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We consider a family of exchange economies where consumers have multiprior preferences representing their ambiguity aversion. Under a linear independence assumption, we prove that regular economies are generic. Regular economies exhibit enjoyable properties: odd finite number of equilibrium...
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In a multi-period, multi-commodity economy with stock markets, we try to extend the work of Drèze (1974) to define the behaviour of the firms. We exhibit first order necessary conditions for a constrained Pareto optimal allocation. The financial constraints lead to non-collinear supporting spot...
Persistent link: https://www.econbiz.de/10005670910
The paper extends the Drèze's Criterion [Investment under private ownership : optimality, equilibrium and stability, in «Allocation under Uncertainty ; Equilibrium and Optimality», Wiley, New York, 1974, p.129] for firms to non-smooth and non-convex technologies and to non-ordered preferences...
Persistent link: https://www.econbiz.de/10005670933
The note explores a vertical differentiation model with continuous non-uniform consumers' distribution. First some results concerning the finiteness property obtained with uniform consumers' distribution are generalized. Second we prove an existence result of price equilibrium when the...
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