This paper characterizes the existence of equilibria in minimax inequalities without assuming any form of quasi-concavity of functions and convexity or compactness of choice sets. A new condition, called “local dominatedness property”, is shown to be necessary and further, under some mild...

The objective of this paper is to investigate if and how capital adjustment departs from the smooth pattern implied by standard model based on convex adjustment costs. Using Norwegian micro data, we start by documenting various aspects of the distribution of investment rates. We then present two...

In this paper we relax the convexity condition in some classical results on the existence of maximal elements in binary relations in order to generalize them. To do this, we replace the linear segments in the usual convexity with a family of previously fixed paths joining up each two points....

We are interested in three related questions:(1) How should accounting prices be estimated?(2) How should we evaluate policy change in animperfect economy? (3) How can we check whetherintergenerational well-being will be sustainedalong a projected economic programme? We do notpresume that the...

The word “convexity” is ubiquitous in economics, but absent fromeconomics. In this paper we explain why, and show what differenceit makes to economic analysis if ecosystem non-convexities aretaken seriously. A simple proof is provided of the connectionbetween “self-similarity” and...