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A note on an application of Arrow's theorem: sufficient conditions for Lucas' inflation and welfare
(Escola de Pós-Graduação em Economia da FGV, 2000-08)
Bellman's methods for dynamic optimization constitute the present mainstream in economics. However, some results associated with optimal controI can be particularly usefuI in certain problems. The purpose of this note is ...
A note on the non-convexity problem in some shopping-time and human-capital models
(2006)
Several works in the shopping-time and in the human-capital literature, due to the non-concavity of the underlying Hamiltonian, use first-order conditions in dynamic optimization to characterize necessity, but not sufficiency, ...
A note on 'Inflation and Welfare'
(2008)
This note provides an analytical confirmation and a refinement of [Lucas Jr., R.E., 2000. Inflation and welfare. Econometrica 68 (62), 247-274 (March)] numerical findings regarding the characterization of optimality in the ...
Solving the non-convexity problem in some shopping-time and human-capital models
(Escola de Pós-Graduação em Economia da FGV, 2004-09-01)
Several works in the shopping-time and in the human-capital literature, due to the nonconcavity of the underlying Hamiltonian, use Örst-order conditions in dynamic optimization to characterize necessity, but not su¢ ciency, ...
Two additions to Lucas's 'inflation and welfare'
(Escola de Pós-Graduação em Economia da FGV, 2004-04-01)
This work adds to Lucas (2000) by providing analytical solutions to two problems that are solved only numerically by the author. The first part uses a theorem in control theory (Arrow' s sufficiency theorem) to provide ...
Arrow's impossibility theorem is not so impossible and Condorcet's paradox is not so paradoxical: the adequate definition of a social choice problem
(Universidad de los Andes, Facultad de Economía, CEDE, 2005)
In this article, we do two things: first, we present an alternative and simplified proof of the known fact that cardinal individual utility functions are necessary, but not sufficient, and that interpersonal comparability ...
Symmetries as by-products of conserved quantities
(2015)
There is general consensus among physicists in considering symmetries as a source of conserved quantities, a conclusion allegedly supported by Emmy Noether's theorems. Recently it has been pointed out that no arrow of ...