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Existence of an exact Walrasian equilibrium in nonconvex economies

D'Agata, Antonio - 2012

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the "nearby economy"approach introduced by Postlewaite and Schmeidler (Approximate Walrasian...

Persistent link: https://www.econbiz.de/10009521465

Chapter 5 The Economic Theory of Gift-Giving: Perfect Substitutability of Transfers and Redistribution of Wealth

Mercier Ythier, Jean - In: Handbook of the economics of giving, altruism and …, (pp. 227-369). 2006

This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent voluntary redistribution of income or wealth. The theory...

Persistent link: https://www.econbiz.de/10014023678

Radner equilibria under ambiguous volatility

Beißner, Patrick - 2013

alters to an endogenous property. Only mean unambiguous claims equivalently satisfying the classical martingale …

Persistent link: https://www.econbiz.de/10010212527

Coherent price systems and uncertainty-neutral valuation

Beißner, Patrick - 2012

and the existence of an equivalent martingale measure is a folk theorem, see Harrison and Kreps (1979). We establish a … equivalent symmetric martingale measure sets, in a dynamic trading framework under absence of prior depending arbitrage. We prove … price systems ; arbitrage ; equivalent symmetric martingale measures set (EsMM set) ; symmetric martingales ; Girsanov for G …

Persistent link: https://www.econbiz.de/10009512789

Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production

Hillebrand, Marten - In: Economics Letters 123 (2014) 2, pp. 171-176

A large class of stochastic OLG economies with nonclassical production is shown to possess a unique Markov Equilibrium (ME) which is also the unique sequential equilibrium. Additional properties such as monotonicity, continuity, and smoothness of the ME are also discussed.

Persistent link: https://www.econbiz.de/10010906359

Existence of an exact Walrasian equilibrium in nonconvex economies

D'Agata, Antonio - In: Economics - The Open-Access, Open-Assessment E-Journal 6 (2012), pp. 1-16

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium...

Persistent link: https://www.econbiz.de/10010954771

On the Indeterminacy of Determinacy and Indeterminacy

Beyer, Andreas; Farmer, Roger E A - C.E.P.R. Discussion Papers - 2003

A number of authors have attempted to test whether the US economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1 displays an...

Persistent link: https://www.econbiz.de/10005666730

What We Don't Know About the Monetary Transmission Mechanism and Why We Don't Know It

Beyer, Andreas; Farmer, Roger E A - C.E.P.R. Discussion Papers - 2004

We study identification in a class of linear rational expectations models. For any given exactly identified model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to show that a model proposed by Benhabib and Farmer [1] is...

Persistent link: https://www.econbiz.de/10005124235

Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Van, Cuong Le; Vailakis, Yiannis - In: Economic Theory 22 (2003) 4, pp. 743-771

Persistent link: https://www.econbiz.de/10005753350

Introduction to general equilibrium

Balasko, Yves; Geanakoplos, John - In: Journal of Economic Theory 147 (2012) 2, pp. 400-406

This introduces the symposium on general equilibrium.

Persistent link: https://www.econbiz.de/10010572387

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