39 citations · 102 across the 22 of their papers we have counts for
42 papers
Self-Fulfilling Prophecies, Quasi Nonergodicity, and Wealth Inequality: A Comment
Alexis Akira Toda
Bouchaud and Farmer (2023) argue that self-fulfilling beliefs generate a realistic wealth distribution. Their reported Gini coefficient, quantiles, and Pareto exponent are computed…
Conditional Impatience and Concavity of Consumption Functions
Alexis Akira Toda
Concave consumption functions imply a marginal propensity to consume that falls with wealth. I characterize the utility functions that guarantee this property in finite-horizon opt…
Can AI Refute Economic Theory? Evidence from Beyond the Knowledge Cutoff
Alexis Akira Toda
Can artificial intelligence (AI) refute economic theory? I document experiments in which I asked several AI models (Gemini, Refine, Claude, and ChatGPT) to check the correctness of…
A Theory of Saving under Risk Preference Dynamics
Qingyin Ma, Xinxi Song, Alexis Akira Toda
Empirical evidence shows that wealthy households have substantially higher saving rates and markedly lower marginal propensity to consume (MPC) than other groups. Existing theory c…
Land and Infinite Debt Rollover
Tomohiro Hirano, Alexis Akira Toda
Since McCallum (1987), it is well known that in an overlapping generations (OLG) economy with land, the equilibrium is Pareto efficient because with balanced growth, the interest r…
Wealth Preferences and the Upper Tail of Consumption
Qingyin Ma, Alexis Akira Toda
We develop a theory of optimal saving when wealth enters utility. Relative curvatures of consumption and wealth utility, and , govern the upper-tail behavior. When , we…