In the quasilinear case, surplus maximization leads to constrained efficient Drèze equilibria. We investigate the question of whether surplus maximization can be useful beyond the quasilinear case. We use two different surplus concepts, the equivalent and the compensating surplus. The first one...

The purpose of this paper is to explore how the concept of a Drèze equilibrium can be extended to multiperiod production economies with incomplete markets. Constrained efficiency cannot serve as a basis for such an extension because multiperiod models tend to violate even weak constrained...

This paper focuses on a single firm with constant returns to scale in a multi-period setting with incomplete markets and a single good per state. Profits vanish whenever the firm maximizes profits with respect to a given price system. The paper addresses the following question: Shall the firm...

For any abstract bargaining problem a non-cooperative one stage strategic game is constructed whose unique dominant strategies Nash equilibrium implements the Nash solution of the bargaining problem. -- Nash programm ; implementation ; Nash bargaining solution