We study utility maximization for power utility random fields with and without intermediate consumption in a general semimartingale model with closed portfolio constraints. We show that any optimal ...

While economic textbooks have long relied on a utility-maximization model of economic decision-making, Robert J. Shiller and other behavioral economists continue to demonstrate that human behavior is ...

Second, we estimate the expansionary effects from a higher expected inflation rate due to a gradual increase in the consumption tax and carbon-emission tax by using an overlapping generation model ...

Why do rational actors contribute to the public good of electoral outcomes, especially since the likelihood that their vote will be decisive is nearly zero? I propose a possible solution to this ...