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Core allocations may not be Walras allocations in any large finite economy with indivisible commodities
Inoue, Tomoki - 2009
We consider an exchange economy where every commodity can be consumed only in integer amounts. Inoue [Inoue, T., 2005. Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only. Journal of Mathematical Economics...
Persistent link: https://www.econbiz.de/10003921358
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Indivisible commodities and an equivalence theorem on the strong core
Inoue, Tomoki - 2009
We consider a pure exchange economy with finitely many indivisible commodities that are available only in integer quantities. We prove that in such an economy with a sufficiently large number of agents, but finitely many agents, the strong core coincides with the set of cost-minimized Walras...
Persistent link: https://www.econbiz.de/10003921399
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Strong core equivalence theorem in an atomless economy with indivisible commodities
Inoue, Tomoki - 2009
We consider an atomless exchange economy with indivisible commodities. Every commodity can be consumed only in integer amounts. In such an economy, because of the indivisibility, the preference maximization does not imply the cost minimization. We prove that the strong core coincides with the...
Persistent link: https://www.econbiz.de/10003921413
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A dynamic model of equilibrium selection in signaling markets
Nöldeke, Georg; Samuelson, Larry - 1996
In his work on market signaling, Spence proposed a dynamic model of a signaling market in which a buyer revises prices in light of experience and sellers choose utility-maximizing signals given these prices. Spence also suggested that subjecting the dynamic process to rare perturbations might...
Persistent link: https://www.econbiz.de/10009697462
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A decentralized market with common values uncertainty : non-steady states
Blouin, Max; Serrano, Roberto - 1998
Persistent link: https://www.econbiz.de/10011504686
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Some consequences of the unknottedness of the Walras correspondence
DeMichelis, Stefano; Germano, Fabrizio - 1999
Persistent link: https://www.econbiz.de/10001430803
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Kombinatorische Ressourcenallokation mit ökonomischen Koordinationsmechanismen
Conen, Wolfram (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001753106
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Competitive equilibria in matching models with financial constraints
Herings, Peter Jean-Jacques; Zhou, Yu - In: International economic review 63 (2022) 2, pp. 777-802
Persistent link: https://www.econbiz.de/10013280161
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Equilibrium Models of Endogenous Fluctuations : An Introduction
Woodford, Michael - 2010
These lectures comment upon recent theoretical models of endogenous fluctuations in economic dynamics, including both the literature on nonlinear deterministic cycles arid the literature on "sunspot equilibria". Two important themes include (1) reasons to be interested in models of purely...
Persistent link: https://www.econbiz.de/10013138395
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Sunspots and Animal Spirits : The Origin of Keynes's Cycle Theory
Newman, Jonathan - 2021
William Stanley Jevons’s “Sunspot Theory” of business cycles related the number of spots on the sun to economic … uncertainty. The theory is widely discredited, but John Maynard Keynes agreed with Jevons’s underlying use of market participants … economic theory and policy via Keynes has been underestimated …
Persistent link: https://www.econbiz.de/10013237851