incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium. …

coupled with a simple participation fee. More specifically, we prove existence of competitive equilibrium when individuals … unverifiability of trades is widespread. The asset prices are such that financial markets may be "incomplete" at equilibrium. …

, constructing a general equilibrium model of moral hazard in search with an endogenous price distribution. When an insured event … search is far more costly than shown in previous models, which ignored equilibrium firm response to changes in consumer …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

neoclassical equilibrium analysis. They provide the setting of optimal decision making and therein constitute the tacit rationale …

Modern mainstream macroeconomics treats the economy 'as if' always in equilibrium. Two older traditions, Monetarism and …-ordination of their activities are prior problems requiring attention before equilibrium can, or cannot, be assumed. They have …

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …