Journal of Economic Theory and Econometrics: Journal of the Korean Econometric Society

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Journal of Economic Theory and Econometrics
Journal of the Korean Econometric Society

Volume 23, Issue 1 (March 2012)

Cover pages
Abstract | PDF (165 kilobytes)

No abstract is available for this article.

Capital Reallocation and Liquidity with Search Frictions, Pages 1–29

Yongjin Kim

Abstract | PDF (541 kilobytes)

I construct a model of an asset market subject to search frictions, in an environment where both investment and asset liquidity are determined endogenously. This provides a natural framework to analyze the interaction between capital reallocation and liquidity in response to aggregate shocks, which I assess quantitatively. The search model of capital reallocation exhibits strong internal propagation, and can generate substantial changes in factor utilization following aggregate shocks.

Economic Allocations with Permanent Heterogeneities: An Example, Pages 30–47

Jang-Ok Cho

Abstract | PDF (169 kilobytes)

Permanent heterogeneities in initial asset, preference for leisure, and individual productivity are introduced in a dynamic general equilibrium model and the functional relationship between the heterogeneities and economic allocations is studied. With the permanent heterogeneities, we show that a unique saddle path equilibrium is supported by an initial asset distribution. Depending on the heterogeneities, the distributions of consumption, income, asset and labor income may differ incredibly. However, the associated aggregate economies are not different very much.

Sensitivity Analysis of Equivalence Scale in Income Inequality Studie, Pages 48–62

Younguck Kang

Abstract | PDF (115 kilobytes)

Coulter et al. (1992) argues that the use of different equivalence scales produces the estimations of the inequality indexes with U-shaped pattern where $\theta\approx 0.5$ marks the lowest estimate, and that the McClements Scale used in UK would produce lowest estimates of inequality indexes similar to the case where $\theta\approx 0.6$. Banks and Johnson (1994) counter-argues that such property of McClements Scale depends upon the data at hand and equivalence scale specification in terms of the way children are counted against the number of adults within a single household, rather than on the underlying property of the McClements Scale. This study will, first of all, illustrate that the main source of such dispute about the McClements Scale may come from the proportion of large-size family as well as the single parent households with two young children in the sample data. Secondly, it is argued that such differences in inequality measures from using any values of equivalence scale may not matter, contrary to the common belief, once we employ statistical inferences where the differences in estimated values are not statistically significant.

Evolutionary Stability in Games with Continuous Strategy Space: Recent Developments, Pages 63–78

Woojin Lee

Abstract | PDF (155 kilobytes)

The classical evolutionary game theory, pioneered by Maynard Smith and Price (1973), was initially developed in the context of uni-population games with discrete strategy space. Recently some progress has been made in extending the original idea of Maynard Smith and his collaborators into uni-population games with continuous strategy space (Apaloo, 1997; Christiansen, 1991; Cressman, 2006; Eshel, 1983). The current paper reviews them in a unifying framework, and provides some new theorems linking various concepts of evolutionary stability proposed by different authors.


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