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existence of a unique Nash equilibrium and of a unique social optimum are established. Under these conditions, we find that … players with more vulnerable locations in the network exert more effort at equilibrium, and that the most influential players …
Persistent link: https://www.econbiz.de/10010821156
We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of...
Persistent link: https://www.econbiz.de/10010738451
This paper explores risk-sharing and equilibrium in a general equilibrium set-up wherein agents are non … probability. Hence, optimal allocations are comonotone. This enables us to study the equilibrium set. When agents have different …
Persistent link: https://www.econbiz.de/10010738584
seminal role played by two lemmas of David Gale in the development of the foundations of General Equilibrium Theory. …
Persistent link: https://www.econbiz.de/10010738676
We prove that every two-player nonzero-sum Dynkin game in continuous time admits an "epsilon" equilibrium in randomized … stopping times. We provide a condition that ensures the existence of an "epsilon" equilibrium in nonrandomized stopping times. …
Persistent link: https://www.econbiz.de/10010899803
to study the mechanism of transfer between generations, and we show that the existence of an equilibrium can be …
Persistent link: https://www.econbiz.de/10011025963
coalition structure, we show that the stability index relative to the equilibrium, to the beta core and to the exact core is a …
Persistent link: https://www.econbiz.de/10011026051
Unlike partial equilibrium analysis which study the equilibrium of a particular market under the clause "ceteris … paribus" that revenues and prices on the other markets stay approximately unaffected, the ambition of a general equilibrium … model is to analyze the simultaneous equilibrium in all markets of a competitive economy. Definition of the abstract model …
Persistent link: https://www.econbiz.de/10010750449
finish by studying the existence and the unicity of the equilibrium in the sense of Lucas or Romer. …
Persistent link: https://www.econbiz.de/10010750501
general theorem on the existence of equilibrium without requiring that the commodity space or its dual be a vector lattice …
Persistent link: https://www.econbiz.de/10010750751