Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … paper examines four such models of increasing complexity, including the affine nonlinear feedback H∞-control, to show that … the "data requirement" precludes all attempts at the empirical verification of the existence of a stable equilibrium. If …

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 …

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where …

We propose an equilibrium framework within which to price financial securities written on non- tradable underlyings … equilibrium result for derivative prices and characterize the equilibrium market price of risk in terms of a solution to a non …-linear BSDE. -- Backward stochastic differential equations ; dynamic risk measures ; partial equilibrium ; equilibrium pricing …

well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …

convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments …, the initial excess demand effect pushes resource allocation.This paper characterizes the out-of-equilibrium dynamics of a …. Relaxing the auctioneer assumption, but maintaining a global price rule, sequentially random pairwise trading at out-of-equilibrium …

This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium … dynamics of financial market as well as the role of uncertainty, interdependency and dynamic complexity. We present here Minsky …

equilibrium path from the corresponding perfect-foresight autoregressive Markov jump state motion. As the exact expression of the … condition for the mean-square stability of the obtained rational expectations equilibrium is also provided. -- Rational …