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Radner equilibria under ambiguous volatility
Beißner, Patrick - 2013
The present paper considers a class of general equilibrium economics when the primitive uncertainty model features uncertainty about continuous-time volatility. This requires a set of mutually singular priors, which do not share the same null sets. For this setting we introduce an appropriate...
Persistent link: https://www.econbiz.de/10010212527
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Chapter Fifteen. Competitive Market Mechanisms as Social Choice Procedures
Hammond, Peter J. - In: Handbook of social choice and welfare : volume 2, (pp. 47-151). 2011
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal...
Persistent link: https://www.econbiz.de/10014025193
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The optimal capital structure of an economy
Gersbach, Hans - 2003
Persistent link: https://www.econbiz.de/10001816140
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Banking competition and welfare
Lucchetta, Marcella - In: Annals of finance 13 (2017) 1, pp. 31-53
Persistent link: https://www.econbiz.de/10011944957
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Welfare and bank risk-taking
Lucchetta, Marcella - In: Annals of finance 20 (2024) 2, pp. 239-258
Persistent link: https://www.econbiz.de/10014566421
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Stabilizing the economy : market design and general equilibrium
Goeree, Jacob K.; Lindsay, Luke - 2012
Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …
Persistent link: https://www.econbiz.de/10009743925
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A critique of shareholder value maximization
Magill, Michael; Quinzii, Martine; Rochet, Jean-Charles - 2013
The majority of academic economists share the view that a corporation should serve the exclusive interests of its shareholders (shareholder value maximization). This view is fi rmly grounded on the extension, by Arrow (1953) and Debreu (1959) of the two welfare theorems to production economies...
Persistent link: https://www.econbiz.de/10009750630
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On bankruptcy in general equilibrium with uncertainty
Ritzberger, Klaus; Tsomocos, Dimitrios P. - In: Journal of economic theory : JET 218 (2024), pp. 1-13
Persistent link: https://www.econbiz.de/10015070875
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More competition to alleviate poverty? : a general equilibrium model and an empirical study
Ghazzai, Hend; Hemissi, Wided; Lahmandi-Ayed, Rim; … - In: Journal of public economic theory 25 (2023) 5, pp. 985-1011
Persistent link: https://www.econbiz.de/10014368476
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Images of competition and their impact on modern macroeconomics
Ingrao, Bruna; Sardoni, Claudio - In: The European journal of the history of economic thought 27 (2020) 4, pp. 500-522
Persistent link: https://www.econbiz.de/10012264207