equilibrium if and only if the potential market value function is concave with respect to the total initial endowment of …

cycles and the equilibrium parity relationships of commodity prices, exchange rates, and equity prices. Economic behavior is … transition function and proposed the variable addition tests as the tests of linearity against smooth transition nonlinearity … stochastic nonlinear dependence in equilibrium relations such as purchasing power parity. For example, Michael, Nobay, and Peel …

structure. The paper reports clear evidence of nonlinearity, in contrast to the affine term structure model and consistent with … does not capture the entire nature of the nonlinearity. The quadratic term structure model recently proposed performs … better for capturing the nonlinearity than the threshold model but the former model seems to miss some aspect of nonlinearity …

We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in common values … still able to prove the existence of pure strategy equilibrium with an exogenous and explicit tie breaking mechanism. As a …

positive and the set of equilibrium allocations changes with the distribution of fiat money. Its role lies in the fact that it … could be used to facilitate exchange. Since a Walras equilibrium does not always exist when goods are indivisible, a new … equilibrium concept - called rationing equilibrium - is introduced and its existence is proven under weak assumptions on the …