Showing papers in "Journal of Mathematical Economics in 1999"

TL;DR: The model of social learning by Schlag (1996) is considered, where individuals must repeatedly choose an action in a multi-armed bandit and the adaptation of actions in an infinite population follows an aggregate monotone dynamic.

TL;DR: In this article, the authors extend the fundamental theorem of asset pricing under a non-degeneracy assumption and prove a one-period version of this theorem when there are transaction costs.

TL;DR: In this paper, it was shown that most of the games in the Baire Category are essential or weakly essential for the following three models: (a) the games parametrized by payoffs; (b) games parametric by payoff and strategy spaces; and (c) games with feasible strategy correspondences.

TL;DR: In particular, the authors showed that a sequence of finite games with an increasing number of players or sample points cannot always be represented by a limit game on a Lebesgue space, and even when it can be represented, the limit of an existing approximate equilibrium may disappear in the limit game.

TL;DR: In this article, the diversity of the distribution of capital in an equity market composed of stocks represented by continuous semimartingales is studied and it is shown that for such a market, diversity is not a natural state and some mechanism such as dividend payments is needed to maintain it.

TL;DR: In this paper, a new axiomatization of the rank-dependent expected utility (RDEU) model in the general framework of simple distributions over a connected compact metric space is presented.

TL;DR: For two interacting agents, this article constructed a space of nature states S and a coherent hierarchy of beliefs ( σ -additive probability measures) of one agent about S, about S and the beliefs of the other agent about s, and so on.

TL;DR: In this article, necessary and sufficient conditions for risk aversion to one risk in the presence of another non-insurable risk are considered, and the conditions vary according to the conditions imposed on the joint distribution of the risks.

TL;DR: In this paper, the authors present an example of a two-person game of private information in which there is no equilibrium in pure strategies, and the action set of each player is given by the interval [−1, 1].

TL;DR: In this article, the authors consider strategy-proof social choice when the set of alternatives is a product set and preferences are restricted to being continuous and separable or continuous and top-separable.

TL;DR: In this article, a version of Harsanyi's social aggregation theorem for state-contingent alternatives when the number of states is finite is established, and the consequences of using utility functions that do not have an expected utility functional form to represent the individual and social preferences are also considered.

TL;DR: Forni and Lippi as discussed by the authors argue that the representative-agent assumption is misleading and the micro-foundation of dynamic macroeconomics should be based on explicit modeling of heterogeneity across agents.

TL;DR: In this article, a generalization of Cournot-Nash equilibrium existence results for the usual continuum game model is obtained by the introduction of a new feeble topology on the set of action profiles, which allows for very general action spaces and no longer presupposes integrability of the action profiles.

TL;DR: In this article, the authors introduce an economic interpretable hypothesis that implies that mean excess demand satisfies the weak axiom and that competitive equilibrium is unique, assuming that consumers' excess demand vectors spread apart on average as their wealth increases.

TL;DR: In this paper, a homotopy algorithm for the computation of equilibria in the general equilibrium model with incomplete asset markets (GEI Model) was developed. But this algorithm is restricted to the case of incomplete markets.

TL;DR: In this article, the existence of a social welfare function satisfying Arrow's conditions (Unanimity, independence, and non-dictatorship) is shown. But the existence is not proven.

TL;DR: The existence of equitable allocations of divisible goods is established by applying David Gale's covering lemma and its dual versions in this paper, and the proofs are based on Ky Fan's fundamental theorem on coincidence of two set-valued functions.

TL;DR: It is proved that computable preferences have computable utility functions, on both Euclidean spaces and computable real spaces.

TL;DR: In this article, Pazner and Schmeidler considered the fair division problem for large societies where the bundle of goods to be divided is fixed but societies are allowed to change, and provided a characterization of PazNER-Schmeideler's egalitarian-equivalent rules.

TL;DR: In this paper, a theoretical framework is developed which does not rely on specific models of individual behavior and is based on a distributional property of the population by assuming a considerable heterogeneity in the ways how different households react to changes in prices and income.

TL;DR: In this paper, the same analysis is applied to related profile constraints where some candidate never is top-ranked, or never bottom ranked, and all associated election behavior is characterized using geometry to analyze all three candidate profiles satisfying Black's single peakedness constraint.

TL;DR: In this article, the mean consumption expenditure of a large and heterogeneous population of households is modeled based on assumptions of how the income distribution and the composition of the population evolves over time (structural stability).

TL;DR: In this paper, it was shown that any non-vanishing analytic function satisfying the natural extension of the Walraslaw is, locally at least, the excess demand function of a general equilibrium incomplete market.

TL;DR: In this paper, a cardinal utility index for outcomes, independent of the states and probabilities, is derived from the assumption of preference conditions, and a unifying idea of expected utility is provided.

TL;DR: In this article, the authors study the evolution of private core and private value allocations as individuals acquire information (learn) through time, and they define a "limit full information economy" and address the following issues; (i) given a sequence x' of approximate private core allocations in each period, there is a subsequence that converges to a private core (value) x* allocation for the limit full information market.

TL;DR: In this article, the existence of weak utilities for acyclic binary relations was shown to be true for binary binary relations, and sufficient conditions that are available in the literature were established.

TL;DR: In this paper, the authors provide an alternative axiomatization of this situation, which implies that either the decision-maker has full control of the events, or he is a standard expected utility maximizer.

TL;DR: In this paper, the existence, uniqueness and determinacy of equilibrium in two period mean-variance C.A.M.P. with a riskless asset and possibly an infinite number of assets is studied.

TL;DR: After proving correspondence theorems between syntactic and semantic properties of a Kripke Structure, these properties are combined in order to generate two polar semantic structures, that is, partitions and nestings.

TL;DR: In this article, the authors provide a framework to study asset repackaging in a large asset economy, modeled as an atomless measure space of assets, and show that, given an initial economy with strict factor space F, any economy obtained by repacking these assets has a unique factor space.