The classical twin design (CTD) is the most common method used to infer genetic and environmental causes of phenotypic variation. As has long been acknowledged, different combinations of the common environment/assortative mating, and additive, dominant, and epistatic genetic effects can lead to the same observed covariation between twin pairs, meaning that there is an inherent indeterminacy in ...

General equilibrium models generically are determinate and have a finite number of equilibria. But, with linear activities and some inelastically supplied factors of production, the economies that arise endogenously as perfect-foresight equilibria proceed through time can robustly be indeterminate. During the initial period of an intertemporal model, the perfect-foresight equilibria typically a...

We show that both real indeterminacy and asset price bubble may appear in an infinite-horizon exchange economy with infinitely lived agents imperfect financial market. explain how the structure heterogeneity (in terms of preferences endowments) affect existence dynamics bubbles as well equilibrium indeterminacy. Moreover, this paper bridges literature on models overlapping generations models.

This paper analyzes how the indeterminacy of competitive equilibrium in one-sector growth models depends on the magnitude of the households’income e¤ect on the demand for leisure. The paper …rst establishes that the presence of income e¤ect is necessary for the existence of an indeterminate equilibrium. Because I am further interested in quantitatively characterizing regions of uniqueness and r...

This essay discusses work on the determinacy and indeterminacy of equilibrium in models of competitive markets. Determinacy typically refers to situations in which equilibria are finite in number, and local comparative statics can be precisely described. This essay describes basic results on generic determinacy for exchange economies and the general underlying principles, together with various ...