I study a model where people can be matched in fractions. That is to say, whether a pair is matched is not a binary matter. They can be matched with some intensity. Each has a fixed availability: the total intensity with which he is matched to his partners. I propose a notion of competitive...

We introduce a framework for analyzing Bertrand-Edgeworth equilibria in finite Arrow-Debreu exchange economies. A key feature is the way trade takes place. There are two main stages. In the first stage agents simultaneously choose prices and quantities of commodities they want to sell; in the...

The functional relationships between the price vector and consumer's Marshallian demand and/or producer's optimal actual sale will be directly revealed respectively by two new geometric methods in general equilibrium framework without storage. The impact of transaction cost shared by individual...

The paper addresses the following question: How efficient is the market system in allocating resources if trade takes place at some prices p that are not necessarily competitive? Even though there are many partial answers to this question, an answer that stands comparison to the rigor by which...

Italian Abstract: L'obiettivo è dare al lettore gli strumenti per costruire e risolvere il problema di puro scambio, utilizzando la scatola di Edgeworth. I due teoremi del benessere sono dimostrati euristicamente attraverso semplici calcoli

We study the impact of endogenous shocks driven by collective actions of managers. We analyze how such endogenous shocks impact social welfare by employing an overlapping-generations model. We first prove that the competitive equilibrium allocation is suboptimal because of the externalities in...

The subject of this paper is to present a partial equilibrium mechanism, which is dominant strategy implementable, Pareto optimal, and individually rational in an economy with one public good and one private good, in the small limit of the market power of every agent. The separable utility...

This is a review of the literature of field experimental studies of markets. The main results covered by the review are as follows: (1) Generally speaking, markets organize the efficient exchange of commodities; (2) There are some behavioral anomalies that impede efficient exchange; (3) Many...

This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent voluntary redistribution of income or wealth. The theory...

We reconsider the allocational invariance of equilibria to different formulations of market completeness. We identify the so-far neglected assumption of sophisticated behavior as crucial to this result. The paper studies three market structures. First, the Arrow-Debreu setting is considered....