Showing papers in "Journal of Mathematical Economics in 1990"

TL;DR: In this paper, the existence and order structure of Nash equilibria of non-cooperative games where payoffs satisfy certain monotonicity properties (which are directly related to strategic complementarities) but need not be quasiconcave.

TL;DR: In this article, the major results in the theory of general equilibrium with incomplete asset markets are surveyed, and a few suggestions for further work are made for further research. And the papers in this volume are introduced and discussed.

TL;DR: In this article, an outside agency can, simply by redirecting the investment decisions of firms and by lump sum transfers to individuals before the state of nature is realized, make all consumers better off.

TL;DR: In this paper, the competitive equilibria in a model in which there are two periods, with uncertainty in the second, and households exchange both physical commodities and financial instruments - or current and future credit - on the spot market in the first period.

TL;DR: In this article, a new fixed-point theorem for establishing generic existence of incomplete markets with incomplete markets is proved using algebraic topology, based on the global twisting in the fibres of a naturally induced vector bundle.

TL;DR: In this paper, the equilibrium allocations of a stochastic economy induced by two market structures: contingent markets and a sequential system of spot and real asset markets are compared, and a regularity condition on the asset structure is established.

TL;DR: In this paper, a general mathematical approach to existence problems in economics based on the geometry of vector bundles and the methods of intersection theory is proposed, where the existence problem is formulated as: Does an approximate vector bundle admit a non-zero continuous section?

TL;DR: In this paper, a broad range of systems of simultaneous equations arise in economics as descriptions of equilibrium that can be solved in elementary fashion via degree theory, and some of these systems are not susceptible to analysis by standard Brouwer fixed point methods.

TL;DR: When the asset market is incomplete, options at a priori specified exercise prices may prevent the existence of competetive equilibria, and the failure of existence may be robust to perturbations.

TL;DR: ‘Bayesian’ topologies on these mappings are defined by saying that information structures are close if there is only small probability that the posterior distributions are far apart, which leads to a characterization of the relation between partition representations of information and σ-field representation of information.

TL;DR: In this paper, the authors examined the efficiency properties of an abstractly given market mechanism, which consists of a smooth map from traders' strategy-choices to their net trades.

TL;DR: In this paper, the authors provide a characterization of the efficacy of intervention in an economy with an incomplete asset market based on the information available to a planner from the observable behavior of individuals.

TL;DR: In this article, the authors studied the degree of indeterminacy of equilibrium allocations in an economy with spot commodity markets and incomplete futures markets for financial assets, and provided a description of the degree in the case of two-period economy with an arbitrary market structure.

TL;DR: In this paper, it was shown that if φ: T × P →2 X is a set-valued function such that for each fixed p ϵ P, φ(·, p ) has a measurable graph and for each φ φ (t, p) is either upper or lower semicontinuous then the Aumann integral of φ, i.e.

TL;DR: In this article, a generalization of the price concept, called the production value, has been proposed for the pure exchange setting, where the corresponding equilibria are characterized by a topological version of generalized price.

TL;DR: In this article, the problem of finding a Pareto point which should satisfy some additional equalities is formulated, and an existence theorem is proved, and two examples of its application are demonstrated.

TL;DR: In this paper, the assumption of uniform monotonicity on preferences and no permutation of the allocation among agents yields a Pareto improvement was considered for an exchange economy with a finite number of traders when the commodity space is an ordered topological vector space.

TL;DR: In this paper, a continuous representation of preference relations satisfying Grandmont's (1972) Expected Utility Hypothesis is considered, and the preferences are equipped with the topology of closed convergence.

TL;DR: In this article, the authors presented characterizations for the class of non-atomic weighted majority games which are defined on a measurable space (I, C ). The characterizations were done within the class for simple games and for games of the form ƒ ∘ μ where μ is a nonatomic probability measure.

TL;DR: In this article, it was shown that a sequence of economies with continuous trading and continuous observation has the property that the space of attainable claims converges in an appropriate sense towards complete markets.

TL;DR: In this paper, it was proved that all sets A have this property and even more: for every set B there exists a function T : A B → A such that for every b ϵ B and every a ϵ A B ⧹{ b }, the function t : A → A defined by t (α):= T ( a ;α) is a bijection.