Showing papers in "Journal of Mathematical Economics in 1997"

TL;DR: In this paper, the Arrow-Debreu existence theorem for a general equilibrium requires an assumption of positive endowments of all commodities by all consumers, and it is proved that the existence of a competitive equilibrium is related to the strong connectedness of the graph.

TL;DR: In this article, it has been shown that the classical Walrasian tatonnement process may fail to converge if some rather restrictive assumptions on the economy are not satisfied, see Theorem 3.13.1.

TL;DR: In this paper, the generic existence of competitive equilibria when the asset market is incomplete extends to general economies with restricted participation, and the authors show that the existence of a competitive equilibrium in general economies is not restricted to the case of incomplete markets.

TL;DR: In this paper, the authors examined the properties of reduced cost functions and closely related sets Q 0 (c) in a more general setting than before, viz demand theory, rationalizability of action profiles in a principal-agent framework, and optimality of trajectories in dynamic optimization problems.

TL;DR: In this article, the authors study stationary Markov equilibria for strategic, competitive games, in a market-economy model with one non-durable commodity, fiat money, borrowing/lending through a central bank or a money market, and a continuum of agents.

TL;DR: In this article, a model of an exchange economy with indivisible goods and money was introduced, and it was shown that the economy has a price equilibrium under mild conditions on demand, based on a generalization of the well-known lemma of Knaster, Kuratowski and Mazurkiewicz (KKM).

TL;DR: In this article, the authors explore the implications of the theory of precautionary saving for the effect of financial innovation on the riskless interest rate, which implies that when marginal utility is convex, the presence of uninsured risk in the economy can lead to greater savings, and hence to a lower equilibrium interest rate.

TL;DR: In this article, the authors characterize the condition on the rationality of the players that is both necessary and sufficient to imply backward induction in perfect information games in agent form, where each player is required to know that the players are rational at later, but not at previous, decision nodes.

TL;DR: In this paper, a model of a parimutuel system described as a horse race with two horses and many bettors was studied, where each bettor predicts which horse will win and the raceholder maximizes his revenue taking from all bets.

TL;DR: The policy bargaining model as mentioned in this paper extends the alternating offer model and captures situations in which two players interact strategically with each other over time and simultaneously negotiate for a binding joint policy to replace competition.

TL;DR: In this article, the authors prove the existence of a competitive equilibrium for an economy with a measure space of consumers and suppliers, an infinite dimensional commodity space, and interdependent preferences without order and convexity.

TL;DR: In this article, a necessary and sufficient condition for the norm properness of separable utility functions is presented, illustrated with a variety of examples, and it is shown that norm uniformly proper separable utilities are much closer to linear utility functions than previously suspected.

TL;DR: In this article, the authors study equilibrium selection in coordination games with the help of a dynamic model of social learning and show that if riskdominance and payoff-dominance considerations conflict, then for low (resp. high) costs of flexibility the long-run equilibrium corresponds to the Pareto-efficient equilibrium.

TL;DR: The authors summarizes the concepts of global cones and limited arbitrage introduced in Chichilnisky ( Economic Theory, 1995, 5, 79−108), and the corresponding results establishing that limited arbitrrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of Pareto frontier.

TL;DR: In this paper, the authors extend the approach through the natural projection to the infinite-horizon general equilibrium model with smooth, discounted utility functions, and define its Brouwer degree.

TL;DR: In this paper, the authors present a counterexample to Chichilnisky's theorem that limited arbitrage is necessary and sufficient for the existence of an equilibrium in an economy with unbounded short sales.

TL;DR: In this paper, a price and quantity adjustment process is described to obtain a Walrasian equilibrium in the economy, where the supply is equal to the demand for every commodity, and a Dreze equilibrium can then be obtained by rationing in the markets for the non-numeraire commodities.

TL;DR: In this article, the authors derived necessary and sufficient conditions for full and partial sign solvability in the purely qualitative case, and identified the class of qualitative matrices for which stability implies Hicksian stability, and examined the comparative statics properties of such systems.

TL;DR: In this paper, the authors present the Bayesian subjective probability model with player's belief, in which i is a player and μ is a common-prior, and they extend both the disagreement theorem of Aumann and the agreement theorem of Geanacoplos and Polemarchakis under the assumption that each ℒ is an Artinian lattice.

TL;DR: In this paper, a generalization of one-sided matching games, restricted houseswapping games (RHGs), are defined, in which a class II * of simple trading cycles is defined, and all possible closed RHGs have non-empty cores of II *.

TL;DR: In this article, the authors established an equilibrium existence theorem for the non-separable commodity space l ∞, where the positive cone admits an interior point and interdependent preferences without order and convexity.

TL;DR: In this paper, the authors studied the solution to optimal consumption and portfolio rules in a continuous-time finance model in which short sales are prohibited and showed that any continuous, non-decreasing and concave utility function dominated by a linear function admits a solution.

TL;DR: In this article, a new tâtonnement process of short-period equilibria with rational expectations is proposed, where current period prices move proportionally to current period excess demand while future prices are formed according to the perfect foresight hypothesis.

TL;DR: In this paper, the problem of technological predation on the market is analysed using techniques widespread in biomathematics, and the authors examine the attempt to supplant a technology by introducing an alternative technology and then consider a market in which a single production technology is available.

TL;DR: In this article, the existence and optimality of equilibria in a model of an economy with a lattice structure of goods is studied. But this model is restricted to the case where goods are identified with a set of their qualities.

TL;DR: In this article, the authors consider virtual implementation in both dominant strategy equilibrium and Bayesian strategy equilibrium for incomplete information environments with general payoff functions, any number of agents, and arbitrary sets of alternatives and types.

TL;DR: In this paper, the proposal-making model is applied to the class of three-player/three-cake problems and the set of subgame perfect equilibria and the limit set of SPE payoffs as the risk of breakdown vanishes is characterized.

TL;DR: The authors showed that the graph of the equal treatment Lindahl equilibria mapping is the unique abstract stable set with respect to the dominance relation in economies with crowding effects introduced by Vasil'ev et al. in 1995.

TL;DR: In this paper, the authors show that the set of equivalent martingale measures of a numeraire is one-to-one with a subset of Arrow-Debreu state prices, which becomes the whole set if and only if the numeraires is self-financing.

TL;DR: The authors analytically characterizes the wealth distribution of two types of agents where each agent's wealth evolves according to an Ito process with time-varying drifts and diffusions.