The notion of solution plays a crucial role in the conceptual system of Léon Walras, the founder of General Equilibrium Theory (GET). In this paper, after introducing the two solution concepts employed by Walras in the development of his version of GET, respectively called the "theoretical" and...

We construct a one period model of an economy based upon a Soviet-type system, and examine a modified notion of equilibrium in it. Producers are not profit maximizers, but have quantitity oriented incentive functions. Taxes are part of the planning process without which there would not be an...

We provide a "computable counterexample" to the Arrow-Debreu competitive equilibrium existence theorem [2]. In particular, we find an exchange economy in which all components are (Turing) computable, but in which no competitive equilibrium is computable. This result can be interpreted as an...

A general information equilibrium model in the case of ideal information transfer is defined and then used to derive the relationship between supply (information destination) and demand (information source) with the price as the detector of information exchange between demand and supply. We...

This paper studies how innovating firms' timing decisions on implementing new ideas affect macroeconomic fluctuations with the presence of two sources of competition: imperfect substitutability across products and imitations within products. In order to take advantage of a higher aggregate...

This paper studies the implications of equilibrium interactions between the shopping behavior of heterogeneous households and retailers’ price posting. Heterogeneous consumption baskets along the income distribution and higher shopping effort of the poor imply that retailers face different...

In the 1930s, two Dutch economists, Jan Tinbergen and Jan Goudriaan, developed their own economic framework with competing ideas about the stability, equilibrium and dynamics of the economy. The debate between them lasted for more than twenty years. The purpose of this paper is to provide a...

In this paper we verify the functioning of the standard neoclassical adjustment to equilibrium after a demand shock in a non-cooperative simultaneous Cournot duopoly with complete, symmetric and imperfect information. Our results show that in such a framework the adjustment to the long-run level...

In this paper we verify the functioning of the standard neoclassical adjustment to equilibrium after a demand shock in a non-cooperative simultaneous Cournot duopoly with complete, symmetric and imperfect information. Our results show that in such a framework the adjustment to the long-run level...