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.
Dynamic Equilibria With Unemployment Due to Undernourishment
(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.
Quantity Controls
(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.
Monetary Equilibrium in the Overlapping Generations Model With Productive Capital
(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,
Efficient Monetary Equilibrium in the Overlapping Generations Model
(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.”
Theoretical Issues in Development Economics
(edited with Bhaskar Dutta, Shubhashis Gangopadhyay and Dilip Mookherjee), Oxford University Press, 1992.
Game Theory and Economic Applications
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.
Wages and Involuntary Unemployment in the Slack Season of a Village Economy
(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.
On the Economic Theory of Quantity Controls
(with Arunava Sen), in K. Basu and P. Nayak (eds.), Economic Theory and Development, Oxford University Press, 1992.
Summary. We study when quantity controls are needed for decentralization of Pareto-optima.
Learning-by-Doing and Industrial Competition
(with Dilip Mookherjee), in B. Dutta et al. (eds.), Theoretical Issues in Economic Development, Oxford University Press, 1992.