We propose an equilibrium construction process of asset prices that generates returns which depend on firm …

This paper characterizes the Nash equilibrium in a pay-as-bid (discriminatory), divisible-good, procurement auction …. Demand by the auctioneer is uncertain as in the supply function equilibrium model. A closed form expression is derived …. Existence of an equilibrium is ensured if the hazard rate of the perfectly inelastic demand is monotonically decreasing and …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in the the state … space is unbounded. Important examples of such economies are single vector growth models with production externalities … existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient …

Eisenberg and Gale [1959] showed that market equilibrium in Fisher's model with linear utility functions could be … concave and linearly homogeneous functions. Eisenberg's result can be used to establish that market equilibrium in economic … the existence of equilibrium prices of the consumable goods by solving a concave-linear optimization problem, whose …

We examine wage bargaining when employers and labor unions do not always take all general equilibrium effects into … account but learn a steady state. If agents do hardly consider general equilibrium effects, low real wages and low … unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and …

We examine wage bargaining when employers and labor unions do not always take all general equilibrium effects into … account but learn a steady state. If agents do hardly consider general equilibrium effects, low real wages and low … unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and …

of all general equilibrium feedback effects. We show analytically that if agents only consider labor demand effects, low … real wages and low unemployment result. With an intermediate view, i.e. when partial equilibrium effects within a sector … are taken into account, high real wages and unemployment result. If all general equilibrium effects are considered at once …

/implications - For some values of a parameter there is a locally stable equilibrium which is the value that maximizes the profit function …. Increasing these values, the equilibrium becomes unstable, through period-doubling bifurcation. Originality/value - The result …

equilibrium structure of exchange economies to a two period private ownership production model with uncertainty. It shows that … long run equilibrium properties of the production model are those of the pure exchange economy with production adjusted … demand functions. Associated with every long run equilibrium there exist a finite, odd number of short run equilibria …