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A theory of general economic equilibrium with incomplete financial markets is developed with many new features …
Persistent link: https://www.econbiz.de/10013051812
Both in game theory and in general equilibrium theory there exists a number of universally stable adjustment processes …. In game theory these processes typically serve the role of selecting a Nash equilibrium. Examples are the tracing …
Persistent link: https://www.econbiz.de/10014160968
Persistent link: https://www.econbiz.de/10010504790
This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...
Persistent link: https://www.econbiz.de/10012824357
In this paper, we study the throughput of multiclass networks featuring several types of flexible servers as well as general constraints both on the number of servers having the same skills and on the number of servers allowed at each station. Each job class is characterized by its processing...
Persistent link: https://www.econbiz.de/10010326896
-Nash equilibria for this two-stage game with partial coalitional strategies are determined by means of a mathematical-based algorithm …
Persistent link: https://www.econbiz.de/10013155252
In this note we consider the non-cooperative linear feedback Nash quadratic differential game with an infinite planning horizon for descriptor systems of index one. The performance function is assumed to be indefinite. We derive both necessary and sufficient conditions under which this game has...
Persistent link: https://www.econbiz.de/10014192996
produce both defaults and divergence of perturbation theory in a small market friction parameter …
Persistent link: https://www.econbiz.de/10012898637
Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the economic system which however remains to this day unobservable. Yet that belief is the corner stone of other theories such as the "Efficient Market Hypothesis" as well as the...
Persistent link: https://www.econbiz.de/10012062056
social mobility on the crime level. In particular, a general equilibrium model derived from the economic theory of conflict …
Persistent link: https://www.econbiz.de/10014201211