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Persistent link: https://www.econbiz.de/10011162092
We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff vectors satisfying this condition. The additional...
Persistent link: https://www.econbiz.de/10010905386
We consider exchange economies with a measure space of agents and for which the commodity space is a separable and reflexive Banach lattice. Under assumptions imposing uniform bounds on marginal rates of substitution, positive results on core-Walras equivalence were established in...
Persistent link: https://www.econbiz.de/10010706476
In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any...
Persistent link: https://www.econbiz.de/10010707098
This paper shows topological properties of the graph of the Walras correspondence such as connectedness and simple connectedness for economies with production.
Persistent link: https://www.econbiz.de/10010707679
We introduce differential information in the asset market model studied by Cheng (1991), Dana and Le Van (1996) and Le Van and Truong Xuan (2001). An equilibrium existence result is proven assuming that the economy's information structure satisfies the conditional independency property. If...
Persistent link: https://www.econbiz.de/10010708601
We consider a general equilibrium model in which the production sector may exhibit increasing returns to scale or more general types of nonconvexities. We assume that the firms follow general pricing rules. Under standard assumptions in this model, we establish an index formula, which...
Persistent link: https://www.econbiz.de/10010708742
The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the...
Persistent link: https://www.econbiz.de/10011072264
Persistent link: https://www.econbiz.de/10011072850
The main thrust of the paper is the design and the numerical analysis of new cap- and-trade schemes for the control and the reduction of atmospheric pollution. The tools developed are intended to help policy makers and regulators understand the pros and the cons of the emissions markets. We...
Persistent link: https://www.econbiz.de/10011073117