When can we do better than autarky?

This paper provides a necessary and sufficient condition for the existence of nonautarkic contract in a risk sharing model with two-sided lack of commitment. Verifying the condition takes just one Guassian elimination of a matrix.

When can we do better than autarky?

This paper provides a necessary and sufficient condition for the existence of nonautarkic contract in a risk sharing model with two-sided lack of commitment. Verifying the condition takes just one Guassian elimination of a matrix

Fixed points theorems for mappings with non-compact and non-convex domains

AbstractThis note gives some fixed point theorems for lower and upper semi-continuous mappings and mappings with open lower sections defined on non-compact and non-convex sets. It will be noted that the conditions of our theorems are not only sufficient but also necessary. Also our theorems generalize some well-known fixed point theorems such as the Kakutani fixed point theorem and the Brouwer-Schauder fixed point theorem by relaxing the compactness and convexity conditions

Matrixes Satisfying Siljak’s Conjecture

Siljak’s Conjecture on the existence of a symmetric positive definite matrix V having a specified structure and satisfying Liapunov’s matrix equation A*V+VA= -W is shown to be true in cases when A is an orthogonal matrix; when A is a symmetric matrix; when A is a normal matrix or A is the linear combination of nonnegative coefficient of all these matrixes

Minimum wage and export: evidence from Chinese firm-level data

This paper proposes a two-country trade equilibrium model with heterogeneous firms to investigate the influences of minimum wages and productivity on firms' exports. It shows that the influence of minimum wages on firms' exporting probability and foreign sales is negative while that of firms' productivity on their exports is positive. Econometric analysis based on the Annual Survey of Chinese Industrial Firms as well as the data of minimum wages collected ourselves from 1998 to 2007 verifies these predictions. Holding the other variables constant, if minimum wages and their productivity increase by 100%$, then the elasticity of minimum wage on firms' exporting sales is -8.6$ and increases by 1.6%$, respectively.Minimum wage, heterogeneous firm, productivity, export

Quasi-Variational Inequalities without Concavity Assumptions

This paper generalizes a foundational quasi-variationalinequality by relaxing the (0-diagonal) concavity condition. The approach adopted in this paper is based on continuous selection-type arguments and hence it is quite different from the approach used in the literature. Thus it enables us to prose the existence of equilibrium of the constrained noncooperative games without assuming the (quasi) convexity of loss functions