Essays in Honor of Mordecai Kurz

Edited with Aliprantis, C.D.; Arrow, K.J.; Kubler, F.; Wu, H.-M.; and Yannelis, N.C.

ISBN 3-540-00911-6, Hardcover, 742 pages, with name and subject indexes.

Published by Springer Verlag in 2004.

*Publisher's description:*
A collection of papers dealing with a broad range of topics
in mathematical economics, game theory and economic dynamics.
The contributions present both theoretical and applied research.
The volume is dedicated to Mordecai Kurz.

The papers were presented in a special symposium co-hosted by
the Stanford University Department of Economics
and by the Stanford Institute of Economic Policy Research in August 2002.

*Table of Contents:*

**C.D. Aliprantis, K.J. Arrow, P.J. Hammond, F. Kubler, H.-M. Wu, and N.C Yannelis**

Foreword to the Symposium in Honor of Mordecai Kurz 1

**K.J Arrow and P. Dasgupta, and K. G. MŠler**

The genuine savings criterion and the value of population 3

**F. Hahn**

Macro foundations of micro-economics 13

**R.J. Aumann**

Risk aversion in the Talmud 19

**E. Sheshinski**

Annuities and retirement 27

**T. Hokari and W. Thomson**

Claims problems and weighted generalizations of the Talmud rule 55

**H.-M. Wu and W.-C. Guo**

Speculative trading with rational beliefs and endogenous uncertainty 77

**C.K. Nielsen**

Floating exchange rates versus a monetary union under rational beliefs:
the role of endogenous uncertainty 107

**M. Motolese**

Endogenous uncertainty and the non-neutrality of money 131

**P. Dubey and J. Geanakoplos**

Inside and outside fiat money, gains to trade, and IS-LM 161

**C. Ghiglino and K. Shell**

The economic effects of restrictions on government budget deficits:
imperfect private credit markets 213

**A. Sandroni**

Speculative trade, asset prices and investment levels 237

**M. Magill and M. Quinzii**

Indeterminacy of equilibrium in stochastic OLG models 249

**R.M. Starr**

Existence and uniqueness of 'money' in general equilibrium:
natural monopoly in the most liquid asset 269

**S.N. Durlauf and A. Seshadri**

Is assortative matching efficient? 303

**D. Glycopantis, A. Muir and N.C. Yannelis**

On extensive form implementation of contracts in differential information economies 323

**L.M. Ausubel and P. Cramton**

Vickrey auctions with reserve pricing 355

**B. Allen**

Incentives in market games with asymmetric information: the core 369

**C.D. Aliprantis, Y.A. Polyrakis, and R. Tourky**

The cheapest hedge 387

**L. Hurwicz and T. Marschak**

The informational efficiency of finite price mechanisms 413

**E. Minelli and H. Polemarchakis**

Information at equilibrium 461

**J. Geanakoplos**

Nash and Walras equilibrium via Brouwer 473

**M. Tsuji and W. Suzuki**

The application of CVM for assessing the tele-health system:
on analysis of the discrepancy between WTP and WTA based an survey data 493

**K.K. Yun**

Similarity of endowments and the factor price equalization condition 507

**K. Kiyono and M. Okuno-Fujiwara**

Domestic and international strategic interactions in environment policy formation 515

**S. Tadelis**

Firm reputation with hidden information 537

**A. Beltratti and C. Morana**

Structural breaks in the volatility of macroeconomic and financial data:
The rule, not the exception 555

**R. Aoki**

Effect of credible quality investment with Bertrand and Cournot competition 579

**H.W. Brock**

To each according to his needs: an axiomatic characterization 599

**K.L. Judd**

Closed-loop equilibrium in a multi-stage innovation race 619

**H. Nakata**

Modelling exchange of probabilistic opinions 643

**K.L Judd, F. Kubler, and K. Schmedders**

Effects of asset market structure on welfare and trading volume 675

**K.B. Athreya and M. Majumdar**

Estimating the stationary distribution of a Markov chain 695

**P.J. Hammond and Y. Sun**

Monte Carlo simulation of macroeconomic risk with a continuum of agents: the symmetric case 709

**D.J. Meyer and J. Meyer**

A more reasonable model of insurance demand 733