procedure, by fixing interest rate and quantity at the same time, does not allow a strategic equilibrium. We show that an … equilibrium exists under general conditions even if bidders expect true demand to exceed supply on average. The outcome is …

condition that aprice will be on its upper or lower bound in case of rationing. Therefore we introduce a moregeneral equilibrium … concept, called Quantity Constrained Equilibrium (QCE). At such an equilibriumthe levels of supply and demand rationing are … not being rationed, and also a generalizedsupply-constrained equilibrium without demand rationing. We apply this main …

In a standard general equilibrium model it is assumed that there are no price restictions and that prices adjust … infinitely fast to their equilibrium values. In this paper the set of admissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannot be guaranteed that there exists a constrained equilibrium satisfying the usual …

procedure, by fixing interest rate and quantity at the same time, does not allow a strategic equilibrium. We show that an … equilibrium exists under general conditions even if bidders expect true demand to exceed supply on average. The outcome is …