Chichilnisky (1997) claims that another variant of her condition limiting arbitrage is necessary and sufficient for existence of equilibrium and nonemptiness of the core in an economy with short sales allowing half lines in indifference surfaces. Her proof, however, is based on a proposition...

Our work is based on a simplified heterogenous-agent shopping time economy in which economic agents present distinct productivities in the production of the consumption good, and differentiated access to transacting assets. The purpose of the model is to investigate whether, by focusing the...

We model strategic competition in a market with asymmetric information as a noncooperative game in which each firm competes for the business of a buyer of unknown type by offering the buyer a catalog of products and prices. The timing in our model is Stackelberg: in the first stage, given the...