Showing papers in "Journal of Mathematical Economics in 1981"

TL;DR: In this paper, the authors provide a foundation for recent work in financial theory concerning arbitrage in continuous-time models of securities markets, and provide appropriate notions of arbitrage opportunities and bundles priced by arbitrage for economies that have infinitely many commodities.

TL;DR: For pure exchange economies, this paper showed that the equilibrium price set is a smooth manifold of the same dimension as the original one, and that the set of equilibria corresponding to any open neighborhood of an economy contains an open subset of the price simplex.

TL;DR: In this paper, the authors maximally use the possibilities provided by the Nash approach and the Kakutani fixed point theorem for proving the existence of an economic equilibrium, which does not require a special form for income distribution functions and producer's objectives, independence of consumers' tastes, ordered preference and zero degree homogeneous price dependence.

TL;DR: In this article, the Clarke's generalized gradient ∂v(cN) of v at the coalition cN=(1,…,1) of all players as a set of solutions is proposed, and its property coincides with the core when v is super-additive and to the Shapley value whenv is smooth.

TL;DR: In this article, the authors considered a balanced game without side payments with a continuum of players and introduced the concept of weak core for such games and proved a nonemptiness theorem for the weak core.

TL;DR: In this paper, the core and the set of Walras allocations of a non-atomic exchange economy are equal, if the set A of agents is either countable or a continuum, and even if all subsets of A are admitted as coalitions.

TL;DR: In this article, the authors studied the behavior of Smale's 'Global Newton' process, starting from points not necessarily on the boundary and found that the process is locally system stable in the sense that, sufficiently near an equilibrium, one is almost always led to some equilibrium of the system.

TL;DR: In this paper, the Nash social welfare function for a society which is given as an arbitrary finite measure space is derived from certain rationality criteria, and it is shown that the Nash Social Welfare function for the society can be derived from the rationality criteria.

TL;DR: In this paper, the existence, uniqueness and monotonicity of anonymous exactly strongly consistent social choice functions (ESC SCF's) are established by studying the correspondence between ǫ and {b( f ) x }.

TL;DR: In this paper, the Condorcet efficiency of single-stage election procedures is considered under the assumption of impartial culture for large electorates, and the most efficient ranked voting rule is either Borda rule or a truncated scoring rule.

TL;DR: In this article, the authors present a generic description of the long-term evolution of a rationed equilibrium economy with quantities adjusting quickly to their equilibrium values, while prices react slowly to excess demands.

TL;DR: In this article, it was shown that if the attitudes are strictly concave then there exists exactly one proportional distribution scheme for the case of concave attitudes, which is Pareto optimal and for which the expected proportion of income agent i recieves divided by i is independent of i.

TL;DR: In this paper, the authors deal with the value convergence problem in the piecewise smooth framework including the rates of convergence and the number of (symmetric) value allocations, and discuss the concept of dual regularity and give several equivalent ways of formulating the regularity conditions.

TL;DR: In this article, the existence of optimal savings paths in models with imperfect information is studied, where the returns on savings or on investment are uncertain and the models may have infinite horizons.

TL;DR: In this paper, sufficient conditions for D -stability on the basis of fundamental property of matrices with quasi-dominant diagonal blocks and, as an economic application, the taˆtonnement process with adaptive expectations [Arrow and Nerlove (1958)] is shown to be totally stable in the small.

TL;DR: In this article, two theorems are presented which have as corollaries known market equilibria: the first is for correspondences defined on sets which are compact and convex, and the second is for correspondence defined on the unit sphere.

TL;DR: In this article, a concept of convergence to perfectly competitive equilibrium, called asymptotically no-surplus, is demonstrated for a sequence of exchange economies in which both the number of agents and the total number of commodities is increasing.