In this paper we use a price endogenous mathematical model to estimate the national welfare losses induced by the Norwegian dairy policy. Firstly, we focus on welfare losses at the processing level due to price discrimination between different uses of the milk and cross-subsidization of export....

Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to "evolutionary stable" prices. Focus is on local...

We provide necessary condition for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accomodated. Public goods and material...

Motivated by economic examples the authors study equation solving undertaken in parallel by several non-communicating agents, each dealing with his own block of variables. The process is akin to Newton's method in using derivative information. It does, however, proceed without matrix inversion...

Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to evolutionary stable prices. Focus is on local...

A standard approach to duality in stochastic optimization problems with constraints in L(infinite) relies upon the Yosida-Hewitt theorem. We develop an alternative technique which employs only "elementary" means. The technique is based on an e-regularization of the original problem and on...

This note deals with Cournot type oligopolies in which the market clearing price occasionally may be non-unique. A Stackelberg leading producer is present. Given that setting we explore continuity properties of the followers' reaction and provide sufficient conditions for existence of equilibrium.

We apply the stochastic evolutionary approach of equilibrium selection to macroeconomic models in which a complementarity at the macro level is present. These models often exhibit multile Pareto-ranked Nash equilibria , and the best response-correspondence of an individual increases with a...

We consider a two-period, one-good financial market, featuring variance-averse investors. Under fairly weak assumptions, like those imposed in the capital asset pricing model, we demonstrate how equilibrium may be approached and computed. As main argument we use the two-dimensionality of pricing...

We consider financial contracts that are tradable in any quantities at fixed prices. A bundle of such contracts constitutes an arbitrage if it offers non-negative payoff in any future state, but commands negative present cost. This article brings together fairly recent results on how to find an...