Showing papers in "Journal of Mathematical Economics in 1996"

TL;DR: In this article, the authors developed several comparative dynamics results for multidimensional dynamic optimization problems in economics, and provided sufficient conditions for the value function to be monotone and supermodular.

TL;DR: In this article, the authors studied sequence economies over an infinite horizon with general security structures and provided assumptions under which a pseudo-equilibrium exists for all economies and an equilibrium exists for a dense set of (appropriately parameterized) economies.

TL;DR: In this article, the authors define a notion of an equilibrium and a pseudo-equilibrium for infinite horizon economies with incomplete asset markets, and show that their notion actually coincides with several other - apparently quite distinct - notions of equilibrium.

TL;DR: In this paper, the stability conditions of Cournot-Nash equilibria were examined in a setting where each firm produces multiple outputs in m related markets, and sufficient and necessary conditions for stability were established.

TL;DR: In this paper, it was shown that the uniformity requirement in the properness assumption made by Mas-Colell and Richard can be weakened and, as a consequence of properness, an equilibrium allocation which is supported by a discontinuous prices can also be supported by continuous prices.

TL;DR: It is shown that the core correspondence is implementable and that any solution that is Pareto efficient, individually rational, and implementable is a supersolution of thecore correspondence.

TL;DR: In this article, the authors consider an economy in which firms' decisions are made by a collective decision of the shareholders and show the simultaneous existence of an exchange equilibrium in the market for shares and a voting equilibrium in internal decisions of firms.

TL;DR: In this paper, the authors derive the existence of an optimum and the techniques of dynamic programming for non-additive stochastic objectives, and provide broad families of new, interesting, and tractable examples.

TL;DR: In this paper, the authors define a topology on the space of measures of state variables which ensures the applicability of Berge's maximum theorem to the decision-maker's optimal behavior.

TL;DR: In this paper, the internal rate of return of a finite sequence of cash flows is studied in terms of four natural postulates: (1) continuity of the rate with respect to the cash flows; (2) monotonicity, i.e. the rate increases in case any cash flow increases; (3) normalization, or agreement with the usual rate in the case of loan contracts; (4) scale invariance.

TL;DR: In this article, the authors introduce the notion of path-connected topological semilattices, which are partially ordered topological spaces in which each pair of elements x, x ∈ X has a least upper bound and the function (x, x ∆)↦ x V ∆ is continuous.

TL;DR: In this article, the difference between the sure-thing principle for preferences of expected utility and its comonotonic generalization in rank-dependent utility provides the exact demarcation between the two models.

TL;DR: In this article, it was shown that the non-existence problem does not arise when one of the commodities is paper money and that equilibrium is weakly Pareto efficient in the economy with money.

TL;DR: In this article, an algorithm is described to compute equilibria of the general economic model with incomplete asset markets, that is, of GEI. The algorithm is based on the existence of a route of zeros of a homotopy whose domain includes the price simplex and a Grassmann Manifold.

TL;DR: In this article, the authors derive a simple relationship between the topological entropy of the optimal policy function of a concave dynamic program and the underlying discount factor, and show that solutions that exhibit very complicated dynamics can only occur in models with small discount factors.

TL;DR: In this article, the authors present a hypothesis of an incomplete markets equilibrium existence theorem using finite-dimensional truncations of utilities, endowments and asset returns, and prove that the hypothesis is correct.

TL;DR: In this paper, it is shown that under a weak regularity, a two-period incomplete market economy with a finite number of assets and general state spaces has an equilibrium, and the proof proceeds by establishing the existence of self-fulfilling spot price expectations possessing a strong continuity with respect to asset trades.

TL;DR: In this article, the existence of Nash equilibrium distributions and the closed graph property of the equilibrium distribution correspondence were proved for anonymous games with compact metric action spaces and payoff functions which are upper semicontinuous but not necessarily lower semicointinuous, under the supremum norm topology on the space of payoff functions and a tightness assumption on the game.

TL;DR: In this paper, the authors consider a finite horizon economy with incomplete markets and, at each period, a non-atomic continuum of states of nature, and combine backward recursion methods with a reformulation of the problem in terms of first-order conditions to establish the existence of a Radner equilibrium.

TL;DR: In this article, the authors extend the definition of Walras equilibria to generalized economies without free disposal of commodities and provide axiomatic characterizations of the Walras allocations based on the axioms of consistency and converse consistency.

TL;DR: In this article, the authors consider a pure exchange economy where agents' consumption spaces are L p and agents have Von Neuman-Morgenstem utilities, and characterize the set of utility weights that support Pareto optima and show that the utility set is closed.

TL;DR: The Core and the Hedonic Core: Equivalence and Comparative Statics Greg Engl and Suzanne Scotchmer July 1992 Key Words: Core, HedonicCore, Monotonicity, Core Convergence

TL;DR: The authors proves the existence and upper hemi-continuity of rational expectations equilibria in two-period sequence economies with symmetric information when the state space is uncountable.

TL;DR: In this paper, the authors provide a unified treatment to find sufficient conditions for the existence of a subgradient of the value function associated with a convex optimization problem and apply these results to different cases arising in mathematical economics.

TL;DR: In this article, the authors introduce intermediation costs in general equilibrium models with incomplete markets, and derive a general existence result of equilibrium in the case of real asset structures, where no-arbitrage prices are characterized.

TL;DR: This condition is a simpler version of that which originally appeared in Dutta and Sen (1991a); it is shown that a part of their condition is not necessary and this simplification enables us to construct an algorithm that helps to check the implementability of a correspondence.

TL;DR: In this article, an equilibrium distribution existence result of Khan and Rustichini is extended following a recent, general approach of Balder (economic theory, 1991, 1, 339-354; International Journal of Game Theory, 1995, 24, 79-94).

TL;DR: In this paper, it was shown that matrix probabilities can be represented by matrix probabilities that 1) may be taller than broad 2) remain finitely additive 3) can embody non-archimedean notions of relative likelihood.

TL;DR: In this article, a hybrid equilibrium concept is introduced that combines the elements of cooperative and non-cooperative behaviors in an exchange economy with externalities, and sufficient conditions for the existence of such a concept for any coalition structure are provided.

TL;DR: In this paper, the authors consider an environment where agents in some groups can cooperate and agents in other groups cannot, and they provide an algorithm which enables them to verify whether a correspondence satisfies the condition that appears in the characterization results.