For agents with identical homothetic preferences (but possibly different endowments), aggregate excess demand can be derived from maximization of a utility function of a representative agent whose endowment is the sum of the individual's endowments. Such an economy has a unique equilibrium. In...

Firms do product R&D (making new and better products) as well as process R&D (making cheaper products). There is evidence that firms denote an increasing share of R&D to process R&D over the life cycle of a product. There is also evidence that over time, the composition of buyers of a product...

This paper studies economic equilibrium theory with a 'uniformity principle' constraining the magnitudes (prices, quantities, etc.) and the operations (to perceive, evaluate, choose, communicate, etc.) that agents can use.We look at the special case of computability constraints, where all price...

This paper explores the theoretical link between trade liberalization and industrial development indeveloping economies. A two-country, three- good, and three-factor computable general equilibrium model is developed, which features a capital-intensive intermediate good, and a special factor of...