Francisco Cabo

Francisco Cabo
Universidad de Valladolid | UVA · Instituto de Investigación en Matemáticas

Economics

About

39
Publications
4,618
Reads
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133
Citations
Citations since 2016
11 Research Items
88 Citations
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201620172018201920202021202205101520
201620172018201920202021202205101520
Additional affiliations
July 2011 - present
Universidad de Valladolid
Position
  • Professor (Associate)

Publications

Publications (39)
Article
Full-text available
We analyze an environmental agreement as a cooperative differential game between two regions. The agreement is jointly profitable, since the current contributions in terms of emissions reduction is overcompensated by the benefits of a cleaner environment now and in the future. The regions are asymmetric in two respects: the valuation of a cleaner e...
Article
Full-text available
In a two-population evolutionary game we analyze the interaction between individuals belonging to two populations with the same strategy set but different payoffs. Agents play a game against individuals in the two populations. They imitate agents belonging to the same and also the alternative population. When a revising agent is matched with an ind...
Article
Full-text available
We analyze the effect of non-constant discounting on economic growth and social welfare in an endogenous growth model with pollution externalities. For time-consistent agents, who play a game against their future selves, the balanced growth equilibrium is compared to the case of standard exponential discounting. A decaying instantaneous discount ra...
Article
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We analyze optimal pollution standards and enforcement strategies in settings where environmental damages depend on accumulated pollution, and enforcement is socially costly. We assume that a regulator and a representative polluting firm interact in a Stackelberg differential game, and we specifically allow the firm to pollute above the limit, and...
Article
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We analyze an endogenous growth model considering agents with an isoelastic utility. Preferences are characterized by a utility affected by a negative externality, and a level of impatience which decays with the time distance from the present. Agents who cannot commit the actions of their future selves, play a game against them. The stationary equi...
Chapter
This paper analyzes the compliance with social norms optimally established by a benevolent central planner. Since compliance is costly, agents have an incentive to free-ride on others, in a public good game. We distinguish two types of agents: standard pro-self agents (Sanchos) whose payoffs are defined by a prisoner’s dilemma game dominated by the...
Article
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This paper studies a two-population evolutionary game in a new setting in between a symmetric and an asymmetric evolutionary model. It distinguishes two types of agents: Sanchos, whose payoffs are defined by a prisoner’s dilemma game, and Quixotes, whose payoffs are defined by a snowdrift game. Considering an imitative revision protocol, a revising...
Article
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Collective bargaining between a trade union and a firm is analyzed within the framework of a monopoly union model as a dynamic Stackelberg game. Adjustment costs for the firm are comprised of the standard symmetric convex costs plus a wage-dependent element. Indeed, hiring costs can turn into benefits assuming wage discrimination against new entran...
Article
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In this paper we present a Stackelberg differential game to study the dynamic interaction between a polluting firm and a regulator who sets pollution limits overtime. At each time, the firm settles emissions taking into account the fine for non-compliance with the pollution limit, and balances current costs of investments in a capital stock which a...
Article
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This paper presents a two-regime differential game, with a first period in which two countries cooperate in a joint investment project to construct a specific infrastructure. This period ends when the infrastructure is finished, which serves to increase each player's welfare in a subsequent non-cooperative game played by the two countries thereafte...
Article
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For a Neoclassical growth model, the literature highlights that exponential discounting is observationally equivalent to quasi-hyperbolic discounting, if the instantaneous discount rate decreases asymptotically towards a positive value. Conversely, in this paper a zero long-run value allows a solution without stagnation. We prove that a less than e...
Article
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We analyze a general R&D-based endogenous growth model with a growth-essential natural resource. The economy comprises two separate sectors, final output and R&D, both directly or indirectly dependent on the natural resource. Because the resource is exhaustible and it is an essential productive input, increasing returns to scale to manmade inputs a...
Article
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This paper analyzes an -type endogenous growth model under non-constant discounting, assuming both naïve and sophisticated consumers. For both type of consumers an isoelastic utility with an intertemporal elasticity below one guarantees observational equivalence under exponential and non-constant discounting, but rejects strong equivalence (identic...
Article
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This paper analyzes the dynamic interaction between two regions with interconnected river basins. Precipitation is higher in one river-basin while water productivity is higher in the other. Water transfer increases productivity in the recipient basin, but may cause environmental damage in the donor basin. The recipient faces a trade-off between pay...
Article
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We analyze the existence and the stability of a sustained balanced growth equilibrium (SBE) in a model of two non-homogeneous trading economies. A technological leader country which sells patents of new intermediate products in exchange for an exhaustible resource extracted by a technological follower trade partner. Considering a growth-essential r...
Chapter
The economic growth in a developing country endowed with a natural resource and with a resource-dependent economy can be based on its own investments in new technology. Conversely, it can rely on trade as a channel for technology diffusion from a technologically advanced country. The existence, uniqueness and stability of a sustainable growth path...
Article
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We analyze a dynamic two-country trade model between a technological leading country and a natural resource dependent economy. The main goal of the paper is to analyze how the ownership and distribution of the exploitation rights upon the natural resource may affect the sustainable growth rate for the two trading economies, the resource conservatio...
Article
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An aging population in modern societies has put stress on public pension systems. To prevent social security deficits from increasing to unbounded levels of public debt we focus on two policies: reducing the generosity of pension benefits, determined by the government, and postponing the effective retirement age, chosen by employees. An atomistic e...
Article
This paper analyzes the long-run growth rates of two trading economies, which use a non-renewable natural resource as an essential productive input. One country is the technological leader, whereas its counterpart, the resource harvester, is the technological follower. The resource is also essential in the process of technological innovation carrie...
Article
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This paper studies the dynamic interaction between a representative employer and the government, where both play roles in providing retirement pensions to a group of retirees with heterogenous wages. Public pension expenses drive the evolution of public debt, which can be positive or negative (a Social Security trust fund) in the long run. The rela...
Article
This paper develops a trade model for a technologically leading country and a developing country that exploits a renewable natural resource. Technology diffuses from the technological leader to the developing country through foreign direct investment (FDI). Alternatively, innovative activities can also be carried out in the developing economy. We p...
Article
This paper studies a transboundary pollution problem between two neighbour regions as a dynamic game. These two regions do not only share an environmental problem but they are also engaged in interregional trade. A good produced in one region is traded to the other which uses it as an input. This intermediate good is supplied by the former and dema...
Article
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Trade relationships connect developed and developing countries. The former produces a consumption good, using labor, capital, and an intermediate “natural” good which is produced in the developing countries using labor and natural species. A finite horizon differential game is settled out. The North decides about either the saving rate or the porti...
Article
Full-text available
Literature on environment and endogenous growth suggests that sustainable growth critically depends on technological innovations. In this paper, technological progress takes the form of an expansion in the variety of inputs. In a first scenario, a closed economy is endowed with a renewable natural resource. This country invests in the creation of n...
Chapter
We present a model of trade between two different regions, North and South. The South specializes in a natural resource intensive good which is sold to and used as an input in the North. Assuming an environmental R&D sector in the North, which increases the efficiency of the traded good, the North-South trade and the natural resource management are...
Chapter
This chapter analyzes sustainable growth in a north–south trade model. The South specializes in a resource intensive good while the North specializes in a capital-intensive good. The North–South trade and the management of natural resources are modeled in a dynamic way so that sustainable economic growth can be analyzed. Balanced paths exist that a...
Article
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In a world of rapid and cheap communication, where countries are not isolated, ideas and information spread quickly across international borders. Technological progress, leading to more efficient productive processes, in terms of the required amount of natural resources, seems to be the key to overcoming the conflict between environmental concerns...
Article
A model with two different regions that trade with each other is presented. The South specializes in a resource intensive good while the North specializes in a capital intensive good. The North-South trade and the management of natural resources are modelled in a dynamic way so that sustainable economic growth can be analyzed. The existence of bala...
Article
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Under a General Equilibrium model of International Trade, industrialized countries export capital intensive goods, while developing countries export natural resource intensive goods. Biodiversity is viewed as the number of species conserved while producing these goods. Higher conservation increases demand, but lowers goods supply. Consumers value b...
Article
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En la sociedad actual se ha hecho imprescindible la utilización de herramientas informáticas tanto en el ámbito académico como en el profesional. Dentro de nuestro campo de docencia, las matemáticas, el empleo de recursos informáticos facilita al alumno la comprensión de los conceptos que se imparten en las clases teóricas, lo que permite un proces...
Article
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In this paper we present a differential game between a union and a firm. We assume an infinite horizon Stackelberg game in which the union plays the role of the leader while the firm is the follower. The latter decides the savings and the labour demand. The investment is equal to the capital returns that are not consumed. We also assume adjustment...
Article
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Este trabajo investiga la relación entre biodiversidad y crecimiento económico en un modelo de comercio Norte-Sur. El modelo plantea dos escenarios diferentes con relación a un proceso de transferencia de capital del Norte al Sur. En el primer escenario, estas transferencias de capital dan lugar a mejoras tecnológicas que permiten incrementar la ef...
Article
Full-text available
R&D-based endogenous growth theory predicts long-run growth dependent on the size of the economy. Some empirical studies criticize this scale effect. Moreover, these models are theoretically criticized because of the lack of robustness linked to the knife-edge assumption of constant returns to scale to producible inputs. Semi-endogenous growth lite...
Article
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We introduce a renewable natural resource sector into an endoge- nous growth model with an expanding variety of productive inputs. We first study an economy that carries out domestic innovation. This hypothesis matches with the historical experience of industrialized countries, but it is less consistent with the reality of developing economies, who...
Article
Full-text available
In modern societies, the provision of retirement pensions to retirees of-ten involves two different agents. The Social Security, which provides a public pension to all retired workers, and the employer, who also pays a private pension. There is not a unique rationale for the government and the employer to supply a retirement pension to employees. P...
Article
Inicialmente, un modelo estático de equilibrio general caracteriza la realización comercial Norte-Sur. Incrementar la conservación de la biodiversidad mejora la relación de intercambio para ambos países, más acusadamente para el Sur. El probable cambio de preferencias hacia una valoración más homogénea de las especies, reduciría el precio relativo...
Article
Realizado en la Facultad de Económicas de la Universidad de Valladolid, por 3 profesores del centro, para la asignatura de Matemáticas en el plan de estudios conjunto de las licenciaturas en Derecho y en Administración y Dirección de Empresas. Este proyecto se ha enmarcado en la elaboración de recursos docentes para esa asignatura, siendo el objeti...

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