The core of an economy consists of those states of the economy which no group of agents (coalition) can "improve upon". A coalition can improve upon a state of the economy if, by using the means available to that group, each member can be made better off. This paper presents the notion of the...

In this paper, we prove the existence of equilibria when we consider a model with infinitely many commodities and when producers have increasing returns to scale or more general types of non-convexities.

The set of equilibrium prices in linear exchange economies is by Mertens (1996) a convex polyhedral cone (after adding {0}). We give a constructive proof of this fact. From this, we derive a lower semi-continuity property of the equilibrium price correspondence. The set of equilibrium...

In this paper, it is proved that in the case of pure exchange economy, the oligopoly equilibrium leads to the competitive equilibrium when the economy is replicated an infinite number of times.

Clarke's normal cone appears as the right tool to define the marginal pricing rule in finite dimensional commodity space since it allows to consider in the same framework convex, smooth as well as nonsmooth nonconvex production sets. Furthermore it has nice continuity and convexity properties....

The set of payoffs associated to pure uniform equilibria of a repeated game with public information is characterized in terms of the one shot-game. The key of the result is first, a description of equilibrium paths and second, the definition of new types of punishments.

Information Technologies (IT) induce many innovations in service industries. Innovations in IT highlight the peculiarities of innovation in service industries compared to manufactured-goods industries. Because innovations often affect competitiveness, service-providers attach a high importance...

The purpose of this paper is to explain the role of financial assets in allowing individual agents of an economy to make at time 0 some limited commitments into the future which, at some extent, redistribute their revenue among several time periods and different states of the world.