In this paper we argue that in realistically calibrated two period general equilibrium models with incomplete markets CAPM-pricing provides a good benchmark for equilibrium prices even when agents are not mean-variance optimizers and returns are not normally distributed. We numerically approximate equilibria for a variety of di erent speci cations for preferences, endowments and dividends and c...

This text is to appear in a volume produced at the occasion of the 100th anniversary of Léon Walras death. The first part (introduction) answers one initial demand (to the solicited authors), i.e the evaluation of Walras influence on their own research and more generally on contemporary research. The second part “Between the Capitol Hill and the Tarpeian Rock ? ” goes further into the discussio...

Whitman argues that group selection is consistent with methodological individualism. He begins by defining a weak form of methodological individualism in which agents are not necessarily self-interested or rational and shows that this form of is consistent with Sober and Wilson’s model of group selection. However, Sober and Wilson’s group selection is also consistent with a methodological indiv...

Cancers of male genital organs (C60-C63) and in particular, prostate cancer, represent one of the most frequent cancer groups among males in economically developed countries and growing cancer group in developing countries. The Institute of Public Health of the Osijek-Baranja County in collaborate with different county institutes provide updated information on the cancer occurrence and trends i...

In this paper we report the results of a laboratory experiment, in which we observed the behavior of agents in a simple macroeconomic setting. The structure of the economy was only partially known to the players which is a realistic feature of our experiment. We investigate whether subjects manage to approach optimal behavior even if they lack important information. Furthermore, we analyze subj...

Static neoclassical framework cannot be applied to model time dependent processes or increasing returns to scale in production. The dynamization of the neoclassical theory of a firm by dynamic optimization, on the other hand, assumes inconsistent profit functions with the former. As a solution to these problems, we present a dynamic theory of a firm consistent with the static neoclassical theor...

We review and evaluate some recent contributions on modeling entrepreneurship within a neoclassical framework, analyzing how and to what extent the fundamental ingredients suggested in the social science literature were captured. We show how these approaches are important in stressing the main elements of a complex picture without being able to fully describe it. Each modeling attempt focuses o...

This paper presents a toolkit for generating optimal policy projections. It makes five contributions. First, the requires minimal set of inputs: only baseline projection target and instrument variables impulse responses those to shocks. Second, it solves projections under commitment, limited-time discretion. Third, handles multiple instruments. Fourth, constraints on instruments such as lower b...

Peut-on reconstruire sans la trahir pensée économique de Marx à partir théorie néoclassique ? C’est question laquelle a tenté répondre John Roemer. Il fut l’un des principaux contributeurs du marxisme analytique – plus précisément choix rationnel –, principalement au cours années 1980. L’objectif fondateur ce courant été parvenir conclusions proches celles en utilisant outils méthodologiques di...