Details about Alexis Akira Toda

Access statistics for papers by Alexis Akira Toda.

Last updated 2025-04-24. Update your information in the RePEc Author Service.

Short-id: pto326

Working Papers

2025

1. Asset Prices with Overlapping Generations and Capital Accumulation: Tirole (1985) Revisited
   Papers, arXiv.org
2. Bubble Economics
   CIGS Working Paper Series, The Canon Institute for Global Studies
   Also in Papers, arXiv.org (2023)
   Discussion Papers, Centre for Macroeconomics (CFM) (2023)
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2024)
   See also Journal Article Bubble economics, Journal of Mathematical Economics, Elsevier (2024) (2024)
3. Bursting Bubbles in a Macroeconomic Model
   Papers, arXiv.org
   Also in CIGS Working Paper Series, The Canon Institute for Global Studies (2025)
4. Housing Bubbles with Phase Transitions
   Papers, arXiv.org View citations (3)
   Also in Discussion Papers, Centre for Macroeconomics (CFM) (2024)
   CIGS Working Paper Series, The Canon Institute for Global Studies (2024)
5. Optimal taxation and the Domar-Musgrave effect
   Papers, arXiv.org
   Also in Working Papers, University of Sydney, School of Economics (2023)
6. Robust Asset-Liability Management
   Papers, arXiv.org
7. Unbalanced Growth and Land Overvaluation
   CIGS Working Paper Series, The Canon Institute for Global Studies
   Also in Discussion Papers, Centre for Macroeconomics (CFM) (2024)
   Papers, arXiv.org (2024) View citations (4)
   See also Journal Article Unbalanced growth and land overvaluation, Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences (2025) (2025)

2024

8. Bubble Necessity Theorem
   Discussion Papers, Centre for Macroeconomics (CFM)
   Also in Papers, arXiv.org (2024) View citations (1)
   CIGS Working Paper Series, The Canon Institute for Global Studies (2023) View citations (2)
   See also Journal Article Bubble Necessity Theorem, Journal of Political Economy, University of Chicago Press (2025) View citations (3) (2025)
9. Equilibrium Selection in Pure Bubble Models by Dividend Injection
   Papers, arXiv.org
10. Incentivizing Hidden Types in Secretary Problem
    Papers, arXiv.org
    See also Journal Article Incentivizing hidden types in secretary problem, International Journal of Game Theory, Springer (2025) (2025)
11. Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles
    Papers, arXiv.org
    Also in CIGS Working Paper Series, The Canon Institute for Global Studies (2023)
12. Note on Bubbles Attached to Real Assets
    Papers, arXiv.org View citations (3)
13. On Equilibrium Determinacy in Overlapping Generations Models with Money
    Papers, arXiv.org View citations (2)
    See also Journal Article On equilibrium determinacy in overlapping generations models with money, Economics Letters, Elsevier (2024) View citations (1) (2024)
14. Pareto's Limits: Improving Inequality Estimates in America, 1917 to 1965
    Papers, arXiv.org
15. Rational Bubbles: A Clarification
    Papers, arXiv.org
16. Recent Advances on Uniqueness of Competitive Equilibrium
    Papers, arXiv.org View citations (1)
    See also Journal Article Recent advances on uniqueness of competitive equilibrium, Journal of Mathematical Economics, Elsevier (2024) View citations (1) (2024)

2023

17. 'Ergodicity Economics' is Pseudoscience
    Papers, arXiv.org
18. Linearity of Aggregate Production Functions
    Papers, arXiv.org
19. Necessity of Rational Asset Price Bubbles in Two Sector Growth Economies
    CIGS Working Paper Series, The Canon Institute for Global Studies
20. Tuning Parameter-Free Nonparametric Density Estimation from Tabulated Summary Data
    Papers, arXiv.org
    See also Journal Article Tuning parameter-free nonparametric density estimation from tabulated summary data, Journal of Econometrics, Elsevier (2024) (2024)
21. Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation
    CIGS Working Paper Series, The Canon Institute for Global Studies View citations (5)
22. Unbounded Markov Dynamic Programming with Weighted Supremum Norm Perov Contractions
    Papers, arXiv.org
    See also Journal Article Unbounded Markov dynamic programming with weighted supremum norm Perov contractions, Economic Theory Bulletin, Springer (2024) (2024)
23. Unique Equilibria in Models of Rational Asset Price Bubbles
    CIGS Working Paper Series, The Canon Institute for Global Studies

2022

24. Capital and Labor Income Pareto Exponents in the United States, 1916-2019
    Papers, arXiv.org View citations (2)
25. Determination of Pareto exponents in economic models driven by Markov multiplicative processes
    Papers, arXiv.org View citations (18)
    See also Journal Article Determination of Pareto Exponents in Economic Models Driven by Markov Multiplicative Processes, Econometrica, Econometric Society (2022) View citations (15) (2022)
26. Fixed-k Tail Regression: New Evidence on Tax and Wealth Inequality from Forbes 400
    Papers, arXiv.org
27. Optimal Epidemic Control in Equilibrium with Imperfect Testing and Enforcement
    Papers, arXiv.org View citations (7)
    Also in Working Papers, Federal Reserve Bank of Cleveland (2021) View citations (2)
    See also Journal Article Optimal epidemic control in equilibrium with imperfect testing and enforcement, Journal of Economic Theory, Elsevier (2022) View citations (7) (2022)
28. Robust Comparative Statics for the Elasticity of Intertemporal Substitution
    Papers, arXiv.org
    See also Journal Article Robust comparative statics for the elasticity of intertemporal substitution, Theoretical Economics, Econometric Society (2023) View citations (2) (2023)

2021

29. A Theory of the Saving Rate of the Rich
    Papers, arXiv.org View citations (14)
    See also Journal Article A theory of the saving rate of the rich, Journal of Economic Theory, Elsevier (2021) View citations (9) (2021)
30. Asymptotic Linearity of Consumption Functions and Computational Efficiency
    Papers, arXiv.org View citations (2)
    See also Journal Article Asymptotic linearity of consumption functions and computational efficiency, Journal of Mathematical Economics, Elsevier (2022) View citations (5) (2022)
31. Capital and Labor Income Pareto Exponents across Time and Space
    Papers, arXiv.org
    Also in LIS Working papers, LIS Cross-National Data Center in Luxembourg (2021) View citations (2)
    See also Journal Article Capital and Labor Income Pareto Exponents Across Time and Space, Review of Income and Wealth, International Association for Research in Income and Wealth (2022) View citations (3) (2022)
32. Perov's Contraction Principle and Dynamic Programming with Stochastic Discounting
    Papers, arXiv.org View citations (2)
33. The effect of social distancing on the reach of an epidemic in social networks
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (2)
    Also in Discussion Papers, Centre for Macroeconomics (CFM) (2020)
    See also Journal Article The effect of social distancing on the reach of an epidemic in social networks, Journal of Economic Interaction and Coordination, Springer (2021) View citations (2) (2021)
34. Unbounded Dynamic Programming via the Q-Transform
    Papers, arXiv.org View citations (2)
    See also Journal Article Unbounded dynamic programming via the Q-transform, Journal of Mathematical Economics, Elsevier (2022) View citations (2) (2022)

2020

35. Efficient Minimum Distance Estimation of Pareto Exponent from Top Income Shares
    Papers, arXiv.org View citations (7)
    See also Journal Article Efficient minimum distance estimation of Pareto exponent from top income shares, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2021) View citations (2) (2021)
36. Necessity of Hyperbolic Absolute Risk Aversion for the Concavity of Consumption Functions
    Papers, arXiv.org
    See also Journal Article Necessity of hyperbolic absolute risk aversion for the concavity of consumption functions, Journal of Mathematical Economics, Elsevier (2021) View citations (7) (2021)
37. On the emergence of a power law in the distribution of COVID-19 cases
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (11)
38. Susceptible-Infected-Recovered (SIR) Dynamics of COVID-19 and Economic Impact
    Papers, arXiv.org View citations (82)
39. Tail behavior of stopped L\'evy processes with Markov modulation
    Papers, arXiv.org
    See also Journal Article TAIL BEHAVIOR OF STOPPED LÉVY PROCESSES WITH MARKOV MODULATION, Econometric Theory, Cambridge University Press (2022) (2022)
40. The Income Fluctuation Problem and the Evolution of Wealth
    Papers, arXiv.org View citations (14)
    See also Journal Article The income fluctuation problem and the evolution of wealth, Journal of Economic Theory, Elsevier (2020) View citations (9) (2020)

2019

41. An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity
    Papers, arXiv.org View citations (31)
    Also in 2019 Meeting Papers, Society for Economic Dynamics (2019) View citations (31)
    See also Journal Article An impossibility theorem for wealth in heterogeneous-agent models with limited heterogeneity, Journal of Economic Theory, Elsevier (2019) View citations (26) (2019)
42. Data-based Automatic Discretization of Nonparametric Distributions
    Papers, arXiv.org
    See also Journal Article Data-Based Automatic Discretization of Nonparametric Distributions, Computational Economics, Springer (2021) View citations (1) (2021)
43. Pareto Extrapolation: Bridging Theoretical and Quantitative Models of Wealth Inequality
    2019 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego (2018) View citations (5)

2018

44. The Income Fluctuation Problem with Capital Income Risk: Optimality and Stability
    Papers, arXiv.org View citations (1)

2017

45. Discretizing Nonlinear, Non-Gaussian Markov Processes with Exact Conditional Moments
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (37)
    Also in MPRA Paper, University Library of Munich, Germany (2016)
    See also Journal Article Discretizing nonlinear, non‐Gaussian Markov processes with exact conditional moments, Quantitative Economics, Econometric Society (2017) View citations (15) (2017)
46. Fat tails and spurious estimation of consumption-based asset pricing models
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (19)
    Also in MPRA Paper, University Library of Munich, Germany (2016)
    See also Journal Article Fat tails and spurious estimation of consumption‐based asset pricing models, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2017) View citations (15) (2017)
47. Huggett Economies with Multiple Stationary Equilibria
    MPRA Paper, University Library of Munich, Germany View citations (15)
    See also Journal Article Huggett economies with multiple stationary equilibria, Journal of Economic Dynamics and Control, Elsevier (2017) View citations (15) (2017)
48. Securitized Markets, International Capital Flows, and Global Welfare
    Department of Economics Working Papers, Department of Economics, Williams College
    See also Journal Article Securitized markets, international capital flows, and global welfare, Journal of Financial Economics, Elsevier (2019) View citations (5) (2019)
49. The Equity Premium and the One Percent
    MPRA Paper, University Library of Munich, Germany View citations (1)
    Also in 2015 Meeting Papers, Society for Economic Dynamics (2015)
    See also Journal Article The Equity Premium and the One Percent, The Review of Financial Studies, Society for Financial Studies (2020) View citations (8) (2020)
50. Wealth Distribution with Random Discount Factors
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego
    See also Journal Article Wealth distribution with random discount factors, Journal of Monetary Economics, Elsevier (2019) View citations (15) (2019)

2016

51. A NOTE ON THE SIZE DISTRIBUTION OF CONSUMPTION: MORE DOUBLE PARETO THAN LOGNORMAL
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (1)
    Also in MPRA Paper, University Library of Munich, Germany (2015) View citations (2)
    See also Journal Article A NOTE ON THE SIZE DISTRIBUTION OF CONSUMPTION: MORE DOUBLE PARETO THAN LOGNORMAL, Macroeconomic Dynamics, Cambridge University Press (2017) View citations (21) (2017)
52. Growth Effects of Annuities and Government Transfers in Perpetual Youth Models
    MPRA Paper, University Library of Munich, Germany
    See also Journal Article Growth effects of annuities and government transfers in perpetual youth models, Journal of Mathematical Economics, Elsevier (2017) (2017)
53. Zipf's Law: A Microfoundation
    MPRA Paper, University Library of Munich, Germany

2015

54. Bayesian general equilibrium
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (5)
    See also Journal Article Bayesian general equilibrium, Economic Theory, Springer (2015) View citations (5) (2015)
55. Discretizing Distributions with Exact Moments: Error Estimate and Convergence Analysis
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (12)
    Also in University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego (2015) View citations (11)
56. Do You Save More or Less in Response to Bad News? A New Identification of the Elasticity of Intertemporal Substitution
    MPRA Paper, University Library of Munich, Germany
57. On the Robustness of Theoretical Asset Pricing Models
    Department of Economics Working Papers, Department of Economics, Williams College
58. The Double Power Law in Consumption and Implications for Testing Euler Equations
    University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego View citations (80)
    See also Journal Article The Double Power Law in Consumption and Implications for Testing Euler Equations, Journal of Political Economy, University of Chicago Press (2015) View citations (86) (2015)

Journal Articles

2025

1. Bubble Necessity Theorem
   Journal of Political Economy, 2025, 133, (1), 111 - 145 View citations (3)
   See also Working Paper Bubble Necessity Theorem, Discussion Papers (2024) (2024)
2. Incentivizing hidden types in secretary problem
   International Journal of Game Theory, 2025, 54, (1), 1-21
   See also Working Paper Incentivizing Hidden Types in Secretary Problem, Papers (2024) (2024)
3. Toward Bubble Clarity: A Comment on Miao and Wang
   Econ Journal Watch, 2025, 22, (1), 1–17
4. Unbalanced growth and land overvaluation
   Proceedings of the National Academy of Sciences, 2025, 122, (14), e2423295122
   See also Working Paper Unbalanced Growth and Land Overvaluation, CIGS Working Paper Series (2025) (2025)

2024

5. Bubble economics
   Journal of Mathematical Economics, 2024, 111, (C)
   See also Working Paper Bubble Economics, CIGS Working Paper Series (2025) (2025)
6. On equilibrium determinacy in overlapping generations models with money
   Economics Letters, 2024, 239, (C) View citations (1)
   See also Working Paper On Equilibrium Determinacy in Overlapping Generations Models with Money, Papers (2024) View citations (2) (2024)
7. Recent advances on uniqueness of competitive equilibrium
   Journal of Mathematical Economics, 2024, 113, (C) View citations (1)
   See also Working Paper Recent Advances on Uniqueness of Competitive Equilibrium, Papers (2024) View citations (1) (2024)
8. Tuning parameter-free nonparametric density estimation from tabulated summary data
   Journal of Econometrics, 2024, 238, (1)
   See also Working Paper Tuning Parameter-Free Nonparametric Density Estimation from Tabulated Summary Data, Papers (2023) (2023)
9. Unbounded Markov dynamic programming with weighted supremum norm Perov contractions
   Economic Theory Bulletin, 2024, 12, (2), 141-156
   See also Working Paper Unbounded Markov Dynamic Programming with Weighted Supremum Norm Perov Contractions, Papers (2023) (2023)

2023

10. Pareto extrapolation: An analytical framework for studying tail inequality
    Quantitative Economics, 2023, 14, (1), 201-233 View citations (3)
11. Robust comparative statics for the elasticity of intertemporal substitution
    Theoretical Economics, 2023, 18, (1) View citations (2)
    See also Working Paper Robust Comparative Statics for the Elasticity of Intertemporal Substitution, Papers (2022) (2022)

2022

12. Asymptotic linearity of consumption functions and computational efficiency
    Journal of Mathematical Economics, 2022, 98, (C) View citations (5)
    See also Working Paper Asymptotic Linearity of Consumption Functions and Computational Efficiency, Papers (2021) View citations (2) (2021)
13. Capital and Labor Income Pareto Exponents Across Time and Space
    Review of Income and Wealth, 2022, 68, (4), 1058-1078 View citations (3)
    See also Working Paper Capital and Labor Income Pareto Exponents across Time and Space, Papers (2021) (2021)
14. Determination of Pareto Exponents in Economic Models Driven by Markov Multiplicative Processes
    Econometrica, 2022, 90, (4), 1811-1833 View citations (15)
    See also Working Paper Determination of Pareto exponents in economic models driven by Markov multiplicative processes, Papers (2022) View citations (18) (2022)
15. Optimal epidemic control in equilibrium with imperfect testing and enforcement
    Journal of Economic Theory, 2022, 206, (C) View citations (7)
    See also Working Paper Optimal Epidemic Control in Equilibrium with Imperfect Testing and Enforcement, Papers (2022) View citations (7) (2022)
16. TAIL BEHAVIOR OF STOPPED LÉVY PROCESSES WITH MARKOV MODULATION
    Econometric Theory, 2022, 38, (5), 986-1013
    See also Working Paper Tail behavior of stopped L\'evy processes with Markov modulation, Papers (2020) (2020)
17. Unbounded dynamic programming via the Q-transform
    Journal of Mathematical Economics, 2022, 100, (C) View citations (2)
    See also Working Paper Unbounded Dynamic Programming via the Q-Transform, Papers (2021) View citations (2) (2021)

2021

18. A theory of the saving rate of the rich
    Journal of Economic Theory, 2021, 192, (C) View citations (9)
    See also Working Paper A Theory of the Saving Rate of the Rich, Papers (2021) View citations (14) (2021)
19. Data-Based Automatic Discretization of Nonparametric Distributions
    Computational Economics, 2021, 57, (4), 1217-1235 View citations (1)
    See also Working Paper Data-based Automatic Discretization of Nonparametric Distributions, Papers (2019) (2019)
20. Efficient minimum distance estimation of Pareto exponent from top income shares
    Journal of Applied Econometrics, 2021, 36, (2), 228-243 View citations (2)
    See also Working Paper Efficient Minimum Distance Estimation of Pareto Exponent from Top Income Shares, Papers (2020) View citations (7) (2020)
21. Necessity of hyperbolic absolute risk aversion for the concavity of consumption functions
    Journal of Mathematical Economics, 2021, 94, (C) View citations (7)
    See also Working Paper Necessity of Hyperbolic Absolute Risk Aversion for the Concavity of Consumption Functions, Papers (2020) (2020)
22. The effect of social distancing on the reach of an epidemic in social networks
    Journal of Economic Interaction and Coordination, 2021, 16, (3), 629-647 View citations (2)
    See also Working Paper The effect of social distancing on the reach of an epidemic in social networks, University of California at San Diego, Economics Working Paper Series (2021) View citations (2) (2021)

2020

23. Is Gibrat’s “Economic Inequality” lognormal?
    Empirical Economics, 2020, 59, (5), 2071-2091
24. The Equity Premium and the One Percent
    The Review of Financial Studies, 2020, 33, (8), 3583-3623 View citations (8)
    See also Working Paper The Equity Premium and the One Percent, MPRA Paper (2017) View citations (1) (2017)
25. The income fluctuation problem and the evolution of wealth
    Journal of Economic Theory, 2020, 187, (C) View citations (9)
    See also Working Paper The Income Fluctuation Problem and the Evolution of Wealth, Papers (2020) View citations (14) (2020)

2019

26. An impossibility theorem for wealth in heterogeneous-agent models with limited heterogeneity
    Journal of Economic Theory, 2019, 182, (C), 1-24 View citations (26)
    See also Working Paper An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity, Papers (2019) View citations (31) (2019)
27. Publications, Citations, Position, and Compensation of Economics Professors
    Econ Journal Watch, 2019, 16, (2), 239–257
28. Securitized markets, international capital flows, and global welfare
    Journal of Financial Economics, 2019, 131, (3), 571-592 View citations (5)
    See also Working Paper Securitized Markets, International Capital Flows, and Global Welfare, Department of Economics Working Papers (2017) (2017)
29. Wealth distribution with random discount factors
    Journal of Monetary Economics, 2019, 104, (C), 101-113 View citations (15)
    See also Working Paper Wealth Distribution with Random Discount Factors, University of California at San Diego, Economics Working Paper Series (2017) (2017)

2017

30. A NOTE ON THE SIZE DISTRIBUTION OF CONSUMPTION: MORE DOUBLE PARETO THAN LOGNORMAL
    Macroeconomic Dynamics, 2017, 21, (6), 1508-1518 View citations (21)
    See also Working Paper A NOTE ON THE SIZE DISTRIBUTION OF CONSUMPTION: MORE DOUBLE PARETO THAN LOGNORMAL, University of California at San Diego, Economics Working Paper Series (2016) View citations (1) (2016)
31. Discretizing nonlinear, non‐Gaussian Markov processes with exact conditional moments
    Quantitative Economics, 2017, 8, (2), 651-683 View citations (15)
    See also Working Paper Discretizing Nonlinear, Non-Gaussian Markov Processes with Exact Conditional Moments, University of California at San Diego, Economics Working Paper Series (2017) View citations (37) (2017)
32. Edgeworth box economies with multiple equilibria
    Economic Theory Bulletin, 2017, 5, (1), 65-80 View citations (18)
33. Fat tails and spurious estimation of consumption‐based asset pricing models
    Journal of Applied Econometrics, 2017, 32, (6), 1156-1177 View citations (15)
    See also Working Paper Fat tails and spurious estimation of consumption-based asset pricing models, University of California at San Diego, Economics Working Paper Series (2017) View citations (19) (2017)
34. Growth effects of annuities and government transfers in perpetual youth models
    Journal of Mathematical Economics, 2017, 72, (C), 1-6
    See also Working Paper Growth Effects of Annuities and Government Transfers in Perpetual Youth Models, MPRA Paper (2016) (2016)
35. Huggett economies with multiple stationary equilibria
    Journal of Economic Dynamics and Control, 2017, 84, (C), 77-90 View citations (15)
    See also Working Paper Huggett Economies with Multiple Stationary Equilibria, MPRA Paper (2017) View citations (15) (2017)

2015

36. Asset Prices and Efficiency in a Krebs Economy
    Review of Economic Dynamics, 2015, 18, (4), 957-978 View citations (10)
    See also Software Item Code and data files for "Asset Prices and Efficiency in a Krebs Economy", Computer Codes (2014) (2014)
37. Bayesian general equilibrium
    Economic Theory, 2015, 58, (2), 375-411 View citations (5)
    See also Working Paper Bayesian general equilibrium, University of California at San Diego, Economics Working Paper Series (2015) View citations (5) (2015)
38. The Double Power Law in Consumption and Implications for Testing Euler Equations
    Journal of Political Economy, 2015, 123, (5), 1177 - 1200 View citations (86)
    See also Working Paper The Double Power Law in Consumption and Implications for Testing Euler Equations, University of California at San Diego, Economics Working Paper Series (2015) View citations (80) (2015)

2014

39. Incomplete market dynamics and cross-sectional distributions
    Journal of Economic Theory, 2014, 154, (C), 310-348 View citations (45)

2013

40. Discrete approximations of continuous distributions by maximum entropy
    Economics Letters, 2013, 118, (3), 445-450 View citations (21)

2012

41. The double power law in income distribution: Explanations and evidence
    Journal of Economic Behavior & Organization, 2012, 84, (1), 364-381 View citations (75)

2010

42. Existence of a statistical equilibrium for an economy with endogenous offer sets
    Economic Theory, 2010, 45, (3), 379-415 View citations (24)

Software Items

2014

1. Code and data files for "Asset Prices and Efficiency in a Krebs Economy"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Asset Prices and Efficiency in a Krebs Economy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2015) View citations (10) (2015)