We discuss a model, in which two agents may distribute finitely many objects among themselves. The conflict is resolved by means of a market procedure. Depending on the specifications, this procedure serves to implement bargaining solutions such as the discrete Raiffa solution, the...

This paper presents an existence theorem in a general equilibrium model of a production economy with commodity differentiation and indivisibilities. The model is motivated by the existence of markets with indivisible commodities, such as the markets for automobiles and computers. As is standard...

We consider a general equilibrium model in which the production sector may exhibit increasing returns to scale or more general types of nonconvexities. We assume that the firms follow general pricing rules. Under standard assumptions in this model, we establish an index formula, which...

In a standard general equilibrium model it is assumed that there are no price restrictions and that prices adjust infinitely fast to their equilibrium values.In case of price restrictions a general equilibrium may not exist and rationing on net demands or supplies is needed to clear the...

In this paper, I study the existence and uniqueness of recursive equilibria in economies with aggregate and idiosyncratic risk. Rather than relying on compactness to establish existence, I exploit the monotonicity property of the equilibrium model and rely on arguments from convex analysis. This...

We propose a discrete-time exchange economy evolutionary model, in which two groups of agents are possibly characterized by heterogeneous preference structures. With respect to the classical Walrasian framework, in our setting the definition of equilibrium, in addition to utility functions and...

The paper presents and studies a new concept of coalition domination for incomplete markets. It was elaborated applying a contractual approach and based on the notion of fuzzy contractual allocation, see Marakulin (2011, 2013). Core allocations are implemented by the net trades (webs of...

We offer new sufficient conditions ensuring demand is downward sloping local to equilibrium. It follows that equilibrium is unique and stable in the sense that rising supply implies falling prices. In our setting, there are two goods, which we interpret as consumption in different time periods,...

We derive sufficient conditions for the existence of multiple equilibria in two-good, two-agent pure exchange economies with heterogeneous but symmetric preferences with identical Bernoulli utilities. When preferences are non-homothetic (e.g., quadratic, quasi-linear, or HARA), multiple...

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this paper an existence result for exact equilibrium in non convex economies is provided by following the almost-near approach introduced by Postlewaite and Schmeidler for convex...