In economies of overlapping genenrations, competitive equilibrium allocations and interest rates may be indeterminate. In a world economy with multiple countries, a competitive equilibrium need not satisfy the condition that the balance of payments be in equilibrium. In a stationaryeconomy with...

The paper defines a simple tatonnement process of adjustments in prices and quantities, where excess demand results in nominal price increases and excess supply results in quantity rationing of supply at unchanged prices. Under reasonable assumptions, the process converges to a...

In this paper, I first prove an integral representation theorem: Every quasi-integral on a Stone lattice can be represented by a unique upper-continuous capacity. I then apply this representation theorem to study the topological structure of the space of all upper-continuous capacities on a...

This paper explains how the Gibbs sampler can be used to perform Bayesian inference on GARCH models. Although the Gibbs sampler is usually based on the analytical knowledge of the full conditional posterior densities, such knowledge is not available in regression models with GARCH errors. We...

A two-stage game is used in this paper to model a long-run market with spatially separated producers and with multi-period demands: first, firmas simultaneously and independently invest their capacities; second, after capacities are set up in the first stage and made public, firms engage in a...

In this paper we decribe a hybrid strategy for solving combinatorial optimisation problemms, obtained by coupling a local search method to an evolutionary algorithm, and we provide an application to the Manhattan newspaper problem. The local search method has been devised specifically for this...

In this paper we develop a new theory of static equilibrium in congested transportation networks. Our considerations are based on a physical meaning of the flows rather than on an artificially chosen model of travel time functionsl We introduce a concept of the stable equilibrium and prove the...