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Evans, George W.; Honkapohja, Seppo - In: Handbook of macroeconomics : volume 1, part A, (pp. 449-542). 1999

approximation based on an associated differential equation. Global stability, local stability and instability results for SRAs are … presented. For a wide range of solutions to economic models the stability conditions for REE under statistical learning rules … are given by the expectational stability principle, which is treated as a unifying principle for the results presented …

Persistent link: https://www.econbiz.de/10014024243

Options and Sunspots in a Simple Monetary Economy

Antinolfi, Gaetano - 2012

We study sunspot immunity in a dynamic monetary economy in which consumers are allowed to trade put and call option contracts on the general price level. We define the concept of strong sunspot immunity to characterize economies that have no sunspot equilibria regardless of the number of...

Persistent link: https://www.econbiz.de/10013102999

Competitive Equilibria in Matching Models with Financial Constraints

Herings, P. Jean-Jacques - 2019

We consider the one-to-one two-sided matching with contracts model in which buyers face financial constraints. In this model there is a stable outcome, but not necessarily a competitive equilibrium as defined in the standard way. We propose a new equilibrium notion, quantity-constrained...

Persistent link: https://www.econbiz.de/10012872151

Informational Efficiency Properties of Rational Expectations Equilibria in Non-Convex Economies

Seccia, Giulio - 2001

A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does...

Persistent link: https://www.econbiz.de/10014150867

Market design and the stability of general equilibrium

Goeree, Jacob K.; Lindsay, Luke - In: Journal of economic theory 165 (2016), pp. 37-68

Persistent link: https://www.econbiz.de/10011649258

Uniqueness, stability, and local comparative statics for competitive equilibrium

Keenan, Donald C.; Kim, Taewon - In: International journal of economic theory 11 (2015) 2, pp. 169-176

Persistent link: https://www.econbiz.de/10011346293

Efficiency of Competitive Equilibria With Hidden Action : The Role of Separable Preference

Panaccione, Luca - 2007

In the present paper we study the efficiency properties of competitive equilibria in economies with hidden action and multiple goods. We borrow the description of the economy from Lisboa [3] and we apply a method of proof close in spirit to the one used in the literature on incomplete financial...

Persistent link: https://www.econbiz.de/10012730371

Competitive Equilibria in a Comonotone Market

Boonen, Tim J. - 2020

We investigate competitive equilibria in a special type of incomplete markets, referred to as a comonotone market, where agents can only trade such that their risk allocation is comonotonic. The comonotone market is motivated by the no-sabotage condition. For instance, in a standard insurance...

Persistent link: https://www.econbiz.de/10012853226

On Equilibrium Number of Firms

Selim, Tarek H. - 2019

This article provides a simple account of the effect of quality competition on the extent of sequential entry accommodation for a differentiated oligopoly market characterized by locational differentiation. The model is solved with consumers seeking a “love for quality” surplus utility while...

Persistent link: https://www.econbiz.de/10012897111

On the Existence of Competitive Equilibrium in Frictionless and Incomplete Stochastic Asset Markets

Jarrow, Robert A. - 2017

Using a standard frictionless, continuous time, and continuous trading stochastic economy with heterogeneous beliefs, the purpose of this paper is to provide sufficient conditions for the existence of competitive equilibrium in an incomplete asset market. A new approach to proving existence is...

Persistent link: https://www.econbiz.de/10012970661