Showing papers in "Journal of Mathematical Economics in 1992"

TL;DR: In this paper, a new representation of individual preferences termed the benefit function was proposed, which measures the amount that an individual is willing to trade, in terms of a specific reference commodity bundle g, for the opportunity to move from utility level u to a consumption bundle x. The benefit function is therefore a generalization of the willingness-to-pay concept.

TL;DR: In this article, the authors consider a non-cooperative game where the patentee acts as a Stackelberg leader selecting a licensing strategy by taking into account the reaction and competitive interaction of the firms.

TL;DR: In this article, the existence of envy-free and group envy free allocations of a heterogeneous but divisible commodity has been shown and sufficient conditions for their existence have been established.

TL;DR: In this paper, the canonical market game is analyzed and the set of interior Nash equilibria in strategy space is parametrized by the ln-dimensional vector of offers.

TL;DR: In this paper, conditions for the existence and properties of stochastic differential utility as a solution of a partial differential equation are presented, which is an extension of the classical additively-separable utility model that is designed as a platform for new financial asset pricing results.

TL;DR: In this paper, the role of money as a medium of exchange and as a store of value in a stochastic general equilibrium model with money and nominal assets is examined and conditions under which local changes in the money supply lead to local change in the equilibrium allocation are given.

TL;DR: In this article, the authors introduce the concept of a martingale density, which is a generalization of an equivalent Martingale measure, and show that absence of arbitrage plus some technical conditions implies the existence of such a density.

TL;DR: In this article, the authors extend the Jovanovic-Rosenthal existence theorem for anonymous sequential games to the case of non-stochastic aggregate uncertainty, and show how aggregate uncertainty can be introduced into the model (so the aggregate distribution evolves stochastically).

TL;DR: In this article, a model of random matching between individuals chosen from large populations is presented, where the populations and the set of encounters are infinite but countable and the encounters are i.i.d. random variables.

TL;DR: In this paper, it was shown that the true value function exists, and that it is characterized as the unique admissible solution to Bellman's equation, and the limit of successive approximations.

TL;DR: In this paper, the authors proved the existence of social equilibrium in abstract economies with discontinuous payoff functions, non-compact infinite-dimensional strategy space, and infinitely many agents by using the quasi-variational inequality approach.

TL;DR: In this article, the qualitative properties of the multiple input/multiple output adjustment cost model of the firm are derived using the dynamic primal-dual methodology of Caputo (1990), and a symmetric negative semi-definite matrix, in integral form, characterizes the model implied by the dynamic maximization assertion and the mathematical structure of the model.

TL;DR: In this article, a model where the core of a linear assignment problem contains a continuum of allocations is presented, where this core shrinks to a unique solution of the limit problem as the number of agents grows.

TL;DR: In this article, the equivalence in the finite agent model between the families of efficient dominant strategy and Vickrey-Clarke-Groves mechanisms is extended to continuum economies, and the concept of an individual's marginal product is used to link the two families of mechanisms when agents are non-atomic.

TL;DR: In this paper, the existence and continuity of the demand function for a consumer whose consumption set is ordered by a continuous, uniformly rotund preference relation is shown to be true for all consumers.

TL;DR: The ideas behind the bargaining set [Aumann and Maschler (1964) and Mas-Colell (1988) as a solution concept are formalized in this article, and an alternative to the MasColell bargaining set is defined and characterized.

TL;DR: In this paper, the authors investigated the relationship between gross substitutability and the weak axiom of revealed preference in excess demand functions, and showed that violations of the strong axiom are extremely rare in functions that satisfy gross substitution.

TL;DR: In this paper, it is shown that every reasonable concave preference ordering possesses a concave utility function assuming values in a suitable non-standard extension of the reals, unless a certain finiteness (or piecewise linearity) condition holds.

TL;DR: In this paper, a general repeated game model over an arbitrary time domain is developed, where a player is committed at any point in time to history independent behaviour for a positive length of time.

TL;DR: In this paper, a denumerable society and a domain of continuous, selfish, convex, monotonic individual preferences over allocations of private goods are assumed, and a social welfare function will be oligarchical if it satisfies strict nonimposition and Arrow's independence axiom and also generates continuous and transitive strict social preference relations.

TL;DR: In this paper, the authors propose a synthesis of the two approaches in the sense that one deduces the existence of a marginal pricing equilibrium from the existence result for bounded loss pricing rules.

TL;DR: In this article, a connection between failure of Walras' Law and non-optimal equilibria in a quite general overlapping generations model is made, where the authors show that a competitive equilibrium is not optimal if and only if the above implication of the law fails in its neighborhood.

TL;DR: In this paper, the dominance conditions for non-additive expected utilities have been studied in the univariate case and in the multivariate case, assuming a weak preference ordering or do not require extension to linear combinations of utilities.

TL;DR: In this article, the structure of the set of equilibrium allocations in a two-period pure exchange economy with incomplete financial markets was considered and it was shown that there are N second period spots and 0 first period spots.

TL;DR: A general method is developed which leads to obtaining a lower bound for the dimension of the message space of the decentralized mechanisms that realize a given goal and it is demonstrated that the method is constructive and algorithmic; the lower bound is computable by computer programs.

TL;DR: In this paper, it was shown that for the class of continuous preference functions preserving any continuous partial ordering on the space of cumulative distribution functions, the efficient subsets of any given set of prospects are simply those which are not dominated under the original partial ordering.

TL;DR: In this article, a proof for the uniform continuity of the supersumption operation on sub-σ-fields of a given σ-field that defines information combination is provided. But this is not a proof of the correctness of the result.

TL;DR: In this paper, the authors define three concepts of regularity for economies with private and pure public goods, corresponding to the Lindahl, ratio, and balanced linear cost share equilibrium concepts.

TL;DR: In this paper, the authors established three fundamental theorems justifying the controversial hypotheses Pareto (1971) had made on ordinal utility and was thought redundant from an ordinalist's view point.