The high concentration of gases due to global heating, specifically CO2, have been signaled as the main cause of climatic change. The adoption of agricultural practices that are able to increase the content of carbon on the soil has been proposed as a low-cost strategy and immediately available...

This work develops a model of endogenous criminal activities to study the effects of inequality of opportunities and social mobility on the crime level. In particular, a general equilibrium model derived from the economic theory of conflict is proposed, in which a group of heterogeneous agents...

We propose a general approach to study the differential effects of exogenous shocks in economic models with heterogeneous agents. Our setting applies to models that can be stated as ``competition for market shares'' in a broad sense. Examples that fit our type of structure are ubiquitous in...

A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each...

The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version of GET, respectively called the "theoretical" and...

We study an economy where a collection of indivisible goods are sold to a set of buyers who want to buy at most one good. We characterize the set of Walrasian equilibrium price vectors in such an economy using sets of overdemanded and underdemanded goods. Further, we give characterizations for...

Ascending price auctions typically involve a single price path with buyers paying their final bid price. Using this traditional definition, no ascending price auction can achieve the Vickrey-Clarke-Groves (VCG) outcome for general private valuations in the combinatorial auction setting. We relax...

In his seminal paper on arbitrage and competitive equilibrium in unbounded exchange economies, Werner (Econometrica, 1987) proved the existence of a competitive equilibrium, under a price no-arbitrage condition, without assuming either local or global nonsatiation. Werner's existence result...

There are three types of "Anything Goes" results: two of them from economic theory and one from the realms of dynamical systems. The study considers the implications of such results and tries to identify conditions under which certain types of conclusions may be implied: convergence, cycles or...

The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...