incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium. …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …

equilibrium if zero. Second, we provide representations of price and demand as unbounded operators on an infinite dimensional … Walrasian equilibrium does not exist. -- General equilibrium theory ; endowment effect : non-existence of equilibrium …

study the equilibrium outcome analytically. The experiment can be used in intermediate micro- and macroeconomic courses …

equilibrium if zero. Second, we provide representations of price and demand as unbounded operators on an infinite dimensional … Walrasian equilibrium does not exist …

rate) in which equilibrium selection is not conditioned on a sunspot. Instead, large enough shocks initiate unavoidable …

is used one quarter of the time. A choice-theoretic general equilibrium search model is constructed to analyze the … equilibrium effects that are typically absent in epidemiological studies and small-scale field experiments. For some interventions …

Equilibrium paths in economies of overlapping generations depend on the frequency of trade. In a standard example … into the infinite past as well as into the infinite future, in continuous time, all non-stationary equilibrium paths of …