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Decentralizing Edgeworth equilibria in economies with many commodities

Deghdak, Messaoud; Florenzano, Monique - In: Economic Theory 14 (1999) 2, pp. 297-310

This paper proves core-equivalence theorems for exchange economies without ordered preferences, defined on locally convex Riesz commodity spaces such that the price space is a lattice. Properness assumptions are borrowed from some recent equilibrium existence results.

Persistent link: https://www.econbiz.de/10005371017

Core and Walrasian equilibria when agents' characteristics are extremely dispersed

Podczeck, Konrad - In: Economic Theory 22 (2003) 4, pp. 699-725

It is shown that core-Walras equivalence fails whenever the commodity space is a non-separable Banach space. The interpretation is that a large number of agents guarantees core-Walras equivalence only if there is actually a large number of agents relative to the size of the commodity space....

Persistent link: https://www.econbiz.de/10005371115

Inefficient ex-post equilibria in efficient auctions

Birulin, Oleksii - In: Economic Theory 22 (2003) 3, pp. 675-683

I consider a single-object English auction with two asymmetric bidders and show that it has a continuum of inefficient … undominated ex-post equilibria. The result extends for the generalized VCG mechanism, Dasgupta-Maskin auction and, generally, for … every auction that has an efficient ex-post equilibrium. Copyright Springer-Verlag Berlin Heidelberg 2003 …

Persistent link: https://www.econbiz.de/10005753376

Global asymptotic stability of a competitive equilibrium with recursive preferences

Park, Hyun - In: Economic Theory 15 (2000) 3, pp. 565-584

This paper demonstrates global stability of a competitive equilibrium in a multi-sector model of many firms, each of which exhibits constant returns to scale technology, and of infinitely lived consumers, whose preferences are recursive but not necessarily additively separable. In the topology...

Persistent link: https://www.econbiz.de/10005370659

A family of supermodular Nash mechanisms implementing Lindahl allocations

Chen, Yan - In: Economic Theory 19 (2002) 4, pp. 773-790

We present a family of mechanisms which implement Lindahl allocations in Nash equilibrium. With quasilinear utility functions this family of mechanisms are supermodular games, which implies that they converge to Nash equilibrium under a wide class of learning dynamics.

Persistent link: https://www.econbiz.de/10005370672

Indeterminacy of equilibrium in stochastic OLG models

Magill, Michael; Quinzii, Martine - In: Economic Theory 21 (2003) 2, pp. 435-454

This paper studies the equilibria of a stochastic OLG exchange economies consisting of identical agents living for two periods, and having the opportunity to trade a single infinitely-lived asset in constant supply. The agents have uncertain endowments and the stochastic process determining the...

Persistent link: https://www.econbiz.de/10005370690

A method of calculating the spectral radius of a nonnegative matrix and its applications

Ibragimov, Marat - In: Economic Theory 17 (2001) 2, pp. 467-480

We present a method of calculating the maximal eigenvalue of an indecomposable nonnegative matrix, which is based on ideas of geometric programming. In addition to that, we obtain estimates for elements of an indecomposable nonnegative matrix by its spectral radius. The results make it possible...

Persistent link: https://www.econbiz.de/10005370734

Indeterminacy and cycles in two-sector discrete-time model

Nishimura, Kazuo; Benhabib, Jess; Venditti, Alain - In: Economic Theory 20 (2002) 2, pp. 217-235

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and very small market imperfections. This is in sharp contrast...

Persistent link: https://www.econbiz.de/10005370799

Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets

Hens, Thorsten; Gottardi, Piero - In: Economic Theory 13 (1999) 2, pp. 287-308

We prove that locally, Walras' law and homogeneity characterize the structure of market excess demand functions when financial markets are incomplete and assets' returns are nominal. The method of proof is substantially different from all existing arguments as the properties of individual demand...

Persistent link: https://www.econbiz.de/10005370839

On a covering theorem

Idzik, Adam; Ichiishi, Tatsuro - In: Economic Theory 19 (2002) 4, pp. 833-838

A simple proof of Reny and Wooders' recent strengthening of Shapley's extension of the Knaster-Kuratowski-Mazurkiewicz lemma on a closed cover of a simplex is given. The proof uses Ky Fan's coincidence theorem.

Persistent link: https://www.econbiz.de/10005370919