We introduce a no-risky-arbitrage price condition (NRAP) for asset market models allowing both unbounded short sales and externalities such as trading volume. We then demonstrate that NRAP is sufficient for the existence of competitive equilibrium in the presence ofexternalities. Moreover, we...

We introduce a no-risky-arbitrage price condition (NRAP) for asset market models allowing both unbounded short sales and externalities such as trading volume. We then demonstrate that NRAP is sufficient for the existence of competitive equilibrium in the presence ofexternalities. Moreover, we...

We construct a infinite-horizon political game where the production of a public good is delegated to a politician. The politician is controlled by finitely many citizens who, on the other hand, trade commodities and pay taxes on a voluntary basis. We provide conditions in terms of heterogenous...

We construct a infinite-horizon political game where the production of a public good is delegated to a politician. The politician is controlled by finitely many citizens who, on the other hand, trade commodities and pay taxes on a voluntary basis. We provide conditions in terms of heterogenous...