This paper shows that the inverse image of the natural projection defines a ramified covering with finite layers. Finiteness of equilibria for regular two period production economies with uncertainty follows from this property.

One of the main motivations for productivity analysis is to assess the scope for overall improvements in the output possibilities of individual producers. At times of fiscal and government budgetary pressures, attention focuses particularly on the output potential of public service providers and...

In this paper we study strategic formation of bilateral networks with farsighted players in the classic framework of Jackson and Wolinsky (1996). We use the largest consistent set (LCS)(Chwe (1994)) as the solution concept for stability. We show that there exists a value function such that for...

This paper introduces a separation theorem for a two period general equilibrium model with endogenized asset structures and incomplete income transfer space. This theorem separates the activities of the consumers from the activities of the firms. The result improves on the objective function...