PUBLICATIONS

 

Articles

1.   "On Optimal Growth Under Uncertainty", Journal of Economic Theory, December

     1975, pp. 329-339 (with L. Mirman).

2.   "Weakly Maximal Optimal Stationary Program Under Uncertainty", International

     Economic Review, October 1975, pp. 796-799.

3.     "Unbounded Shadow Prices for Optimal Stochastic Cnowth Models", International

     Economic Review, February 1976, pp.121-132 (with L. Mirman).

4.   "Characterization by Prices of Optimal Programs Under UncertainTy", Journal of

     Mathematical Economics, July 1976, pp.173-183.

5.   "On Competitive Prices in Multi-sector Economy with Stochastic Production and

     Resources", Review of Economic Studies, October 1976, pp. 431-438.

6.   "On Competitive Prices for Optimal Consumption Plaus II", SIAM Journal of

     Applied Mathematics, May 1977, (with B. Peleg).

7. "Characterizing Optimal Policies in a One-sector Model of Economic Growth Under

     Uncertainty", Journal of Economic Theory, April 1977, pp. 389-401 (with L.

     Mirman).

8.   "Transversality Condition in a Multi-sector Economy Under Uncertainty",

     Econometrica, Vol. 46, No. 3, May 1978, pp. 515-525.

9.   "On the Role of Money in Supporting the Pareto Optimality of Competitive

     Equilibrium in Consumption-Loan Type Models" Journal of Economic Theory,

     February 1979, pp. 41-80 (with D. Cass and M. Okuno).

10.  "On the Efficiency of Competitive Equilibrium in Infinite Horizon Monetary

     Economics", Review of Economic Studies, July 1980, pp. 797-807 (with M.

     Okuno).

11. "Capital Accumulation Under Uncertainty", International Economic Review,

     October 1980 (with L. Mirman and D. Levhari).

12. "A Proof of Existence of Competitive Equilibrium in a Generation-Overlapping

      Exchange Economy with Money", International Economic Review, 1981, 239-252

      (with M. Okuno).

13.  "Consumption-Loan Type Models: The Samuelsonian Case." Economics Letters, 7

       (1981), 201-205.

14.  "On Optimal Growth with Changing Technology and Tastes: Characterization and

       Stability Results", Internatiorcal Economic Review, February 1981, 221-238 (with

       T. Mitra).

15.  "Approximately-Monetary Equilibrium in Overlapping Generations Economy"

       European Economic Review, 1982, pp. 213-228 (with M. Okuno).

16.  "On Stationary Overlapping Generations Models" Economic Letters, 1983, 331-335

       (with M. Okuno).

17.  "Optimal Hedging in the Futures Market Under Price Uncertainty", Economics

       Letters, 13 (1983),141-145 (with S. Beninga and R Eldor).

18.  "Optimal Steady-state in Stationary Consumption-Loan Type Models", Journal of

       Economic Theory, 31 (1983), pp. 355-363 (with M. Okuno).

19.  "Risk-Aversely Efficient Random Variables: Characterization and an Application to

       Growth under Uncertainty." Journal of Economic Theory, 32 ( 1984), pp. 328-336.

20.  "The Optimal Hedge Ratio in Unbiased Future Markets" The Journal of Future

       Markets 4 (1984), pp.155-159 (with S. Benninga and R.Eldor).

21.  "A Model of the Household's Demand for Durables a d Energy" Scand. Journal of

       Economics 86 ( 1984), pp. 411-422 (with Tishler).

22.  "Uncertain Lifetime, Risk Aversion a d Life Insurance", Scandinavian Actuarial

       Journal (1985), pp. 109-123 (with Karni).

23.  "Optimal International Hedging in Commodity and Currency Forward Markets"

        Journal of International Money and Finance, 4 (1985), pp. 537-552 (with

        Benninga and Eldor).

 24. "International Trade with Forward-Futures Markets under Exchange-Rate and Price

      Uncertainty" Journal of International Economics, 20 ( 1986), pp. 83-98 (with M.

      Kawai).

 25. "Firm's Hedging Behavior Without Expected Utility Hypothesis" Economics Letters

      21 ( 1986),144-148 (with Safra).

 26. Risk Aversion in the Theory of Life Insurance: The Fisherian Model", Journal of

     Risk and Insurance (December 1986), pp. 606-620.(with Karni).

 27. "Welfare and Comparative Statistics Implications of Fair Social Security: A Steady

      State Analysis" Journal of Public Economics 30 (1986), pp. 341-357 (with Karni).

 28. "Characterizing the Efficient Set When Preferences Are State-Dependent" Journal

      of Economic Theory, 41 ( 1987), 417-423.

29. "Discriminating Monopoly, Forward Markets and International Trade" International

      Economic Review 28 ( 1987), 459-468 (with Eldor).

30. "Optimal Growth in a Stochastic Environment: Some Sensitivity and Turnpike

      Results" Journal of Economic Theory 43 (1987),116-133, (with Majumdar).

31. "Uncertain Horizon and Stability: Analysis in an Optimal Growth Model" Journal of

      Economic Dynamics and Control, 11 ( 1987), 445-453.

32. "A Correspondence Theorem Between Expected Utility and Smooth Utility"

      Journal of Economic Theory, 46 (1988),186-193 (with Chew and Epstein).

33. "Efficient Sets with and Without Expected Utility Hypothesis" Journal of

      Mathematical Economics, 17 (1988), 369-384 (with Safra).

34. "Aggregate and Distributional Effects of Social Security". Journal of Public

      Economy, 40 (1989) 37-56 (with Karni).

35. "Invariance of the Efficient Sets When the Expected Utility Hypothesis is Relaxed"

     Journal of Economic Behavior and Organization,13 ( 1990),125-131 (with Chew).

36. "Oligopoloy, Uncertain Demand and Forward Markets" Journal of Economics and

      Business, 42 ( 1990),17-26 (with Eldor).

37. "Risk Aversion in Nash Bargaining Problem with Risky Outcomes and Risky

      Disagreement" Econometrica, 58 (1990), 961-965 (with Safra and Zhou).

38. "Dynamic Efficiency in Overlapping Generations Model with Stochastic Production"

      Journal of Economic Theory, 52 (1990), 364-379.

39. "Exporting Firm and Forward Markets: The Multi-period Case" Journal of

      International Money and Finance, 10 ( 1991 ),108-117 (with Eldor).

40.  "Price Uncertainty, Flexible Inputs and a Futures Market" Economic Studies

       Quarterly 42 (June 1991), pp. 174-180 (with Kawai).

41.  "Characterizing Efficiency in Stochastic Overlapping-Generations Models" Journal

       of Economic Theory, 55 ( 1991 ),1-16.

42. "Efficiency in Economic Growth Models Under Uncertainty", Journal of Economic

    Dynamics and Control 16 (1992), 27-38.

43. "Pricing of Exports and Exchange Rate Uncertainty" International Economic

      Review 32, ( 1991 ),1009-1022 (with Donnenfeld).

44. "Exchange Rate Uncertainty, Future Markets and the Multinational Firm" European

      Economic Review 36 (1992), 815-826 (with Broll).

45. "Optimal Hedging by Firms with Multiple Sources of Risky Revenues" Economics

      Letters, 39 (1992), 473-477. 

46. "Bargaining Solutions Without the Expected Utility Hypothesis" Games and

      Economic Behavior 5, (1993), 288-306 (with Safra).

47.  "Mandatory Education: Growth, Income Distribution and Welfare". Economics

      Quarterly (Hebrew), August 1993, 243-251 (with Eckstein).

48.  "The Effects of Compulsory Schooling on Growth, Income Distribution and

       Welfare". Journal of Public Economics, 54 (1994), 339-359 (with Eckstein).

49.  "International Production, Investment and Borrowing with Exchange Rate Risk and

       Futures Markets" Metroeconomica, 46 (1995), 90-106. (with Broll).

50. "Technological Progress and Income Inequality". Economic Theory 5 (1995), 277-

       294 (with Karni).

51.  "Capital Markets, the Separation Property and Hedging". Economic Letters, 44

       (1994),165-168 (with Broll).

52.  "Bargaining in International Trade Under Exchange Rate Uncertainty", Review of

       International Economics, 3(1995),249-263 (with Donnenfeld).

53.  "Indirect Hedging of Exchange Rate Risk", Journal of International Money and

       Finance,14 (1995), 667-678 (with Broll and Wahl).

54.  "Disadvantageous Information: Results and Applications to Risk-Sharing Markets".

      Economic Quarterly (Hebrew), August 1995, 359-374. (with Sulganik).

55.  "The Value of Information in the Presence of Futures Markets", Journal of Future

     Markets, 16, 4 (1996), 227-240. (with Sulganik).

56.  " The Value of Information: The Case of Signal-Dependent Opportunity Sets"

     Journal of Economics Dynamics and Control, 21(1997), 1615-1625 (with Sulganik).

57. " Stationary Ramsey Equilibria Under Uncertainty" Journal of Economic Theory,
        75(1997), 122-140  (with Robert Becker).

58.  " The Behavior of Competitive Exporting Firms Under Multiple Uncertainty"
      International Economic Review, 39(1998), 591-609  ( with Viaene).

59.   “Education, Social Security and Growth” Journal of Public Economics, 71 (1999), 289-309   (with M. Kaganovich).

60.   “Hedging Exchange Rate Risk: The Multi-period Case” Research in Economics, 53 (1999), 365-380.
        (with Broll and Wahl ).

61.    “ The Choice to Acquiring Medical Information in Life Insurance Markets” Journal of Risk and Insurance, 66 (4), (1999), 609-620. (with Sulganik ).

62.    “Multiple Currencies and Hedging” Economica , 66 (1999), 421-432. (with Broll and Wong).

63.    “Saving Behavior in Stationary Equilibrium With Random Discounting”  Economic Theory , 15 (2000), 551-564 . (with Karni ).

64.    “The Value of Information in Production Economies” Journal of Economic Theory, 100 (2001), 172-186 (with Eckwert).

65.   “Capital Markets Integration: Growth and Income Distribution"  European Economic Review 46 (2) (2002), 301-327  (with  Viaene).

66.   “Public Education Under Capital Mobility”, Journal of Economic Dynamics and Control, (2002) 26(12), 2005-2036 ( with Viaene).

67.   "Tax Asymmetry, Production and Hedging", Journal of Business and Economics  (2002), 54 (3), 345-356  (with Eldor).

68.   “Incomplete Risk Sharing Arrangements and the Value of Information”  Economic Theory  21 (2003), 43-58  (with Eckwert).

69.   “Intergenerational Transfers, Production and Income Distribution” Journal of Public Economics, 87 (3) (2003), 489-513.

70.   “Economic Implications of Better Information in a  Dynamic Framework”,  Economic Theory 24 (2004), 561-581  (with Eckwert).

71.   “Firm’s Output Under Uncertainty and Asymmetric Taxation”, Economica  71 (2004), 141-153  (with Eldor).

72.    “The Effect of Better Information on Income Inequality”, Economic Theory, 32 (2007), 287-307.

73.    “Efficiency of Screening and Labor Income Inequality”, Journal of Public Economic Theory, forthcoming in 2008 (with Eckwert).

74.    “Human Capital and Inequality Dynamics: The Role of Education Technology.”  Forthcoming in Economica 2008 (with Viaene).

 


Chapters in Books

      "On the Role of Money in Supporting the Pareto Optimality of Competitive

      Equilibrium in Consumption-Loan Type Models" in Models of Monetary

      Economies, edited by J. Karaken and N. Wallace ( 1980), Federal Reserve Bank

      of Minneapolis, pp.13-48.


     "Equilibrium Evolution of a Many-Good, Many-Sectors Economy" in Dynamic

     

     Modelling and Control of National Economies ( 1983) , Basar and Pau (eds), Pergamon Press, pp. 257-260   (with H. Wan).

 

      "Technological Progress and Income Inequality: A Model with Human Capital and

      Bequest" in The Changing Distribution of Income in an Open U.S. Economy,

     Bergstrand, J.H. et al. (editors), (1994) pp. 279-197,  Elsevier Science, North

     Holland.

    

      “Intergenerational Transfers, Economic Growth and Income Distribution” in Trade, Growth,  and Economic Policy in Open Economies,  Koch K.J. and Jaeger K. (editors), 1998,  pp 111-121,  Springer-Verlag, Berlin.

 

    “Human Capital Formation, Income Distribution and Growth” in: Growth and Inequality: Issues ande Policy Implications, by: T. Eicher , H-W Sinn and S. Turnovsky (editors), forthcoming in 2003, (Cambridge: MIT Press).


Other Publications

 .     "The Effects of Forward-Futures Markets on the Level of Export Under Price and

       Exchange-Rate Uncertainty" in Geld, Banken und versicherungen ( 1984) ed. Goppl

       and Henn, pp.1111-1128.

 

   "Intergenerational Models" in the New Palgrave: A Dictionary of Economic Theory;      in J. Eatwell, M. Milgate and P. Newman (eds). London: MacMillan,1987, pp. 887-889.

 

     "Multinational Firms, Exchange Rate Uncertainty and Financial Markets" in Fifth

     Symposium on Money, Banking and Insurance, ed. by W.R Heilmann,1990/I, pp.

     857-873; Karlsruhe, Germany.

 

     "Indirect Hedging of Foreign Currency Exposure" in Sixth Symposium Volume on

     Money, Finance, Banking and Insurance, edited by C. Hipp,1994, pp. 449-458

     (Karlsruhe, Germany).

 

 “Exporting Under Exchange Rate Volatility: Using Derivatives Markets in a     Multiperiod   Case” Seventh Symposium volume on  Money, Finance, Banking and Insurance, edited by C.  Hipp (1997), Verlag Verscherungswirtschaft, e. V.  Karlsruhe.

 

  “Exchange Rate Volatility and Futures Hedging: The Multiperiod Case” The Chicago Board of Trade Research Symposium Proceedings (1999), pp. 307-317. (with Broll and Wahl).

 

  "Tax Asymmetry and the Futures Markets"  The Economic Quarterly  (Hebrew) 48 (2),   (2001), 246-267  (with Eldor-Margaliot-Sulganik).

 

     A Book Review: A Theory of Economic Growth- Dynamics and Policy in Overlapping Generations (Cambridge University Press), by: D. Croix and P. Michel in : Journal of Economics, Vol 81 (1), (2004), 80-84.

  

Edited Books

      Topics in Public Economics, editors: D. Pines, E. Sadka and I. Zilcha, Cambridge

     University Press, 1997.

Working Papers