Games and Economic Behavior 6, 162-177, 1994.
Summary. Recent literature in the theory of dynamic games addresses renegotiatioin-proof equilibria, For repeated games, I analyze the limit of renegotiation-proof equilibrium sets as discounting vanishes. The main result states that such limit sets must either be singletons or belong to the Pareto frontier of the convex hull of the feasible set of the stage game payoffs.
(with Kalyan Chatterjee, Bhaskar Dutta and Kunal Sengupta), Review of Economic Studies 60, 463-477, 1993.
Summary. We explore a sequential-offers model of n-person coalitional bargaining with transferable utility and with time discounting. Our focus is on stationary equilibria of the resulting non-cooperative game. Efficient stationary equilibria converge to a point in the core as the discount factor approaches 1. For strictly convex games, this is the egalitarian solution of Dutta and Ray (Econometrica 1989).
Essays in Honour of K.N. Raj, P. Bardhan, M. Datta-Chaudhuri and T.N. Krishnan, Oxford University Press, 1992.
Summary. Studies the interplay of casual labor markets and long-run nutritional status.
(with Peter Streufert), Economic Theory 3, 61-85, 1993.
Summary. We describe steady states of a dynamic model with unemployment due to undernourishment. For many aggregate land stocks, there is a continuum of steady states, We suggest that certain land reforms can reduce unemployment.
(with Arunava Sen), in B. Dutta (ed), Welfare Economics and India, Oxford University Press, 1993.
Summary. We explore the role and necessity of quantity controls in decentralizing Pareto-optimal allocations in a market setting.
(with Amitava Bose), Economic Theory 3, 697-716, 1993.
Summary. We study perfect foresight competitive equilibrium in an overlapping generations model with productive capital and a fixed nominal stock of money. We obtain almost-complete characterizations of (a) the existence of a monetary equilibrium from an arbitrary initial capital stock, and (b) the existence of an efficient monetary equilibrium from an arbitrary initial capital stock,
(with Joan Esteban and Tapan Mitra), Journal of Economic Theory 64, 372–389, 1993.
Summary. This paper characterizes equilibria with public debt in the overlapping generations model in which (a) money has a positive price and (b) the resulting intertemporal allocation is efficient. We identify a necessary and sufficient condition for (a) and (b), which states, loosely speaking, that the public debt must not grow “too fast.”
(edited with Bhaskar Dutta, Shubhashis Gangopadhyay and Dilip Mookherjee), Oxford University Press, 1992.
Proceedings, New Delhi (edited with Bhaskar Dutta, Dilip Mookherjee, T. Parthasarathy, S. Raghavan, and Stef Tijs), Springer Verlag, 1992.
Summary. Brings together the proceedings of a conference on Game Theory at the Indian Statistical Institute, New Delhi.
(with Anindita Mukherjee), Journal of Development Economics 37, 227-264, 1992.
Summary. We model slack season wages in a village economy, in the presence of involuntary unemployment. Our model draws its inspiration from sociological notions of ‘everyday peasant resistance’. A continuum of equilibrium wage configurations is obtained. These configurations, barring one, involve wages exceeding reservation wages, despite the presence of involuntary unemployment.