This paper provides necessary and sufficient conditions for fixed-point theorems, minimax inequalities and some related theorems defined on arbitrary topological spaces that may be discrete, continuum, non-compact or non-convex. We establish a single condition, γ-recursive transfer lower...

This paper develops a formal economic theory to explain the Easterlin paradox-average happiness levels do not necessarily increase as countries grow wealthier. The theory analyzes the different roles of income and non-income factors in promoting people's happiness, and provides a foundation for...

This paper gives some very general results on the generalized quasi-variational-like inequality problem. Since the problem includes all the existing extensions of the classical variational inequality problem as special cases, our existence theorems extend the previous results in the literature...

This paper investigates the informational requirements of resource allocation processes in public goods economies with any number of firms and commodities. We show that the Lindahl mechanism is informationally effcient in the sense that it uses the smallest message space among smooth resource...

This paper provides a price equilibrium existence theorem in economies where commodities may be indivisible and aggregate excess demand functions may be discontinuous. We introduce a very weak notion of continuity, called recursive transfer lower semi-continuity, which is weaker than transfer...

This paper extends the well-known KKM theorem and variational inequalities by relaxing the closedness of values of a correspondence and lower semicontinuity of a function. The approach adopted is based on Michael's continuous selection theorem. As applications, we provide theorems for the...

The Fifteenth Party Congress of the Chinese Communist Party (CCP) attracted worldwide attention by announcing its adoption of "controlling big while releasing the small strategy in reforming its 354,000 state-owned enterprises (SOEs), 240,000 of which are small-sized SOEs. A shareholding system...

This paper consideres the problem of designing better mechanisms whose Nash allocations coincide with constrained Walrasian allocations for non-neoclassical economies under the minimal possible assumptions. We show that no assumprions on preferences are needed for feasible and continuous...

McAfee and McMillan (1992) investigate the coordinated biding strategies in a strong cartel, in which the cartel members can exclude new entrants and can make transfer payments, and show that the strong cartel mechanism is incentive-compatible and efficient. In this paper however, we show the...

This article develops a model to examine the equilibrium behavior of the time inconsistency problem in a continuous time economy with stochastic and endogenized dis- tortion. First, the authors introduce the notion of sequentially rational equilibrium, and show that the time inconsistency...