With assets taken to be pools, rational expectations on their delivery rates are, as default is permissible in an economy and its penalty prescribed in terms of utility, indispensable to the existence of equilibrium. And the resulting equilibrium relies heavily on the prevailing penalty level....

Based on the monitoring data from 13 typical monitoring sites along the Qinghai–Tibet Highway, the degradation characteristics of the permafrost under asphalt pavement and natural ground surface were analyzed with considerations of climate warming and engineering disturbance. Results indicated...

In the real economic world, we often suffer from the default risk—the present financial crisis could serve as an evidence. The long established idea for inhibiting the default behavior is to resort to collateral, and this idea has profound effect on the market equilibrium. To study this...

The problem of computing equilibria for general equilibrium models with incomplete real asset markets, or GEI models for the sake of brevity, is reconsidered. It is shown here that the rank-dropping behavior of the asset return matrix could be dealt with in rather a simple fashion: We first...

The problem of computing equilibria for general equilibrium models with incomplete real asset markets, or GEI models for the sake of brevity, is reconsidered. It is shown here that the rank-dropping behavior of the asset return matrix could be dealt with in rather a simple fashion: We first...