A Bayesian abstract economy with a measure space of agents.
The purpose of this paper is to prove the existence of a Walrasian equilibrium for the Arrow-Debreu and Arrow-Debreu-McKenzie models with positive price vector with nonsatiated utility functions of consumers by using variational inequalities. Moreover, the same technique is used to give an alternative proof of the existence of a Walrasian equilibrium for the Arrow-Debreu and Arrow-Debreu-McKenzie models with nonnegative, nonzero price vector with nonsatiated utility functions.
In this article we give descriptions of some economic models that are based on Arrow-Hahn economic model. Finally we consider a model with two major assumptions: first, there is discontinuous excess demand function and, second, if price goes to zero, then it is possible that excess demand may approach infinity. For this last new economic model the existence of quasi-equilibrium is proved.
We focus on the special type of the continuous dynamical system which is generated by Euler equation branching. Euler equation branching is a type of differential inclusion , where are continuous and at every point . It seems this chaotic behaviour is typical for such dynamical system. In the second part we show an application in a new formulated overall macroeconomic equilibrium model. This new model is based on the fundamental macroeconomic aggregate equilibrium model called the IS-LM model....
The extended notion of pure exchange economy under uncertainty, called an economy with awareness structure, is presented, where each trader having strictly monotone preferences makes decision under his/her awareness and belief. We show an extension of the core equivalence theorem: The ex-post core coincides with the set of all generalized expectations equilibria in awareness for the economy.
Norm-to-weak* continuity of excess demand as a function of prices is proved by using our two-topology variant of Berge's Maximum Theorem. This improves significantly upon an earlier result that, with the extremely strong finite topology on the price space, is of limited interest, except as a vehicle for proving equilibrium existence. With the norm topology on the price space, our demand continuity result becomes useful in applications of equilibrium theory, especially to problems with continuous...
The purpose of this paper is to present an alternative proof of the existence of the Walrasian equilibrium for the Arrow-Debreu-McKenzie model by the variational inequality technique. Moreover, examples of the generalized Arrow-Debreu-McKenzie model are given in which the price vector can reach the boundary of the orthant allowing a commodity to be of price zero at equilibrium. In such a case its supply exceeds demand. It is worth mentioning that utility functions in this model are allowed not to...
Les hypothèses de différentiabilité jouent un rôle essentiel dans plusieurs travaux récents consacrés à l'étude des propriétés de l'équilibre économique. Cet article présente une synthèse aussi élémentaire que possible d'une partie de ces travaux et fait aussi le lien avec la théorie des catastrophes de Thom.
This paper analyzes a model of formation of connected coalitions in a cooperative game. This model is a communication situation, and the Shapley value of this graph-restricted game is the Myerson value. The potential function for cooperative games was defined by Hart and Mas-Colell, and Winter showed that the Myerson value admits a potential function. We study a recursive procedure for computing the potential of the Myerson value. In section 3, we use the Myerson value for measuring voting power...