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We adapt an elegant piece of reasoning by Balasko (1979) to the implete markets modelled by Duffie and Shafer (1985) and prove that on compact sets of such markets the Lebesgue measure of economies with m equilibria is 0 (1/m)

Collusion under imperfect monitoring is explored when firms?prices are private information and their quantities are public information; an information structure consistent with several recent price-fixing cartels such as those in lysine and vitamins. For a class of symmetric duopoly games, it is...

We explore the evolution of the structure and performance of a social network in a population of individuals who search for local optima in diverse and dynamic task environments. Individuals choose whether to innovate or imitate and, in the latter case, from whom to learn. The probabilities of...

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Discrete choice models are usually derived from the assumption of random utility maximization We consider the reverse problem whether choice probablities are consistent with maximization of random utilities This leads to tests that consider the variation in these choice probabilities with the...

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In a recent paper Engel (1999b) presents monte-carlo evidence to suggest that unit root tests can not detect a non-stationary component in the real exchange rate even when this component accounts for almost half of its long-horizon forecast error variance This hidden non-stationary component led...