and an equilibrium point. According to Walras's approach also might be considered "forced unemployment' which is the …This paper shows that Keynes's involuntary unemployment derived from Walras's voluntary unemployment by means of … supply function is a strongly increasing function, as in Walras's approach, there might be only voluntary unemployment, and …

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 …

well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …

existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient … algorithm that will prove asymptotically consistent when computing Markovian equilibrium. …

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust … infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannotbe guaranteed that there exists a constrained equilibrium satisfying the usual …

fixed point property. Brouwer's fixed point theorem for continuous functions is a special case. We discuss the application …

equilibrium, which may or may not exist, no agents have incentives to break up or form new partnerships. This paper proposes a … dynamic competitive adjustment process that always either finds an equilibrium or exclusively disproves the existence of any … equilibrium in finitely many steps. When an equilibrium exists, partnership and revenue distribution will be automatically and …

sufficient condition for the existence of equilibrium, generalizing known results. We then introduce the partnership …-stable equilibrium, a weakened solution concept in the sense that each equilibrium is also a partnership-stable equilibrium, and find …

We characterize the equilibrium of a complete markets economy with multiple agents featuring a preference for the …