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A fixed point theorem for discontinuous functions
Herings, Peter Jean-Jacques; Laan, Gerard van der; … - 2004
Any function from a non-empty polytope into itself that is locally gross direction preserving is shown to have the fixed point property. Brouwer's fixed point theorem for continuous functions is a special case. We discuss the application of the result in the area of non-cooperative game theory.
Persistent link: https://www.econbiz.de/10011342557
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Perfection and stability of stationary points with applications to noncooperative games
Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2002
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 …
Persistent link: https://www.econbiz.de/10011327822
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A fresh look on economic evolution from kinetic viewpoint
Lehmann-Waffenschmidt, Marco - 2003
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 …
Persistent link: https://www.econbiz.de/10010305437
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A fresh look on economic evolution from kinetic viewpoint
Lehmann-Waffenschmidt, Marco - 2003
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 …
Persistent link: https://www.econbiz.de/10010506636
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A fresh look on economic evolution from kinetic viewpoint
Lehmann-Waffenschmidt, Marco - Fakultät Wirtschaftswissenschaften, Technische … - 2003
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 …
Persistent link: https://www.econbiz.de/10009226168
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Viability and equilibrium in securities markets with frictions.
Jouini, Elyès; Kallal, Hedi - Université Paris-Dauphine - 1999
class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing … the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the …
Persistent link: https://www.econbiz.de/10008800242
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Viability and equilibrium in securities markets with frictions
Jouini, Elyès; Kallal, Hedi - Université Paris-Dauphine (Paris IX) - 1999
class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing … the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the …
Persistent link: https://www.econbiz.de/10011073668
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Existence of equilibrium in OLG economies with increasing returns.
Bonnisseau, Jean-Marc; Rakotonindrainy, Lalaina - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2011
existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an …
Persistent link: https://www.econbiz.de/10009645283
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Existence of equilibrium on OLG economies with durable goods.
Rakotonindrainy, Lalaina - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2014
to study the mechanism of transfer between generations, and we show that the existence of an equilibrium can be …
Persistent link: https://www.econbiz.de/10010791256
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A note on the characterization of optimal allocations in OLG economies with multiple goods
Bonnisseau, Jean-Marc; Rakotonindrainy, Lalaina - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2015
We consider a pure exchange overlapping generations economy with finitely many commodities and consumers per period having possibly non-complete non transitive preferences. We provide a geometric and direct proof of the Balasko-Shell characterization of Pareto optimal allocation. To avoid some...
Persistent link: https://www.econbiz.de/10011194459