In a smooth pure exchange economy with fixed total resources we investigate whether the smooth selection property holds when endowments are redistributed across consumers through a continuous (non local) redistribution policy. We show that if the policy is regular then there exists a unique...

We study the problem of finding necessary and sufficient conditions that guarantee global uniqueness of equilibria in a pure exchange economy. We show that for every economy to have a unique equilibrium it is necessary and sufficient that (i) there are no critical economies and (ii) a compact...

El objetivo de este ensayo es examinar, en sus méritos y limitaciones, una de las formas del desequilibrio económico de la teoría de Walras, la no unicidad de precios para cada mercancía expresada en su teoría del arbitraje, que lamentablemente constituye el rasgo del desequilibrio menos...

Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models and display positive relevance, along the lines discussed by Freixas and Mas-Colell...

This is a review article on Burgstaller's book "Property and Prices" (1995). It is argued that the book misrepresents the common ground and the differences between the classical and the Walrasian approaches to value and distribution, and furthermore that many of the author's claims, e.g. that...

In [9], a model of a private ownership economy is presented in which production and consumption bundles are treated separately. Each of the two types of bundles is assumed to establish a convex cone. The main part in the modelling is the introduction of production technologies which can be...

“Buy Now, Pay Later” (BNPL) and other forms of consumer credit create a wedge between consumption and payments. We introduce this wedge into a standard consumption-based asset pricing model (CCAPM). In equilibrium, the pricing kernel equals the marginal utility of consumption divided by the...

A single condition, limited arbitrage, is shown to be necessary and sufficient for the existence of a competitive equilibrium and the core in economies with any number of markets, finite or infinite, with or without short sales. This extends earlier results of Chichilnisky [8] for finite...

In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and entrepreneurial discovery. It predicts that social sequential experiments with efficient as well as inefficient network patterns of division...

In the paper, an analytical framework with both increasing returns and transaction costs is developed to investigate the general equilibrium with endogenous specialization and division of labor. In this framework, the impersonal network of the division of labor emerges from the interactions...