Portfolio autarky: A welfare analysis

Chimpanzee Autarky

BACKGROUND Economists believe that barter is the ultimate cause of social wealth--and even much of our human culture--yet little is known about the evolution and development of such behavior. It is useful to examine the circumstances under which other species will or will not barter to more fully understand the phenomenon. Chimpanzees (Pan troglodytes) are an interesting test case as they are a...

Complexity Analysis of Propositional Resolution with Autarky Pruning

An algorithm called \Modoc", which has been introduced elsewhere, enhances propositional model elimination with autarky pruning, and other features. The model elimination method is based on linear resolution, and is designed to produce refutations of formulas in conjunctive normal form (CNF). Informally, an autarky is a \self-su cient" model for some clauses, but which does not a ect the remain...

A Welfare Analysis of Arbitration∗

The paper compares conventional and final-offer arbitration from the welfare perspective. By some existing contractual arrangement, one party is supposed to make a payment to the other party, depending on the state of the world. Under asymmetric information, one party has a better signal about the state of the world and the other party is aware about its informational disadvantage. Then the ran...

Pooling private technologies: Improving upon autarky

When n agents decide to pool their private, decreasing returns technologies, single-path methods are a natural way to share joint output because of their strong incentives properties (Friedman, 2002). They are a non-anonymous generalization of the serial rule (Moulin and Shenker, 1992) sharing a production function along a prespeci…ed path. We show that only one of these methods satis…es volunt...

Bayesian Portfolio Analysis