Showing papers in "Journal of Mathematical Economics in 1993"

TL;DR: In this paper, a continuous, strictly positive, linear price functional p is given on a subspace M of marketed claims, and the valuation problem consists of verifying whether or not there exists a continuous and strictly positive linear extension of p from M to the entire contingent claims space X.

TL;DR: For the special case of rank-ordered subsets of Cartesian products, this article obtained characterizations of additive representations, which can be applied in the modern rank-dependent approaches to decision making under risk/uncertainty.

TL;DR: In this article, the authors studied continuous additive representations of transitive preferences on connected subdomains of product sets and showed that local additive representability does not imply global additive representation.

TL;DR: In this article, a game form implementing Lindahl allocations as Nash equilibrium outcomes is presented, under the assumption of quasi-linear preferences, and the gradient adjustment process of the new game form stabilizes the Nash equilibrium of the game form.

TL;DR: In this article, the Arrow-Debreu equilibria of a pure exchange one good economy where agents have additively separable utilities were characterized and it was shown that under gross substitution hypotheses on utilities, if relative risk aversion is smaller than one, the excess utility has gross substitute properties.

TL;DR: In this article, it was shown that a system of demand functions is additively separable in income and prices if and only if φ is a Lie transformation group on R.

TL;DR: In this article, the problem of designing mechanisms whose Nash allocations coincide with Lindahl allocations for public goods economies when initial endowments are private information and private information is consumed (withheld) but are not destroyed is investigated.

TL;DR: When nonsatiation or free disposal fail, competitive equilibria are either weak, when the individual budget constraint is imposed with equality, or strong when the budget constraints are imposed as a weak inequality as mentioned in this paper.

TL;DR: In this article, the existence of a symmetric approximate equilibrium in pure strategies for an anonymous non-atomic game with acontinuum of strategies is established, which is a consequence of the fact that in an abstract game with measure valued profiles, the degenerate best response profiles are dense in the set of all best-response.

TL;DR: In this paper, an Arrow-Debreu model with linear utility functions is considered, which is equivalent to an infinite system of linear inequalities, and an elementary proof of the inequality of revealed preference is described.

TL;DR: In this article, the authors consider the problem of extending preferences from a subset of a commodity space to the entire space and show that if the space is a non-separable metric space, then extension of preferences is not always possible.

TL;DR: In this paper, the existence of Cournot-Nash equilibria for anonymous games with incomplete but symmetric information has been shown and the equilibrium correspondence changes in response to changes in information.

TL;DR: In this article, the authors show that if enough repeated rounds of trade are permitted within a single utility period, then the liquidity problem is overcome: SE outcomes turn out to be not only efficient but, in fact, Walrasian.

TL;DR: In this paper, it was shown that no total ordering on R n (n>1) can be represented by a continuous utility function and sufficient conditions about the nonrepresentability of chains by real-valued utility functions are given.

TL;DR: In this paper, a new axiomatization of the rank-dependent model for decision making under uncertainty is presented, which assumes indifference to the order at which uncertainty is resolved in some simple two-stage lotteries.

TL;DR: In this article, the universal belief space is adopted as a general framework model for incomplete information games, and it is shown that the game (i.e. the belief subspace) is common knowledge.

TL;DR: In this article, the authors describe two models of asset markets and portfolio choice: one where the von Neumann-Morgenstern utility function is defined on the non-negative real line and short-selling is not allowed, and another where the Von Neumann Morgen Stern utility functions are defined over the entire real line, and short selling may be possible.

TL;DR: In this article, the authors show topological properties of the graph of the Walras correspondence such as connectedness and simple connectedness for economies with production, and show that such properties can be obtained for any economy with production.

TL;DR: In this article, the authors give a characterization of equilibrium payoffs of a repeated game in which players use the long-run average of the one-shot game payoffs as the overall payoff of the repeated game and individual actions are not discernible by others.

TL;DR: In this paper, the Kannai and closed-convergence topologies are characterized for continuous and monotonic preferences on Rl+ and shown to coincide and have an especially simple characterization.

TL;DR: In this paper, a worked-out example of the Dixit-Stiglitz model of product differentiation, generalized in two directions; career choice is endogenous and firms can produce many products.

TL;DR: In this article, the authors studied the sensitivity and continuity of finite horizon optimal plans in a general multi-sectoral model of intertemporal optimization which admits nonconvexities and technological change.

TL;DR: The existence of locally asymptotically stable subgame perfect reaction function equilibria (RFE) for a general class of discounted supergames was shown in this paper.

TL;DR: The range of a finitely additive closed-valued nonatomic correspondence is convex if the domain is a σ-algebra as mentioned in this paper, where σ is the dimension of the domain.

TL;DR: In this paper, the equivalence of the Boylan topology and the Bayesian variation norm topology has been established, and the continuity of the join operation in Boylan's topology is shown.

TL;DR: In this article, the authors provide sufficient conditions for global stability of the competitive economy involving complementary relations among commodities and show that their result gives a generalization of the well-known result regarding weak gross substitutability.

TL;DR: In this article, a symmetric, reflexive duality for nonconvex technologies is developed, which makes it possible to estimate organizational inefficiency, and to decompose this inefficiency into its managerial and allocative components.

TL;DR: In this article, the effective demand of a consumer not only reacts to changes in the perceived constraints but also to a modification of the realized profit levels in an economy with production, and the assumptions leading to uniqueness of fix-price equilibria cannot be readily generalized to economies with production.

TL;DR: In this paper, the authors present axiomatic characterizations of the mapping assigning to the utility function of a consumer its associated indirect utility function as well as characterisations of the inverse correspondence.