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Constant returns to scale (CRS) is one of the corner-stones of the competitive general equilibrium paradigm of neoclassical economics. This note argues that the equilibrium solutions of this paradigm are not compatible with CRS. CRS implies that all producers (whatever their scale of production)...
Persistent link: https://www.econbiz.de/10011108250
financed by voluntary contributions (subscriptions) of households. We prove existence and generic regularity of subscription …
Persistent link: https://www.econbiz.de/10005619815
This paper proposes conditions for the existence and uniqueness of solutions to systems of linear differential or …
Persistent link: https://www.econbiz.de/10011107980
This paper investigates the existence of pure strategy, dominant strategy, and mixed strategy Nash equilibria in … quasiconcavity introduced in the paper, is enough to guarantee the existence of Nash equilibria in compact and convex normal form … show the existence of dominant strategy and mixed strategy Nash equilibria in discontinuous games. …
Persistent link: https://www.econbiz.de/10011112019
existence of equilibrium for the generalized games (the so-called abstract economics) and Nash equilibrium for games where the … payoff functions and the feasible strategy correspondences are not lowersemicontinuous. Thus the existence theorems given in … this paper generalize many existence theorems on Nash equilibrium and equilibrium for the generalized games in the …
Persistent link: https://www.econbiz.de/10011113505
Following Kreps (1979), we consider a decision maker with uncertain beliefs about her own future taste. This uncertainty leaves the decision maker with preference for flexibility: When choosing among menus containing alternatives for future choice, she weakly prefers larger menus. Existing...
Persistent link: https://www.econbiz.de/10005621236
number of equilbria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global …
Persistent link: https://www.econbiz.de/10005621766
This paper disputes what Blanchard and Kahn have reported as the solution of linear rational expectation(RE) systems many years ago. Their method leads to traditional determinacy condition which is used very much nowadays. In this paper we have a new look to the mathematical procedure of this...
Persistent link: https://www.econbiz.de/10008805469
The formal comparison of similarities and differences of Chinese and Western economic models misses the most important point. The uniqueness of China is that it looks very much like a developed country today in terms of institutional capacity of the state, even though it is a developing country...
Persistent link: https://www.econbiz.de/10008805844
Based on results given in the recent book by Meinhardt (2013), which presents a dual characterization of the pre-kernel by a finite union of solution sets of a family of quadratic and convex objective functions, we could derive some results related to the uniqueness of the pre-kernel. Rather...
Persistent link: https://www.econbiz.de/10011111618