equilibrium prices, whereas in the second one, the monetary model, a .particular market economy. arises, which is linked to …

of rates of interest, there is a nontrivial multiplicity of equilibrium paths of prices of commodities. Determinacy …

conceptual background of the new system design. The new system’s long-term objective is to ensure intergenerational equilibrium …

, the extent of delegation and equilibrium prices are all determined endogenously within the model we consider. Symmetric … performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating …

existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …