Bei unvollkommenen Märkten und numerairen Vermögen gibt es eine offene Menge an Volkswirtschaften, so dass die Gleichgewichtsverteilung durch eine veränderte Anfangsverteilung verbessert werden kann. Dies stärkt das klassische Ergebnis der eingeschränkten Pareto Ineffizienz von...

We establish that, when the number of agents is sufficiently large, but finite, there are open sets of economies with constrained Pareto inefficient equilibria, and provide a simple sufficient condition for CP inefficiency. We also show that there are open sets of economies with CPO equilibria.

Can variances in institutional structures between markets and governments lead actors to engage in morally divergent behavior? We explore the behavior of early American whiskey distillers in both the market and political sphere. Whiskey distillers attempted to engage in dishonest behavior in the...

Smart Contracts (SCs) are usually defined as contracts that are instantiated in computer-executable code that automatically executes all or parts of an agreement with the assistance of block-chain’s distributed trust technology. This is principally a technical description and results in an...

We consider the problem of finding an efficient and fair ex-ante rule for division of an uncertain monetary outcome among a finite number of von Neumann-Morgenstern agents. Efficiency is understood here, as usual, in the sense of Pareto efficiency subject to the feasibility constraint. Fairness...

Focusing on proving or disproving Transaction Cost Economics has led to a relative neglect of some key drivers of vertical scope, such as differences in productive capabilities (as opposed to capabilities of governance). We consider how productive capability differences can shape vertical scope...

The paper presents and studies a new concept of coalition domination for incomplete markets. It was elaborated applying a contractual approach and based on the notion of fuzzy contractual allocation, see Marakulin (2011, 2013). Core allocations are implemented by the net trades (webs of...

In this paper, I study the existence and uniqueness of recursive equilibria in economies with aggregate and idiosyncratic risk. Rather than relying on compactness to establish existence, I exploit the monotonicity property of the equilibrium model and rely on arguments from convex analysis. This...

This study provides formal theoretical evidence that an agenda for economic development of a `Village' that is built around an aggressive foray into provision of Microfinance is more likely to fail, than to succeed. The Microfinance strategy fails, because any businesses formed by `Villagers'...