(with Partha Dasgupta), Economic Journal 97, 177-188, 1987.
Summary. This is the second part of a two-part article which develops a theory of involuntary unemployment and the incidence of undernourishment, relates these in turn to the production and distribution of income, and ultimately to the distribution of productive assets. In this part, we study policy options such as land reform.
Journal of Economic Theory 41, 112-132, 1987.
Summary. The paper develops a concept of equilibrium behaviour in a model of nonpaternalistic intergenerational altruism. When each generation’s utility depends on that of at least two successors, equilibria may be inefficient.
(with Partha Dasgupta), Economic Journal 96, 1011-1034, 1986.
Summary. This is the first part of a two-part article which develops a theory of involuntary unemployment and the incidence of undernourishment, relates these in turn to the production and distribution of income, and ultimately to the distribution of productive assets. In this part, we study the general equilibrium of such a framework and describe its properties.
(with Doug Bernheim), Review of Economic Studies 53, 877-882, 1986.
(with Partha Dasgupta), in I.S. Gulati and M. Shroff (eds.), Economic Theory and Underdevelopment: Essays in Honour of I.G. Patel, 1986.
Summary. An initial, sketchy version of the Dasgupta-Ray papers on involntary unemployment and undernutrition.
Journal of Economic Theory 33, 72-87, 1984.
Summary. Consider an agent who is attempting to maintain a given consumption level over time. in the face of a stochastic technology. He is permitted to borrow and lend at given rates of interest. The main results are: (i) if the borrowing rate of interest exceeds the lending rate. the expected net indebtedness of the agent must grow unboundedly large, unless the consumption target is attainable with at most one loan, and (ii) the probabilities of the two events: becoming increasingly indebted, and accumulating unbounded wealth, sum to unity.
International Economic Review 25, 275-295, 1984.
Summary. This paper studies a small open economy with steadily rising prices of an imported resource. Consider any consumption plan, such as one that involves a minimum consumption (“survival”) or growth at some arithmetic or proportional rate. For any such plan, a criterion is provided, involving the plan itself, the resource price path, and the technology, which will permit a “planner” to deduce whether this plan is feasible. Choice among these plans requires, of course, a sharper ethical criterion.
(with Tapan Mitra), Zeitschrift für Nationalökonomie / Journal of Economics, 44, 151-175, 1984.
Summary. This paper studies a model of intertemporal accumulation with a non-convex technology that could also have kinks.
(with Doug Bernheim), IMSSS Technical Report, Stanford University, 1983.
Summary. We describe an economy with intergenerational altruism, and study the properties of bequest equilibrium in Markov strategies.
(with Doug Bernheim), IMSSS Technical Report, Stanford University, 1983.
Summary. We describe an economy with intergenerational altruism, and establish the existence of a bequest equilibrium in Markov strategies.