Publications

Article

A Brief Note on the Efficiency of Equilibria with Costly Transactions

By: Jerry R. Green and Heraklis Polemarchakis

Article

On the Optimal Structure of Liability Laws

We consider the control of tvo-party accidents through the use of liability rules that assign damages according to whether or not predetermined standards for care have been met. Particular emphasis is given to how the differential in the costs of accident avoidance... View Details

Keywords: Legal Liability; Law

Article

Direct vs. Indirect Remedies for Externalities

By: Jerry R. Green and Eytan Sheshinski

1975
Working Paper

Information, Efficiency and Equilibrium

When economic agents receive information over time concerning future events it is likely that prices for commodities whose value is influenced by these events will fluctuate in response to changes in the state of knowledge. If such events occur periodically,... View Details

Keywords: Economics; Supply and Industry; Price

Article

The Nature of Stochastic Equilibria

By: Jerry R. Green and Mukul Majumdar

This paper formulates the notion of stochastic equilibria as invariant probability distributions consistent with the behavior patterns of individuals and the disequilibrium adjustment mechanism of the economy. Conditions for existence, uniqueness, and stability of such... View Details

Keywords: Stochastic Equilibria; Econometric Models

Article

Competitive Inefficiencies in the Presence of Constrained Transactions

By: Jerry R. Green and Eytan Sheshinski

Article

A Note on the Progressivity of Optimal Public Expenditures

By: Jerry R. Green and Eytan Sheshinski

Article

The Question of Collective Rationality in Professor Gale's Model of Trade Imbalance

1974
Chapter

Pre-existing Contracts and Temporary General Equilibrium

Article

The Stability of Edgeworth's Recontracting Process

The core is the set of all unblocked allocations. Implicit in this definition is the idea that if an allocation is proposed which could be blocked, some coalition will form and issue a counterproposal which it can enforce. A process of successive counterproposals based... View Details

Keywords: Game Theory; Economics

Article

Temporary General Equilibrium in a Sequential Trading Model with Spot and Futures Transactions

The existence of an equilibrium is proven for a two-period model in which there are spot transactions and futures transactions in the first period and spot markets in the second period. Prices at that date are viewed with subjective uncertainty by all traders. This... View Details

Keywords: Equilibrium; Sequential Trading; Econometric Models

1973
Working Paper

Notes on Expectations Equilibria in Bayesian Settings

By: Kenneth J. Arrow and Jerry R. Green

Article

On the Inequitable Nature of Core Allocations

1971
Working Paper

A Simple General Equilibrium Model of the Term Structure of Interest Rates

1971
Working Paper

Stochastic Equilibrium: A Stability Theorem and Application

Research Summary

Choice, Rationality and Welfare Measurement

For the past century, economists have used the hypothesis that individual choice is based on rationality in their calculations of individual and collective welfare. The central ideas are that actual market choice reveal underlying preferences, and with a good set of... View Details

Research Summary

Compensatory Transfers in Collective Decision Making

Jerry R. Green is studying mechanisms that can be employed to promote efficient collective decisions while providing justifiable compensation to participants who favor different, less efficient alternatives. This type of decision problem is pervasive in business,... View Details

Teaching Interest

Economic Theory

Topics include social choice theory, signaling, mechanism design, general equilibrium, the core, externalities, and public goods. View Details

Teaching Interest

Great Theorems of Microeconomic Theory