-
作者：MACHINA, MJ; SCHMEIDLER, D
作者单位：Tel Aviv University; University System of Ohio; Ohio State University
摘要：Anscombe and Aumann (Ann. Math. Statist. 33 (1963), 199-205) demonstrated that introducing an objective randomizing device into the Savage setting of purely subjective uncertainty considerably simplifies the derivation of subjective probability from an individual's preferences over uncertain bets. We present a more general derivation of classical subjective probability in this mixed subjective/objective setting, which neither assumes nor implies that risk preferences necessarily conform to the...
-
作者：MANDLER, M
摘要：A sequential regularity concept is proposed for intertemporal general equilibrium models: in addition to the intertemporal economy, the economies that endogenously arise through time should also be regular. With linear activities, however, there are open sets of economies that are sequentially indeterminate: economies with a continuum of equilibria appear. Endowments in a measure-zero set are necessary for indeterminacy, but the passage of time allows these endowments to arise robustly. The in...
-
作者：FLEURBAEY, M
摘要：A model of fair division in which differential claims are grounded in talents and handicaps is studied, and a characterization of three solutions is provided. The first two solutions, conditional equality and egalitarian-equivalence, display dual properties. The consistency axiom is shown to have strong consequences in one-good models. (C) 1995 Academic Press, Inc.
-
作者：SUZUKI, T
摘要：The equilibrium existence problem of a production economy with measure space of consumers whose consumption sets are not convex will be discussed. We will show that the set of economies with equilibrium is dense in a suitable topology. Unfortunately, the set is not open, since we can construct an example of an economy with equilibrium which is the limit of economies without equilibrium. Journal of Economic Literature Classification Numbers C62, D51. (C) 1995 Academic Press, Inc.
-
作者：KAMIYA, K
摘要：In contrast to general equilibrium models with convex technologies, marginal cost pricing equilibria are not necessarily Pareto optimal in general equilibrium models with increasing returns to scale (or nonconvex) technologies. In this paper, we consider an economy with several consumers, several convex firms, and several natural monopolies with nonconvex technologies. The purpose of this paper is to show that if the natural monopolies are regulated to follow a certain nonlinear pricing rule, ...
-
作者：NAGARAJAN, S
摘要：This paper extends the mechanism design technique to financial assets and examines the welfare implications of popular linkages between shareholdings and control in takeovers. When all contenders for control except the incumbent have private information, plurality mechanisms are generically efficient, but simple majority rules are not with more than two contenders. When all contenders have private information, plurality, majority and winner-take-all mechanisms are not generically efficient. In...
-
作者：OSANO, H
摘要：The purpose of this paper is to explore whether the standard results of classical general equilibrium theory still hold in private information economies where the possibility of renegotiation of initial contracts (lotteries) is allowed. We establish that competitive equilibria with contracts (lotteries) exist and are optimal for the class of private information economies in which principal-agent problems are characterized by moral hazard and renegotiation-proof contracts (lotteries). We also s...
-
作者：CHEN, ZW
摘要：Frictional economies are fundamentally different from their frictionless counterparts. For example, in frictional economies, the price function is sublinear and thus there will be incentives to innovate. When decomposing existing securities and opening new markets, innovators serve important economic functions, such as allowing investors to obtain consumption at lower costs, enabling investors to achieve better risk sharing, and making the fundamental value of more payoffs observable. In parti...
-
作者：Balasko, Y
作者单位：heSam Universite; Universite Pantheon-Sorbonne
摘要：This paper proposes an elementary geometric proof or the are-connectedness of the set of regular economies with a unique equilibrium in the case of two agents and two goods. (C) 1995 Academic Press, Inc.
-
作者：Dow, J; Gorton, G
作者单位：University of Pennsylvania
摘要：We present a simple general equilibrium model of asset pricing in which profitable informed trading can occur without any ''noise'' added to the model. We use an equilibrium concept similar to rational expectations equilibrium, but which explicitly allows for the possibility of adverse selection. We show that models of profitable informed trading must restrict the portfolio choices of uninformed traders: in particular, they cannot buy the market portfolio. In this model, profitable informed tr...
