Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process … that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one … misleading predictions about how these models work. Equilibrium assumptions also imply absurd paradoxes: history can determine …

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

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 …

Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process … that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one … misleading predictions about how these models work. Equilibrium assumptions also imply absurd paradoxes: history can determine …

general-equilibrium approach of the neoclassical school. In the first part the author shortly reviews the theme of …

, 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 …

between market à la Walras and market clearing à la Marshall exists : in the former market clearing is equilibrium, while in …