Social demand functions result from the budget constrained maximization of "social preferences" or "other regarding preferences." These preferences are non-selfish in the sense that they also depend on other consumers' wealth. This paper addresses the robustness to wealth externalities of the...

How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to...

In this paper we introduce basic notions of new economic model where preference relations on commodities set are represented by a group action on Euclidean space instead of utility function. Conditions that ensure the existence of individual demand functions and a general equilibrium in the...

A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each...

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, each individual's optimum decision in choosing her pattern of specialization is...

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, each individual’s optimum decision in choosing her pattern of specialization is...

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...

Este trabajo desarrolla un modelo en donde se endogenizan las actividades delictivas para estudiar los efectos de la desigualdad de oportunidadesy la movilidad social sobre la incidencia de dichas actividades. En particular, se plantea un modelo de equilibrio general derivado de la...

How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to...

We propose a discrete-time exchange economy evolutionary model, in which two groups of agents are possibly characterized by heterogeneous preference structures. With respect to the classical Walrasian framework, in our setting the definition of equilibrium, in addition to utility functions and...