The critical role of free entry to correct inherent deviance behavior has been stressed by Vanek (1970), Meade (1972) amongst others. The equivalence theorem (Dreze 1976) defines that labour and entrepreneurial management both lead to the same Pareto optimal equilibrium provided that there is...

If a solution (on a closed family of games) satisfies dummy axiom (DUM) and independance of irrelevant strategies (IIS) then it also satisfies consistency (CONS) (proposition 2.21, Peleg and Tijs, 1996). The converse of this proposition is not true: CONS implies neither DUM nor IIS as shown in...

In this paper we study the concepts of equilibrium and optimum in static transportation networks with elastic and non-elastic demands. The main mathematical tool of our paper is the theory of variational inequalities. We demonstrate that this theory is useful for proving the existence theorems....

In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classis results on this topic. In partular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets....

This study analyses the impact of value added tax on key sectoral and macroeconomic aggregates, using a CGE model considered suitable for Nigeria. A survey of VATable Nigerian manufacturers, distributors, importers and suppliers of goods and services, organizations was conducted to gain insights...

Comparative statics in an Arrow-Radner incomplete market equilibrium model shows that some insights on agents' risk perception can be inferred from market prices. We call "precautionary savings" those savings which are invested in some riskless asset. The results are: precautionary savings...

Succeeding Dutta, Sen and Vohra (1995) and Saijo, Tatamitani and Yamato (1995), we define several conditions of natural mechanisms in production economies, and proposed two types of natural mechanisms, that is, the quantity and price-quantity types.