In this paper we study the existence of bubbles for pricing equilibria in a pure exchange economy à la Lucas, with infinitely lived homogeneous agents. The model is analyzed under fairly general assumptions: no restrictions either on the stochastic process governing dividends’ distribution or...

Concavity and supermodularity are in general independent properties. A class of functionals defined on a lattice cone of a Riesz space has the Choquet property when it is the case that its members are concave whenever they are supermodular. We show that for some important Riesz spaces both the...

We study the properties of ultramodular functions, a class of functions that generalizes scalar convexity and that naturally arises in some economic and statistical applications.

This paper introduces a subcalculus for general set functions and uses this framework to study the core of TU games. After stating a linearity theorem, we establish several theorems that characterize mea- sure games having finite-dimensional cores. This is a very tractable class of games...

We establish a calculus characterization of the core of supermodular games, which reduces the description of the core to the computation of suitable Gateaux derivatives of the Choquet integrals associated with the game. Our result generalizes to infinite games a classic result of Shapley (1971)....

In this paper we study exact TU games having finite dimensional non-atomic cores, a class of games that includes relevant economic games. We first characterize them by showing that they are a particular type of market games. Using this characterization, we then show that in such a class the...