Essays in Dynamic General Equilibrium Theory Festschrift for David C

This collection of essays honors David Cass on the 30th anniversary of his joining the faculty of the Department of Economics at the University of Pennsylvania. Prof. Cass’s work has spawned a number of important lines of research in Economics, including

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Titles in the Series

M. A. Khan and N. C. Yannelis (Eds.) Equilibrium Theory in Infinite Dimensional Spaces C. D. Aliprantis, K. C. Border and W. A. J. Luxemburg (Eds.) Positive Operators, Riesz Spaces, and Economics D. G. Saari Geometry of Voting C. D. Aliprantis and K. C. Border Infinite Dimensional Analysis J.-P. Aubin Dynamic Economic Theory M. Kurz (Ed.) Endogenous Economic Fluctuations J.-F. Laslier Tournament Solutions and Majority Voting A. Alkan, C. D. Aliprantis and N. C. Yannelis (Eds.) Theory and Applications J. C. Moore Mathematical Methods for Economic Theory 1 J. C. Moore Mathematical Methods for Economic Theory 2 M. Majumdar, T. Mitra and K. Nishimura Optimization and Chaos K. K. Sieberg Criminal Dilemmas M. Florenzano and C. Le Van Finite Dimensional Convexity and Optimization K. Vind Independence, Additivity, Uncertainty T. Cason and C. Noussair (Eds.) Advances in Experimental Markets F. Aleskerov and B. Monjardet Utility Maximization. Choice and Preference N. Schofield Mathematical Methods in Economics and Social Choice

C. D. Aliprantis, K. J. Arrow, P. Hammond, F. Kubler, H.-M. Wu and N. C. Yannelis (Eds.) Assets, Beliefs, and Equilibria in Economic Dynamics D. Glycopantis and N. C. Yannelis (Eds.) Differential Information Economies A. Citanna, J. Donaldson, H. M. Polemarchakis, P. Siconolfi and S. E. Spear (Eds.) Essays in Dynamic General Equilibrium Theory M. Kaneko Game Theory and Mutual Misunderstanding

Alessandro Citanna · John Donaldson Herakles Polemarchakis · Paolo Siconolfi Stephen E. Spear Editors

Essays in Dynamic General Equilibrium Theory Festschrift for David Cass

With 23 Figures and 3 Tables

123

Professor Alessandro Citanna Department of Economics and Finance HEC, Paris France E-mail: [email protected] and Finance and Economics Division Graduate School of Business Columbia University New York, NY 10027 USA E-mail: [email protected] Professor John Donaldson Graduate School of Business Columbia University Finance and Economics Division New York, NY 10027 USA E-mail: [email protected]

Professor Paolo Siconolfi Graduate School of Business Columbia University Finance and Economics Division New York, NY 10027 USA E-mail: [email protected] Professor Stephan E. Spear Tepper School of Business Carnegie Mellon University Pittsburgh, PA 15213 USA E-mail: [email protected]

Professor Herakles Polemarchakis Brown University Department of Economics Providence, RI 02912 USA E-mail: [email protected] Library of Congress Control Number: 2004114983

ISBN 3-540-22267-7 Springer Berlin Heidelberg New York

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