Joint-Metallism. Anson Phelps Stokes

Memoir Hubert Anson Newton . 1830 - 1896

On the Phelps-Koopmans theorem

We examine whether the Phelps–Koopmans theorem is valid in models with nonconvex production technologies. We argue that a nonstationary path that converges to a capital stock above the smallest golden rule may indeed be efficient. This finding has the important implication that “capital overaccumulation” need not always imply inefficiency. Under mild regularity and smoothness assumptions, we pr...

The Phelps–Koopmans theorem and potential optimality

The Phelps–Koopmans theorem states that if every limit point of a path of capital stocks exceeds the “golden rule,” then that path is inefficient: there is another feasible path from the same initial stock that provides at least as much consumption at every date and strictly more consumption at some date. I show that in a model with nonconvex technologies and preferences, the theorem is false i...

SQS-graphs of Solov'eva-Phelps codes

A binary extended 1-perfect code C folds over its kernel via the Steiner quadruple systems associated with its codewords. The resulting folding, proposed as a graph invariant for C, distinguishes among the 361 nonlinear codes C of kernel dimension κ obtained via Solov’eva-Phelps doubling construction, where 9 ≥ κ ≥ 5. Each of the 361 resulting graphs has most of its nonloop edges expressible in...

Health Insurance and the College Premium ∗ Anson

The gap between the rich and the poor is rising. During the past 30 years, this difference has been especially pronounced between college graduates and non-college graduates. The ratio of skilled (college educated) wages to unskilled (non-college graduate) wages is called the skill premium, and it has also increased over the past 30 years. The increase in the skill premium has continued despite...