This paper uses the complexity of non-competitive behaviour to provide a new justification for competitive equilibrium in the context of extensive-form market games with a finite number of agents. This paper demonstrates that if rational agents have (at least at the margin) an aversion for...

In this paper we compare the classical general equilibrium framework of Smith and Marx with the neoclassical one of Arrow and Debreu, and find that these competing paradigms of equilibrium clash on a number of critical issues--efficiency, power, the role of markets, time, the nature of...

We consider option pricing when dynamic portfolios are discretely rebalanced. The portfolio adjustments only occur after fixed relative variation of the stock price. The stock price follows a marked point process and the market is incomplete. We first characterize the equivalent martingale...

We consider a pure exchange economy under uncertainty in which the traders have the non-partition structure of information. They willing to trade the amounts of state-contingent commodities and they know their own expectations. Common knowledge of these conditions among all the traders can...

The aim of our study is to spell out and analyse the possibilities of data access, focusing on data that are used as an input of scientific research. We give a brief overview of the current legal background in Hungary. Based on normative economic analysis, we outline the main features of an...

According to international comparisons the Hungarians are extremely dissatisfied with their lives. Meanwhile Austria, with many cultural and historical similarities to Hungary, is in the forefront of the satisfaction lists. We have identified some of the important causes of Hungarian...

The aim of our study is to spell out and analyse the possibilities of data access, focusing on data that are used as an input of scientific research. We give a brief overview of the current legal background in Hungary. Based on normative economic analysis, we outline the main features of an...

According to international comparisons the Hungarians are extremely dissatisfied with their lives. Meanwhile Austria, with many cultural and historical similarities to Hungary, is in the forefront of the satisfaction lists. We have identified some of the important causes of Hungarian...

This paper uses imperfect competition as a basis for modelling the export price for an aggregated commodity produced by the Norwegian private mainland economy. The long run solution is analysed using a cointegration technique. The dynamics are modelled according to two different approaches; a...

The formation of export prices is an area in which the linear quadratic adjustment cost (LQAC) model under rational expectations may be relevant in practice. This paper evaluates the empirical performance of the LQAC-model using Norwegian data and a new testing procedure suggested by Johansen...