In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannotbe guaranteed that...

The disequilibrium adjustment frameworks, pioneered by Carlino & Mills (1987) and further extended by Boarnet (1994a), have been widely adopted by various regional and intra-regional studies, 1) determining whether jobs follow people or people follow jobs or the both; 2) examining the...

This work, which shall contribute to the Fest "A Just Society: Honouring Joseph Stiglitz", discusses a major unifying theme in Joe Stiglitz monumental work, namely, the analysis of economies characterised by persistent learning and coordination hurdles. In his analysis Joe is in many respects a...

We provide a model of bookbuilding in IPOs, in which the issuer can choose to ration shares. We consider two allocation rules. Under share dispersion, before informed investors submit their bids, they know that, in the aggregate, winning bidders will receive only a fraction of their demand. We...