Various clustering properties of d-dimensional overlapping ~i.e., Poisson distributed! spheres are investigated. We evaluate nk , the average number of connected clusters of k particles ~called k-mers! per unit particle, for k52,3,4 and vk , the expected volume of a k-mer, for k52,3,4 by using our general expressions for these quantities for d51, 2, or 3. We use these calculations to obtain low...

This paper proves a simple and general theorem on resource-allocation mechanisms that achieve Pareto efficiency. We say that a mechanism (game form) is normal if at any action profile, an agent who obtains his endowments neither pays nor receives a positive amount. In the context of auctions, this simply means that losers receive no bill. We prove that for any normal mechanism, if its Nash equi...

Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in macroeconomic models. Our basic argument is that default and bankruptcy laws are required to prevent strategic default, and these laws can also serve to provide the conditions for uniqueness. In this paper, we report experimental evidence on the effectiveness of this approach to...

This paper studies the effects of altruism and spitefulness in a two-sided market in which agents behave strategically and trade according to the ShapleyShubik mechanism. By assuming that altruistic agents have concerns for others on the opposite side of the market, it shows that agents always find advantageous to trade. However, they prefer to stay out of the market and consume their endowment...

We study equilibrium security price dynamics in an economy where nonfundamental risk arises from agents' heterogeneous beliefs about extraneous processes. We completely characterize equilibrium in terms of the economic primitives, via a representative agent with stochastic weights. Besides pricing fundamental risk, an agent now also prices nonfundamental risk with a market price which is a risk...

Ragnar Frisch on various occasions claimed that he had invented input-output analysis in a 1934 paper titled “Circulation planning”. Although prominently published in Econometrica, Frisch’s contribution has hardly been discussed in the input-output literature. Frisch’s paper was an attempt to explain the incapsulating phenomena of economic depressions and thus arose from a different motivation ...

This paper studies the impact of innovation on the organizational structure. The theoretical framework predicts that a larger parental pool of knowledge raises the probability of offshoring. This holds in a national as well as an international context. However, when the producer loses territorial protection, the changeover from non-integration to integration is delayed. Employing data on German...

The evolutionary pressure to populate rewarding niches can require organisms to survive high-risk environments. For bacteria that inhabit the nutrient-rich human gut, whether they are our friends or foes, the trip through the stomach requires clever strategies to survive harsh, low-pH conditions. Gut-resident Escherichia coli strains deploy a complex set of responses to counter the impact of th...