This paper proves the existence of a general equilibrium in a financial model with transaction costs. The general equilibrium is shown to exist in a model with convex trading technology, in which the agents include consumers, production firms, brokers and dealers. When the trading technology is...

We discuss a model, in which two agents may distribute finitely many objects among themselves. The conflict is resolved by means of a market procedure. Depending on the specifications, this procedure serves to implement bargaining solutions such as the discrete Raiffa solution, the...

We prove that every transferable utility (TU) game can be generated by a coalition production economy. Given a TU game, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced cover of the given game. Therefore, a Walrasian...

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this paper an existence result for exact equilibrium in non convex economies is provided by following the "almost-near" approach introduced by Postlewaite and Schmeidler for convex...

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the "nearby economy"approach introduced by Postlewaite and Schmeidler (Approximate Walrasian...

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannotbe guaranteed that...

In an infinite-time decentralized sequence economy, agents use fiat money to bridge markets as if they make trades in a centralized economy, to avoid huge transaction cost that all agents' going together must incur. The model in this paper formulates the process how agents decide the fiat...

Differential information economies are investigated from the viewpoint of contract based approach, developed in series of author's papers. The key idea of the approach is to change the study of a “final” allocation of commodities with (different forms) stable webs of barter contracts which...

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this paper an existence result for exact equilibrium in non convex economies is provided by following the almost-near approach introduced by Postlewaite and Schmeidler for convex...

In this note we generalize the Negishi approach to equilibrium. We embed a standard one-period exchange economy into a two-period model, where agents' first-period utility functions can be any strictly increasing and concave functions satisfying the lower Inada condition, and prove the existence...