Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … a stable equilibrium. In a complex nonlinear deterministic systems, equilibria, whether multiple or deterministically …

benefits of an R&D project in the context of a very simple intertemporal general equilibrium model and suggests that R …

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 … preferences, endowments and dividends and compare the equilibrium prices and portfolio-holdings to the predictions of the CAPM …

of conflicts, able to assert conditions under which policy neutrality, game equilibrium existence, and policy uniqueness …

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 …