In this paper we argue that in realistically calibrated two period general equilibrium models with incomplete markets CAPM-pricing provides a good benchmark for equilibrium prices even when agents are not mean-variance optimizers and returns are not normally distributed. We numerically...

Abstract: In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed preference characterisation of the representative consumer. Our results are simple and complement those of Gorman (1953, 1961), Samuelson (1956) and others. They can also be applied to data very...

We present a Bayesian estimation method applied to an extended set of national accounts data and estimates of approximately 2500 variables. The method is based on conventional national accounts frameworks as compiled by countries in Central America, in particular Guatemala, and on concepts that...

AMS classifications: 47H10; 54H25; 55M20; 90C33; 91B50

In this paper we study competitive outcomes and endogenous coalition formation in a cooperative n-person transferable utility (TU) game from the viewpoint of general equilibrium theory.For any given game, we construct a competitive exchange coalition production economy corresponding to the game....

AMS classifications: 47H10; 54H25; 55M20; 90C26; 90C33; 91B50;

Tucker's well-known combinatorial lemma states that for any given symmetric triangulation of the n-dimensional unit cube and for any integer labeling that assigns to each vertex of the triangulation a label from the set f§1;§2; ¢ ¢ ¢ ;§ng with the property that antipodal vertices on the...

In this paper we study the existence problem of a zero point of a function defined on a finite set of elements of the integer lattice Zn of the n-dimensional Euclidean space IRn. It is assumed that the set is integrally convex, which implies that the convex hull of the set can be subdivided in...

In this paper, several problem reduction techniques are discussed that can be used to reduce the solution time of set partitioning problems. These techniques can be applied in any solution algorithm for set partitioning problems. Besides a short review of the existing literature on preprocessing...