A survey of the results relating to the application of gross substitutability in economic equilibrium theory. The topics considered include existence and uniqueness of equilibrium, comparative statics, coalition stability, and stability of price-adjustment tatonnement processes. The main...

Este trabajo desarrolla un modelo en donde se endogenizan las actividades criminales para estudiar los efectos de la desigualdad de oportunidades y la movilidad social sobre la incidencia de dichas actividades. En particular, se plantea un modelo de equilibrio general derivado de la teoría...

We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff vectors satisfying this condition. The additional...

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...

In a pure exchange economy, we definie a new concept of local equilibria where the consumers are restricted by sale constraints. So the equilibrium consumptions are close to the initial endowments. We prove that the local equilibrium is always unique when utility functions are smooth and the...

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”...

We show in this paper how, in a model of assets exchange in complete competitive markets, heterogeneity of the agent’s sub jective probabilities generates aggregate expenditures for Arrow-Debreu securities that have the gross substitutability property, with the consequences that competitive...

We give an illustration of hysteresis (path-dependence) in a simple economy. In the presence of multiple possible equilibrium prices, we find that past expectations determine present prices. This phenomenon of path-dependence is robust under perturbations of the economy.

This paper considers a matching model in which multiple steady-state unemployment rates exist if government expenditures and unemployment benefits are high enough. The focus on the extensive margin and a possible transition to a steady state with higher unemployment rates imply that the effect...

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...