Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … paper examines four such models of increasing complexity, including the affine nonlinear feedback H∞-control, to show that … the "data requirement" precludes all attempts at the empirical verification of the existence of a stable equilibrium. If …

Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … a stable equilibrium. In a complex nonlinear deterministic systems, equilibria, whether multiple or deterministically …

benefits of an R&D project in the context of a very simple intertemporal general equilibrium model and suggests that R …

In this paper we argue that in realistically calibrated two period general equilibrium models with incomplete markets … CAPM-pricing provides a good benchmark for equilibrium prices even when agents are not mean-variance optimizers and returns … preferences, endowments and dividends and compare the equilibrium prices and portfolio-holdings to the predictions of the CAPM …

A theory of general economic equilibrium with incomplete financial markets is developed with many new features … money. To this end, equilibrium is given a variational formulation that brings fresh tools to the subject. A different way … framework of the model, the proof of equilibrium is able moreover to proceed under far weaker assumptions than usual on the …

The general equilibrium model with incomplete asset markets provides a unified framework for many problems in finance …