The competitive equilibrium correspondence, which associates equilibrium prices of commodities ans assets with allocations of endowments, identifies the preferences and beliefs of individuals, this is the case even if the asset market is incomplete.

We analyse a Ramsey economy when net investment is constrained to be non negative. We prove existence of a competitive equilibrium when utility need not hold. The analysis is carried out by means of direct and technically standard strategy.

We develop in this paper simple geometrical methods to study local indeterminacy, bifurcations and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present stochastic sunspot equilibria, which allows a constructive description of local...

The special functions are intensively used in mathematical physics to solve differential systems. We argue that their use should be most useful in economic dynamics, notably in the assessment of the transition dynamics of endogenous growth models. We illustrate our argument on the Lucas-Uzawa...

We study a Ramsey problem in infinite and continuous time and space. The problem is discounted both temporally and spatially. Capital flows to locations with higher marginal return. We show that the problem amounts to optimal control of parabolic partial differential equations (PDEs). We rely on...

We analyze a Ramsey economy when net investment is constrained to be non negative. We prove existence of a competitive equilibrium when utility need not be bounded from below and the Inada-type conditions need not hold. The analysis is carried out by means of a direct and technically standard...

In this paper the existence of unemployment is partly explained as being the result of coordination failures. This is achieved by considering a standard general equilibrium model and splitting the set of commodities in two groups. The first group contains commodities like gold. The prices of...

We show in this paper how, in a model of assets exchange in complete competitive markets, heterogeneity of the agent’s sub jective probabilities generates aggregate expenditures for Arrow-Debreu securities that have the gross substitutability property, with the consequences that competitive...

In this note, we use a technique analogous to Xie's method (1994) to solve analytically the Lucas model with externality in a specific parametric case. In particular, we characterize the shape of imbalance effects in this model. Our results are entirely consistent with the findings of the...

In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classic results on this topic. In particular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets....