Previous literature on the exchange rate and household consumption failed to examine effect of positive negative changes in expenditures. We extended available by investigating asymmetric impacts African emerging economies (AEE). To attain this aim, we utilized nonlinear ARDL model, which covers both shocks rate. Our results indicate that movements have all included economies, excluding Nigeria...

We find that survey evidence on faculty pay-cycle choice strongly contradicts the neoclassical theory of consumer behavior. It is more favorable to the behavioral life-cycle theory of Shefrin and Thaler (1988). JEL: D12

The present paper integrates neoclassical offer curves and production theory, introducing utility maximization and trade levels into the comparative static factor proportions model. The paper analyzes production conditions that determine the Metzler paradox that a tariff could lower the tariff inclusive import price. The model provides a more complete link between neoclassical and factor propor...

In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete. © 2011 Elsevier Inc. All rights reserved. JEL classification: D52; D60; H20

A definition of a utilitarian social welfare relation (SWR) for infinite utility streams is proposed. Such a relation is characterized in terms of the Pareto, Anonymity and Partial Unit Comparability Axioms. The merits of the utilitarian SWR, relative to the more restrictive SWR induced by the overtaking criterion, are examined. © 2006 Elsevier Inc. All rights reserved. JEL classification: D60;...

We experimentally investigate how impartial observers allocate money to agents whose complementarity and substitutability determine the surplus that each group can achieve. Analyzing data through lens of axioms solutions from cooperative game theory, a one-parameter model (mixing equal split Shapley value) arises as parsimonious description data. (JEL C71, C91, D12, D63)

We reconsider the class of weighted Kalai-Smorodinsky solutions of Dubra (2001), and using methods of Imai (1983), extend their characterization to the domain of multilateral bargaining problems. Aside from standard axioms in the literature, this result involves a new property that weakens the axiom Bilateral Consistency (Lensberg, 1988), by making the notion of consistency dependent on how ide...

We study social learning in a continuous action space experiment. Subjects, acting sequence, state their beliefs about the value of good after observing predecessors’ statements and private signal. compare behavior laboratory with Perfect Bayesian Equilibrium prediction predictions bounded rationality models decision-making: redundancy information neglect model overconfidence model. The results...

This paper investigates fair (i.e., envy-free and efficient) allocations in an overlapping generations economy without production with two-period lived agents. We show that there is a conflict between no-envy efficiency when all have identical preferences. crucially depends on the size of given young age consumption initial old generation relative to at golden-rule. then exist non-stationary pr...