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Article
Publication date: 9 November 2015

Darong Dai

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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

Details

Journal of Economic Studies, vol. 42 no. 6
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 11 November 2019

Kerk L. Phillips

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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

Details

Journal of Economic Studies, vol. 46 no. 7
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 1 March 2021

Hugo Chu

This chapter provides an alternative interpretation of the emergence of the “Ramsey-Cass-Koopmans” growth model, a framework which, alongside the overlapping generation

Abstract

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).

Details

Research in the History of Economic Thought and Methodology: Including a Selection of Papers Presented at the 2019 ALAHPE Conference
Type: Book
ISBN: 978-1-80071-140-2

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Article
Publication date: 8 February 2013

Kevin P. Farmer and Jane K. Miller

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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

Originality/value

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.

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Book part
Publication date: 30 November 2016

Robert L. Axtell

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…

Abstract

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.

Details

Revisiting Hayek’s Political Economy
Type: Book
ISBN: 978-1-78560-988-6

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Article
Publication date: 1 February 2006

Stijn Bernaer, Martin Meganck, Greet Vanden Berghe and Patrick De Causmaecker

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…

Abstract

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.

Details

Journal of Information, Communication and Ethics in Society, vol. 4 no. 1
Type: Research Article
ISSN: 1477-996X

Keywords

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Book part
Publication date: 12 September 2003

Alessandro Lomi, Erik R. Larsen and Ann van Ackere

Because clustering of organizational activities in space induces – and at the same time emerges from patterns of imperfect connectivity among interacting agents, the study…

Abstract

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.

Details

Geography and Strategy
Type: Book
ISBN: 978-0-76231-034-0

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Book part
Publication date: 19 January 2005

Marcus Berliant and Ping Wang

Abstract

Details

Urban Dynamics and Growth: Advances in Urban Economics
Type: Book
ISBN: 978-0-44451-481-3

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Abstract

Details

Handbook of Transport Geography and Spatial Systems
Type: Book
ISBN: 978-1-615-83253-8

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Article
Publication date: 1 March 2001

Thomas M. Apke

The Organization for Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions went into…

Abstract

The Organization for Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions went into effect in 1999. The convention is important since its signatories account for most of the world’s exports and foreign investment. Thus bribery is no longer an acceptable standard for international competition. Companies engaged in international business must understand the provisions of the Convention and take affirmative steps for compliance. Otherwise the firm and its employees risk criminal prosecution in their home country. This article discusses the issues global businesses must consider for planning under the OECD Convention.

Details

Managerial Auditing Journal, vol. 16 no. 2
Type: Research Article
ISSN: 0268-6902

Keywords

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