in the spirit of Wilson (1977)’s ‘anticipatory equilibrium’ by introducing an additional stage in which initial contracts … can be withdrawn after observation of competitors’ contract offers. We show that an equilibrium always exists where … as equilibrium contracts. However, the second-best efficient WMS allocation is the unique equilibrium allocation under …

We integrate individual power in groups into general equilibrium models. The relationship between group formation … paradoxes: positiveexternalities increase, but none of the household members gains in equilibrium. We further identify implicit …

We consider a general equilibrium model where groups operating in a competitive market environment can have several …, equilibrium existence, and equilibrium efficiency. …

equilibrium allocation and welfare. If price effects are sufficiently small, then typically an individual benefits from an …

This paper employs a general equilibrium model of imperfect competition and trade in which capital is used to establish …

equilibrium audiences (the clients belonging to a company), their signal exposure and attention, and the diversity of senders … surviving the contest for attention. Application of the equilibrium analysis to changes in information technologies and …

detailed applied general equilibrium model for the Netherlands. The model is empirically grounded in the data and encompasses …

firms’ investment decisions. We characterize the conditions under which fire sales occur in equilibrium and their …

We study the welfare properties of a general equilibrium banking model with moral hazard that encompasses incentive … mechanisms for bank risk-taking studied in a large partial equilibrium literature. We show that competitive equilibriums maximize …