This paper analyzes the existence of efficient equilibrium allocations in an economy with many convex and non-convex firms. A Social Equilibrium is defined as a price vector and an allocation satisfying the following properties: a) Consumers satisfy their preferences, subject to their budget...

The purpose of this paper is to offer an exposition of the results on the existence and optimality of equilibria when production sets are not assumed to be convex, in a general equilibrium framework. We aim at providing a formal and systematic account of the main results available, rather than...

A new algorithm for adjusting correlation matrices and for comparison with Finger's algorithm, which is used to compute Value-at-Risk in RiskMetrics for stress test scenarios. The solution proposed by the new methodology is always better than Finger's approach in the sense that it alters as...