This paper extends the recent literature on equilibria with coordination failures to arbitrary convex sets of admissible prices.We introduce a new equilibrium concept, called quantity constrained equilibrium (QCE), giving a uni.ed treatment to all cases considered in the literature so far.At a...

In this paper the existence of unemployment is partly explained as being the result of coordination failures. This is achieved by considering a standard general equilibriummodel and splitting the set of commodities in two groups. The first group contains commodities like gold. The prices of...

In this paper we argue that in realistically calibrated two period general equilibrium models with incomplete markets CAPM-pricing provides a good benchmark for equilibrium prices even when agents are not mean-variance optimizers and returns are not normally distributed. We numerically...

Let X be a non-empty, compact, convex set in Rn and ° an upper semi-continuous mapping from X to the collection of non-empty, compact, convex subsets of Rn.It is well known that such a mapping has a stationary point on X, i.e. there exists a point in X satisfying that its image under ° has a...

Social environments constitute a framework in which it is possible to study how groups of agents interact in a society.The framework is general enough to analyse both non-cooperative and cooperative games.We identify a number of shortcomings of existing solution concepts that are used for social...

In Hens (1997), a new adjustment process is proposed for a setting with reopening spot and asset markets. He argues by means of an intemporal variant of Scarf's example that this process is more stable than the other processes, although in general it might be more stable or less stable. This...

In all existing intersection theorems conditions are given under which acertain subset of acollection of sets has a non-empty intersection. In this paper conditions are formulated under which the intersection is a continuum of points satisfying some interesting topological properties. In this...