Let (S, B, G ) and (T, C,Q) be probability spaces, with Q nonatomic, and H = {h in C : Q(H) 0}. In some economic models, the following conditional law of large numbers (LLN) is requested. There are a probability space (O,A,P) and a process X = {Xt : t in T}, with state space (S, B), satisfying...

In a variable electorate framework, we introduce and study the net-outdegree social choice correspondence ({\sc scc}), a procedure that allows to determine some alternatives among the ones in a given set for any given preference profile, that is, a complete description of the individual...

The main purpose of the paper is to show that the process of household formation in a competitive market does not necessarily lead to outcomes that are efficient at the economy level, even assuming that members of each household take efficient collective consumption decisions. To this end, we...

We consider a model with real assets and restricted participation described by household specific price dependent short selling constraints. We show existence of equilibria for all elements in an explicitly characterized large subset of the set of economies.

Let $(S,\mathcal{B},\Gamma)$ and $(T,\mathcal{C},Q)$ be probability spaces, with $Q$ nonatomic, and $\mathcal{H}=\{H\in\mathcal{C}:Q(H)0\}$. In some economic models, the following conditional law of large numbers (LLN) is requested. There are a probability space $(\Omega,\mathcal{A},P)$ and a...

We consider an incomplete market model with numeraire assets. Each household faces an individual constraint on its participation in the asset market. In related literature, the constraint is described by a function whose sole argument is the asset portfolio. On the contrary, in our analysis the...

The purpose of the paper is to argue that exogenous changes lowering wages may imply an increase of unemployment. To support that viewpoint, we use a general equilibrium approach. In that framework, we substitute the labour market clearing equation, which by very definition insures full...