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Competitive Equilibrium with Asymmetric Information: an Existence Theorem for Numeraire Assets

BOISDEFFRE, Lionel de - Centre D'Analyse Théorique et de Traitement des … - 2015

) classical existence Theorem for nominal assets. Namely, we showed that existence of equilibrium was characterized by the … same characteristic property for numeraire asset markets, and, thus, extend Geanakoplos-Polemarchakis' (1986) existence …

Persistent link: https://www.econbiz.de/10011262819

Ergodic Markov equilibrium with incomplete markets and short sales

Braido, Luis H. B. - In: Theoretical Economics 8 (2013) 1

result shows the existence of a competitive equilibrium process that is stationary and has an invariant ergodic measure …

Persistent link: https://www.econbiz.de/10009395397

BELIEF NON-EQUIVALENCE AND FINANCIAL TRADE: A COMMENT ON A RESULT BY ARAUJO AND SANDRONI

Carvajal, Andrés; Riascos, Alvaro - UNIVERSIDAD DE LOS ANDES-CEDE - 2006

bounds to financial trade, existence of equilibrium requires agents with prior beliefs that agree on zero-probability events …

Persistent link: https://www.econbiz.de/10005042160

Subscription equilibria with public production: Existence and regularity

Villanacci, Antonio; Zenginobuz, Unal - Volkswirtschaftliche Fakultät, … - 2005

financed by voluntary contributions (subscriptions) of households. We prove existence and generic regularity of subscription …

Persistent link: https://www.econbiz.de/10005619815

General equilibrium analysis on arms exports to developing countries in conflict

Fukiharu, T. - In: Mathematics and Computers in Simulation (MATCOM) 68 (2005) 5, pp. 439-448

the decline of pM on the “existence” of solution to the game, its “stability”, and finally on the utility levels of two … countries in the “stability” case. By simulation we show that as pM falls, the number of “non-existence” cases increases, the … percentage of “instability” cases among “existence” cases rises, and finally as pM falls, the percentage of “rising utility …

Persistent link: https://www.econbiz.de/10011050903

Constant Returns to Scale: Can the Neoclassical Economy Exist?

Alam, M. Shahid - Volkswirtschaftliche Fakultät, … - 2013

Constant returns to scale (CRS) is one of the corner-stones of the competitive general equilibrium paradigm of neoclassical economics. This note argues that the equilibrium solutions of this paradigm are not compatible with CRS. CRS implies that all producers (whatever their scale of production)...

Persistent link: https://www.econbiz.de/10011108250

Existence of Equilibria and Core Convergence in Economies with Bads.

Hara, C. - Faculty of Economics, University of Cambridge - 2004

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give...

Persistent link: https://www.econbiz.de/10005783843

Austerity

Dellas, Harris; Niepelt, Dirk - 2014

We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...

Persistent link: https://www.econbiz.de/10011430112

Austerity

Dellas, Harris; Niepelt, Dirk - 2014

We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...

Persistent link: https://www.econbiz.de/10010460732

Austerity

Dellas, Harris; Niepelt, Dirk - 2014

Persistent link: https://www.econbiz.de/10010480852