629 research outputs found
Birgit Grodal et l'équilibre général
No full textCet article évoque les apports de Birgit Grodal qui nous a quittés l'année dernière à l'économie et à notre profession. Il décrit ses contributions à la théorie de l'équilibre général, à celle de la concurrence imparfaite ainsi qu'à la théorie des marchés incomplets. Birgit Grodal a également contribué au développement de notre profession et ses activités au sein de l'Association européenne de l'économie (AAE), dont elle aurait dû devenir la présidente en 2005, en attestent.This note describes the contributions made by Birgit Grodal who sadly died last year. Her contributions to General Equilibrium Theory, to the theory of Imperfect Competition and to the theory of Incomplete Markets are briefly discussed. Her work for the development of our profession and her role in the European Economic Association, of which she should have been the President this year, are mentioned
On approximate cores of non-convex economies
No full textGrodal B, Trockel W, Weber S. On approximate cores of non-convex economies. Economics letters. 1984;15(3-4):197-202.In this note we investigate, for non-convex finite economies, the relationship between the existence of approximate core allocations and the size of an economy
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Homotopy Theory
No full textThe workshop "Homotopy Theory" was organized by Jesper Grodal
(Copenhagen), Michael Hill (Los Angeles), and Birgit Richter (Hamburg). It
covered a wide variety of topics in homotopy theory, from foundational questions
to particular computational techniques, and it explored connections to related
fields
Objectives of an Imperfectly Competitive Firm: A Surplus Approach.
No full textWe consider a firm acting strategically on behalf of its shareholders. The price normalization problem arising in general equilibrium models of imperfect competition can be overcome by using the concept of real wealth maximization. This concept is based on shareholders' aggregate demand and does not involve any utility comparisons. We explore the efficiency properties of real wealth maxima for the group of shareholders. A strategy is called S-efficient (S stands for shareholders) if there is no other strategy such that shareholders' new total demand can be redistributed in a way that all shareholders will be better off. Our main result states that the set of real wealth maximizing strategies coincides with the set of S-efficient strategies provided that shareholders' social surplus is concave. Thus, even if a firm does not know the preferences of its shareholders it can achieve S-efficiency by selecting a real wealth maximizing strategy.
Are incomplete markets able to achieve minimal efficiency?
No full textWe consider economies with incomplete markets, one good per state, two periods, t=0,1, private ownership of initial endowments, a single firm, and no assets other than shares in this firm. In Dierker, Dierker, Grodal (2002), we give an example of such an economy in which all market equilibria are constrained inefficient. In this paper, we weaken the concept of constrained efficiency by taking away the planner’s right to determine consumers’ investments. An allocation is called minimally constrained efficient if a planner, who can only determine the production plan and the distribution of consumption at t=0, cannot find a Pareto improvement. We present an example with arbitrarily small income effects in which no market equilibrium is minimally constrained efficient. Copyright Springer-Verlag Berlin/Heidelberg 2005Incomplete markets with production, Constrained efficiency, Dréze equilibria.,
Essays on the determination and formation of prices in European crude oil markets
No full textDefence date: 18 June 1993Examining board: Birgit Grodal ; Ronald Harstad ; Stephen Martin ; Louis Phlips (supervisor) ; Jacques-François Thisse ; Antonio VillarFirst made available online on 19 November 2012
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