We study a simple general equilibrium model in which investment in a risky technology is subject to moral hazard and banks can extract market power rents. We show that more bank competition results in lower economy-wide risk, lower bank capital ratios, more efficient production plans and...

A general equilibrium model is considered with multiple divisible and multiple indivisible commodities.In models with indivisibles it is always assumed that an indivisible commodity, called money, is present that is used to transfer the value of certain amounts of indivisible goods.For these...

This paper constructs an equilibrium model of entrepreneurial innovation where individuals differ in their attitude toward uncertainty.Unlike previous models of innovation, the firm-formation process is endogenous.An entrepreneur, who owns residual profits, utilizes an uncertain technology and...

In this paper we consider a general equilibrium model with a finite number of divisible and indivisible commodities.In models with indivisibilities it is typically assumed that there is only one perfectly divisible good, which serves as money.The presence of money in the model is used to...

The aim of this paper is to quantify the benefit of demand and inventory smoothing in contrasting the extreme volatility and impetuous alteration of the market produced by the current economic recession. To do so we model a traditional supply chain and we test five settings of order smoothing...

AMS classifications; 05C50; 05E30;

AMS classifications: 05E30; 05B20

AMS classifications: 05C50, 05E99;

Abstract: Factor screening searches for the really important inputs (factors) among the many inputs that are changed in a realistic simulation experiment. Sequential bifurcation (SB) is a sequential method that changes groups of inputs simultaneously. SB is the most efficient and effective...