The present paper provides a simple and complete proof of the existence of a stationary monetary equilibrium for a stochastic overlapping generations model with a finite state space. Differently from previous studies, we show that all the prices are positive without the Frobenius theorem.

The paper discusses a way in which price uncertainty may affect the extent of idiosyncratic, uninsurable risks in an incomplete markets economy with nominal assets and thereby affect output and welfare. Although the returns on these assets are constant and riskfree in nominal terms, price...

The paper discusses a way in which price uncertainty may affect the extent of idiosyncratic, uninsurable risks in an incomplete markets economy with nominal assets and thereby affect output and welfare. Although the returns on these assets are constant and riskfree in nominal terms, price...

We consider an exchange economy with an atomless space of consumers whose preference relations need not be monotone. We prove that if for every commodity, there is a group of consumers who regard it as potentially desirable, in a sense to be made precise, then there exists a competitive...

The article analyzes the Dynkin (1975) stochastic model of economic equilibrium. We solve a question regarding this model that was open for a long time. We provide arguments yielding a complete proof of Dynkin's existence theorem for equilibrium paths.

The strong Whitney topology on the sets of maps of smooth manifolds induces a topology on the set of preferences in euclidean space. We prove that the obtained space is not connected which implies that there is no continuous social choice function defined on a finite power of this space. We also...

In the framework of economics models with unbounded short sales a number of different conditions limiting arbitrage opportunities have been introduced. Dana, Le Van and Magnien [JET.87(1999)169] appeal to the condition of compactness of the individually rational utility set and show that all...

In this note we consider a general equilibrium model with oligopolistic competition between firms who ignore the feedback effect of their dividend payments on demand. The outcome of this competition coincides with the perfectly competitive equilibrium solution, provided that firms have identical...

In this paper we analyze, from the Negishi approach the concepts of structurally stable and structurally unstable economies on Banach's spaces. With this purpose we formalize the intuitive concept of similar economies. We show that in certain cases similar (or neighboring) economies can show no...

We embody a notion of stability for coalition structures by Hart and Kurz (1983) into the framework of general equilibrium, by generalizing the classical value allocation notion (Shapley, 1969) to situations where: (a) agents organize themselves voluntarily into coalition structures (b) the...