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...

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...

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. Copyright Springer-Verlag Italia 2014

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.

We consider an incomplete market model with numeraire assets. Each household faces an individual constraint on its participation in the asset market. In related literature, the constraint is described by a function whose sole argument is the asset portfolio. On the contrary, in our analysis the...

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...

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...

In the standard arrovian framework and under the assumptions that individual preferences and social outcomes are linear orders over the set of alternatives, we provide necessary and sufficient conditions for the existence of anonymous, neutral and reversal symmetric rules and for the existence...

In the standard arrovian framework and under the assumptions that individual preferences and social outcomes are linear orders over the set of alternatives, we provide necessary and sufficient conditions for the existence of anonymous and neutral rules and for the existence of anonymous and...