In this paper, we analyze a heterogeneous agent model in which the fundamental exchange rate is endogenously determined by the real markets. The exchange rate market and the real markets are linked through the balance of payments. We have analytically found that there exists at least a steady...

In the standard arrovian framework and under the assumption that individual preferences and social outcomes are linear orders on the set of alternatives, we study the rules which satisfy suitable symmetries and obey the majority principle. In particular, supposing that individuals and...

The main purpose of the paper is to show that the process of household formation in a competitive market does not necessarily lead to outcomes that are efficient at the economy level, even assuming that members of each household take efficient collective consumption decisions. To this end, we...

We consider a model with real assets and restricted participation described by household specific price dependent short selling constraints. We show existence of equilibria for all elements in an explicitly characterized large subset of the set of economies.

Let $(S,\mathcal{B},\Gamma)$ and $(T,\mathcal{C},Q)$ be probability spaces, with $Q$ nonatomic, and $\mathcal{H}=\{H\in\mathcal{C}:Q(H)0\}$. In some economic models, the following conditional law of large numbers (LLN) is requested. There are a probability space $(\Omega,\mathcal{A},P)$ and a...

In this paper we characterize metric spaces used in Beardon's generalization of Arrow-Hahn utility representation method as generalized Peano continua. For continuous preference relations defined on such metric spaces, we further construct an upper semi-continuous utility function which...

The purpose of the paper is to argue that exogenous changes lowering wages may imply an increase of unemployment. To support that viewpoint, we use a general equilibrium approach. In that framework, we substitute the labour market clearing equation, which by very definition insures full...

Assuming that alternatives are three or more, we prove that if the set of anonymous, neutral and reversal symmetric minimal majority rules is nonempty, then it has at least two elements. We propose then further principles linked to equity and fairness that can be used to exclude some rules in...

We consider a pure exchange, general equilibrium model, with two periods and a finite number of states, commodities, numeraire assets, and households. Participation in the asset markets is restricted in a household specific manner, imposing upper bounds on the amounts of borrowing which can be...

The rhetorical perspective of science claims that scientific truths are what scientists agree is true on the basis of intellectual standards socially determined by the scientific tradition. According to that perspective, models are just rhetorical arguments used by economists in order to affect...