Showing papers in "Journal of Mathematical Economics in 1989"

TL;DR: In this paper, the authors characterize preference relations over acts which have a numerical representation by the functional J(f) = min > {∫ uo f dP / P∈C } where f is an act, u is a von Neumann-Morgenstern utility over outcomes, and C is a closed and convex set of finitely additive probability measures on the states of nature.

TL;DR: In this article, a modification of the Aumann-Maschler Bargaining Set is proposed, and it is shown under conditions of generality similar to the core equivalence theorem that the Bargaining set and the set of Walrasian allocations coincide.

TL;DR: In this article, a non-additive version of the Debreu theorem is applied to characterize continuous subjective expected utility maximization for the case where the probability measures may be nonadditive, without the assumption that lotteries with known (objective) probability distributions over consequences are available.

TL;DR: In this article, an exchange economy with complete markets is described and a general theorem for the existence of active Nash equilibria is proved, and it is further shown that under replication of traders, these equilibrium approaches competitive equilibrium of the economy.

TL;DR: In this article, the existence of a competitive quasi-equilibrium in a production economy in which the commodity space is a vector lattice endowed with a topology, but is not necessarily a topological vector-lattice, was proved.

TL;DR: In this paper, it was shown that the set of economies whose equilibrium sets contain manifolds of arbitrary dimension is non-empty and open in the appropriate topology, and if the space of consumers is sufficiently small, then local uniqueness is a generic property of economies.

TL;DR: In this article, the authors axiomatize a representation for preference between acts in the decision under uncertainty formulation based on expectation of a non-separable utility function on pairs of consequences with respect to the decision maker's subjective probability measure over states.

TL;DR: In this paper, the authors consider an intertemporal discrete time economy with finitely many, infinitely-lived consumers and finitely-many, infinitely lived firms, and obtain two main results: under standard assumptions, this inter-temporal model has an equilibrium such that at each period the rate of maximum profit is uniform among producers, and the second result is in the spirit of the Samuelson-Solow theorem.

TL;DR: In this article, the authors show that a certain kind of patience on the part of the consumer or certain kinds of technological pathologies are sufficient to guarantee the presence of bubbles in economies with L∞ for commodity space.

TL;DR: In this paper, competitive equilibrium in a broad class of economies with production, market incompleteness and varying degrees of market participation is studied, where the key assumption is one of extensibility, meaning that there are short sales restrictions adequate to prevent traders from acquiring debt that they will not be able to honor ex post.

TL;DR: In this paper, the demand functions of consumers with concave utility functions are characterized in terms of geometric properties of the indifference surfaces (or alternatively, in the case of least concave utilities), and relations to Mitjuschin and Polterovitch's results are discussed.

TL;DR: In this article, the authors present a maximum theorem under convex structures but with weaker continuity requirements, and illustrate the usefulness of their results by an application to a problem encountered in the theory of optimal intertemporal allocation.

TL;DR: In this paper, the foundations of perfect competition are examined in a partial equilibrium model of the market for a single homogeneous good in which capacity constrained firms choose prices as strategies, and the result provides a justification for perfect competition that is based on an explicit account of price formation.

TL;DR: In this article, it was shown that if generations live for m periods and if there are n goods available in each period, then most economies will feature equilibrium price sets of dimension at most (m − 1) n.

TL;DR: In this paper, the Bargaining Set coincides with the core, and is strictly larger than the set of all Walrasian allocations for a large class of both finite and mixed market games.

TL;DR: For discounted repeated games with unobservable individual deviations, the authors showed that the anti-folk theorem is available under the long-run average criterion, which is parallel to the characterization under the discounting criterion.

TL;DR: In this paper, the existence of a stochastic modified golden rule state, its uniqueness, and its continuity in the discount rate of future utilities was proved by an infinite dimensional differential approach.

TL;DR: In this paper, the authors prove representation theorems for two classes of preference relations on a convex subset of a topological vector space: continuous preferences which satisfy weak independence property with respect to convex combinations, and continuous preferences that are consistent in respect to translations.

TL;DR: In this article, it was shown that bounded marginal rates of substitution imply that a closed, convex production set with free disposal has a non-empty interior, which is true for Banach spaces but false for more general locally convex spaces.

TL;DR: In this paper, the authors consider consumption sectors of individuals who's demand functions are homogeneous of degree zero in prices and income, and show that on any compact set of strictly positive prices and incomes this setup does not impose any restrictions on the class of mean demand functions other than the budget identity, provided the individual consumption sets are unbounded.

TL;DR: In this paper, the authors examined the possibility of using market-like structures in allocation problems with a large number of producers, where prices may be announced, according to which the agents adjust their demands and local decisions.

TL;DR: In this paper, the authors consider an infinite-horizon exchange economy where there are finitely many consumers who adopt the overtaking criterion and prove the first and second welfare theorems under both concepts of the budget constraints.

TL;DR: In this article, a turnpike theorem is proved for utility functions u (c 0, c 1, c 1,…, c T ) of more general class than the conventional functions of the form u ( c 0,c 1,…,c T ) =∑ T t =0 U t (c t ) (additively se arable with respect to time).