The competitive equilibrium correspondence, which associates equilibrium prices of commodities and assets with allocations of endowments, identifies the preferences and beliefs of individals also under uncertainty; this is the case even if the asset market is incomplete.

At arbitrary prices of commodities and assets, fix-price equilibria exist under weak assumptions: endowments need not satisfy an interiority condition, utility functions need only satisfy very weak monotonicity requirement, and the asset return matrix allows for redundant assets. Prices of...

Time is either discrete or continuous; in either case, it extend into the infinite future and, possibly, the infinite past. There is one, non-storable commodity at each date. The economy is stationary; intertemporal preferences are logarithmic; the endowments and discount factors of individuals...

We show that in a duopoly operating in a congested market, with a general congestion function and an arbitrary distribution of consumer disutility for congestion, there cannot exist an asymmetrict Nash equilibrium. We also show tha whenever an equilibrium does exisq it is unique. Closed...

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...

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...

This paper develops a family of autoregressive conditional duration (ACD) models that encompasses most specifications in the literature. The nesting relies on a Box-Cox transformation with shape parameter to the conditional duration process and a possibly asymmetric shocks impact curve.

In this paper, we consider the determinacy of equilibrium prices, interest rate and income in an economy with liquidity constraints and capital accumulation. In particular, we show that, even though no extrinsic uncertainty affects fundamentals, under some conditions, rational expectations...

We study a class of common-value second-price auctions with differential information. This class of common-value auctions is characterized by the property that each player's information set is connected with respect to the common value. We show that the entire class is dominance solvable,...