model***by*Kazuo Nishimura & Jess Benhabib & Alain Venditti**237-257 Government financing in an endogenous growth model with financial market restrictions***by*Marco A. Espinosa-Vega & Chong K. Yip**259-269 Discrete time dynamics in a random matching monetary model***by*Hector Lomeli & Ted Temzelides**271-294 Strategic pricing of equity issues***by*Klaus Ritzberger & Frank Milne**295-320 Equilibrium in a reinsurance market with short sale constraints***by*Guillaume Bernis**321-339 Stochastic strategy adjustment in coordination games***by*Michael Kosfeld**341-355 How many voters are needed for paradoxes?***by*James S. Weber**357-372 A comparison of Dodgson's method and the Borda count***by*Thomas C. Ratliff**373-386 Majority cycles in a multi-dimensional setting***by*Laurent Vidu**387-399 Functioning, capability and the standard of living - an axiomatic approach***by*Yongsheng Xu**401-412 Multilateral bargaining: conditional and unconditional offers***by*Chen-Ying Huang**413-425 Discrepancies between ex ante and ex post efficiency under identical subjective probabilities***by*Joaquim Silvestre**427-433 A simple proof of the necessity of the transversality condition***by*Takashi Kamihigashi

### 2002, Volume 20, Issue 1

**1-27 On optimality in intergenerational risk sharing***by*Gabrielle Demange**29-45 Bank's capital structure under non-diversifiable risk***by*Masaya Sakuragawa**47-65 What do uncertainty-averse decision-makers believe?***by*Matthew J. Ryan**67-82 Incomplete markets: transverse financial structures***by*Jean-Marc Bottazzi**83-92 Revisiting Savage in a conditional world***by*Paolo Ghirardato**93-112 Macroeconomic coordination failure under oligempory***by*Paul Madden & Esma Gaygisiz**113-131 Resource-monotonic allocation when preferences are single-peaked***by*Lars Ehlers**133-158 The discrete time version of the Romer model***by*Lisa Morhaim & Charles-Henri Dimaria & Cuong Le Van**159-181 Subjective ambiguity, expected utility and Choquet expected utility***by*Jiankang Zhang**183-188 A new look for Stackelberg-Cournot equilibria in oligopolistic markets***by*Jacqueline Morgan & Lina Mallozzi & Sjur D. Flåm**189-198 Valuation in infinite-horizon sequential markets with portfolio constraints***by*Kevin X.D. Huang**199-205 Can market power sustain endogenous growth in overlapping-generations economies?***by*Rodolphe Dos Santos Ferreira & Teresa Lloyd-Braga**207-216 A note on representability of consumer's behavior***by*C. Rodríguez-Palmero & J.C. R.Alcantud

### 2002, Volume 19, Issue 4

**649-672 Global convergence of adaptive learning in models of pure exchange***by*Jan Wenzelburger**673-705 Auctioning divisible goods***by*Jaime F. Zender & James J.D. Wang**707-736 Product diffusion and pricing with market frictions***by*Theodore Palivos & Derek Laing & Ping Wang**737-746 A class of multipartner matching markets with a strong lattice structure***by*Ahmet Alkan