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The purpose of this paper is to study the problem of optimal Ramsey taxation in a finite-planning-horizon, representative-agent endogenous growth model including government expenditures as a productive input in capital formation and also with hidden actions.

Technically, Malliavin calculus and forward integrals are naturally introduced into the macroeconomic theory when economic agents are faced with different information structures arising from a non-Markovian environment.

The major result shows that the well-known Judd-Chamley Theorem holds almost surely if the depreciation rate is strictly positive, otherwise Judd-Chamley Theorem only holds for a knife-edge case or on a Lebesgue measure-zero set when the physical capital is completely sustainable.

The author believes that the approach developed as well as the major result established is new and relevant.

The purpose of this paper is to infer the welfare of heterogeneous agents using a representative agent model.

It does so by partitioning the household into subunits and allocating consumption to each subunit proportionally to the income the subunit generates through wages and capital returns.

The author shows that for a simple dynamic general equilibrium model with immigration, the steady state utilities of these subunits correspond very closely to the utilities for an equivalent heterogeneous agent model. This is particularly true when labor–leisure decisions are made using slightly modified Euler equations.

More complicated models can be solved and simulated using fewer computational resources using this technique.

This chapter provides an alternative interpretation of the emergence of the “Ramsey-Cass-Koopmans” growth model, a framework which, alongside the overlapping generation model, is the dominant approach in today’s macroeconomics. By focusing on the role Paul Samuelson played through the works he developed in the turnpike literature, the author’s goal is to provide a more accurate history of growth theory of the 1940–1960s, one which started before Solow (1956) but never had him as a central reference. Inspired by John von Neumann’s famous 1945 article, Samuelson wrote his first turnpike paper by trying to conjecture an alternative optimal growth path (Samuelson, 1949 [1966]). In the 1960s, after reformulating the intertemporal utility model presented in Ramsey (1928), Samuelson began to propound it as a representative agent model. Through Samuelson’s interactions with colleagues and PhD students at the Massachusetts Institute of Technology (MIT), and given his standing in the profession, he encouraged a broader use of that device in macroeconomics, particularly, in growth theory. With the publication of Samuelson (1965), Tjalling Koopmans and Lionel McKenzie rewrote their own articles in order to account for the new approach. This work complements a recently written account on growth theory by Assaf and Duarte (2018).

The purpose of this paper is to present a theoretical framework for assessing the effects representatives have on their client's perceptions of justice, outcome and satisfaction, as well as the treatment received by clients from other stakeholders, in workplace dispute resolution processes.

Research propositions are advanced based on constructs and theories drawn from the literature on organizational justice, in particular, as well as social psychology in general.

Representatives are hypothesized to have a profound effect on their client's perceptions of voice, participation and satisfaction as well as on the treatment accorded the client by the other side and third‐party neutral. Representation, per se, is heralded as neither a positive nor a negative force in workplace dispute resolution processes.

The framework of a representative's effects is limited by a focus on individual employees who pursue disputes arising out of the employment relationship against management and, therefore, excludes disputes involving groups as well as non‐employment related disputes.

Suggestions for expanding or contracting the role of representatives in workplace dispute resolution are discussed.

Although it is ubiquitous in US jurisprudence and is a growing presence in alternative dispute resolution, the representative‐client dyad has been unexplored. The impact representatives have on the client's perceptions of justice, and the effects representatives have on other stakeholders in the process, bear scrutiny.

Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.

In this paper, we will address privacy and trust issues that arise in more advanced software systems. Though a lot of information is currently available in electronic form, not all of it should widely be accessible to everybody. The involved parties need full control on how their data are used and who has access. If the system consists of autonomous software agents, this problem requires extra attention and new working principles. We illustrate this in the case of a communication platform for multimodal transport. The major aim of the communication platform is to enhance exchanging information and to ultimately improve organisation/collaboration within the transport sector. A better informed view of the transport sector will facilitate better considered decisions for users of the communication platform. The software system merits credibility by accurately modelling all the relevant real world interactions of potential users of the system. We opted for a connectivity solution in which software agents act as representatives of the parties involved. All agents can be equipped with human‐like skills and qualities such as intelligence, autonomy, and the ability to cooperate, coordinate and negotiate. We demonstrate how cooperation between parties can be achieved while respecting their sensitivity concerning information.

Because clustering of organizational activities in space induces – and at the same time emerges from patterns of imperfect connectivity among interacting agents, the study of geography and strategy necessarily hinges on assumptions about how agents are linked. Spatial structure matters for the evolutionary dynamics of organizations because social systems are prime examples of connected systems, i.e. systems whose collective properties emerge from interaction among a large number of component micro-elements. Starting from this proposition, in this paper we explore the value of the claim that a wide range of interesting organizational phenomena can be represented as the outcome of processes that occur in overlapping local neighborhoods embedded in more general network structures. We document how patterns of spatial organization are sensitive to assumptions about the range of local interaction and about expectation formation mechanisms that induce temporal interdependence in agents’ choice. Within the lattice world that we define we discover a concave relation between the sensitivity of individual agents to new information (cognitive inertia) and system-level performance. These results provide experimental evidence in favor of the general claim that the evolutionary dynamics of social systems are directly affected by patterns of spatial organization induced by network-based activities.

The purpose of this study is to analyze and compare the level of professionalization of the real estate broker's occupation in Victoria, Australia, and Sweden. As previous studies have indicated that the real estate agent occupation in both regions is experiencing low levels of trust, an analysis of the level of professionalization is warranted.

The data used in the analysis in this paper have been gathered from a number of different high-quality sources. In Sweden, information has been obtained from the Swedish Real Estate Agents Inspectorate, the Association of Swedish Real Estate Agents and the Swedish Real Estate Agents Association, and Real Estate Statistics. For the Victorian case, information has been obtained from the Real Estate Institute of Victoria, which is the leading professional body in organizing real estate agents. Furthermore, information has also been sourced from the Business Licensing Authority as well as Consumer Affairs Victoria. The focus of the analysis has been on the institutional changes of the real estate profession, including the education required to become an agent, the legislation and supervision of real estate agents and the role of the professional bodies that organize the real estate agents. 10;

The analysis shows that both the real estate brokerage market in Victoria and Sweden could be characterized as mature. Using the definition of a profession from Millerson (1964), the authors conclude that the brokerage industry has a number of the characteristics of a profession such as a long albeit interdisciplinary education, strong professional bodies, code of conduct and some level of self-regulation.

This research examines two countries, both considered mature in their house market process. Findings may be very different if the research methodology was applied to house markets that do not exhibit the same level of regulatory control.

Even though the real estate occupation can be considered as a semi-profession, there is still room for improvement when it comes to how consumers perceive the trustworthiness of real estate agents. Therefore, the professional bodies ought to strive to find ways on increasing the status and trustworthiness of the profession. These could include increasing the transparency as well as continuing education for its members.

Users of real estate services need to have confidence in the skills and expertise of real estate agents they engage. The magnitude of the monies associated with real estate transactions should cause users to seek out agents who are proficient in what they do, and to this end, the professionalism of agents is critical to the provision of accurate and informative information to guide users toward positive and beneficial outcomes.

To the best of the authors’ knowledge, this is the first study that analyzes and compares the development of the real estate profession in Victoria and Sweden, using theories from the study of professions.