A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each...

In this paper we study full-capacity flat-rate equilibrium in an economy with a numeraire and a dated commodity the latter being physically identical in all other respects. We show that the equilibrium exists even if the unit cost of production is time varying and the associated allocation is...

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities

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...

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...

This paper studies Markov Equilibria (ME) corresponding to recursive equilibria on natural state space in the stochastic OLG model extended to include non-additive utility, nonclassical production, and Markovian production shocks. Specifically, we provide sufficient conditions under which the ME...

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...

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...

In this note we generalize the Negishi approach to equilibrium. We embed a standard one-period exchange economy into a two-period model, where agents' first-period utility functions can be any strictly increasing and concave functions satisfying the lower Inada condition, and prove the existence...