This paper studies Markov Equilibria (ME) corresponding to recursive equilibria on natural state space in the stochastic OLG model extended to include non-additive utility, nonclassical production, and Markovian production shocks. Specifically, we provide sufficient conditions under which the ME...

This paper extends the recent literature on equilibria with coordination failures to arbitrary convex sets of admissible prices. We introduce a new equilibrium concept, called quantity constrained equilibrium (QCE), giving a unified treatment to all cases considered in the literature so far. At...

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium...

We prove that every transferable utility (TU) game can be generated by a coalition production economy. Given a TU game, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced cover of the given game. Therefore, a Walrasian...

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannotbe guaranteed that...

We propose a discrete-time exchange economy evolutionary model, in which two groups of agents are possibly characterized by heterogeneous preference structures. With respect to the classical Walrasian framework, in our setting the definition of equilibrium, in addition to utility functions and...

If consumption takes time, and time is limited, there exists a time constraint in addition to the expenditure constraint of a consumer. This may lead to a form of satiation, where consumers cannot consume all commodities they purchase. We establish existence of competitive equilibrium in the...

We prove that every transferable utility (TU) game can be generated by a coalition production economy. Given a TU game, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced cover of the given game. Therefore, a Walrasian...

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the "nearby economy"approach introduced by Postlewaite and Schmeidler (Approximate Walrasian...

Traditional ways to prove the existence of general equilibrium have to entail a common condition that the excess demand function must be continuous. This paper presents a new approach to change it. The technique used in this paper is that we tackle general equilibrium problem, which in fact is a...