An elementary proof of the existence of a competitive equilibrium is given for economies where the weak axiom of revealed preference or the gross substitution property hold. It is shown by an induction argument that in these cases, the problem is reduced to the question of the existence of an...

We propose a simple model of competition for the production of energy between a thermal station and an hydrostation. We show analytically and geometrically that, despite its static characteristics, the output from the thermal station is determined by the intertemporal specifications of costs and...

In this paper we show that the "Coase problem" of the private oversupply of inputs applies equally to investors supplying capital to firms. Investors would like to commit to supplying only the monopoly amount of capital to an industry, but ex-post may be tempted to fund a second firm, devaluing...

Dans cet article, j'etudie le comportement d'un certain nombre de firmes en concurrence sur un marche sur lequel la demande decroit de maniere exogene. Je verifie que la fusion de toutes les entreprises presentes sur le marche, qui engendre une situation de monopole, est toujours avantageuse en...