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theory of dynamic oligopoly. …
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This paper introduces time-inconsistent preferences in a multi-commodity general equilibrium framework with incomplete markets. The standard concept of competitive equilibrium is extended in order to allow for changes in intertemporal preferences. Depending on whether or not agents recognize...
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theory helps to justify and clarify the other. …
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There is an extensive litarature claiming that it is often difficult to make use of arbitrage opportunities in financial markets. This paper provides a new reason why existing arbitrage opportunities might not be seized. We consider a world with short-lived securities, no short-selling...
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We consider the well-known result of Arrow (1953) that the set of equilibria of an economy with complete markets coincides with the one of an economy with sequentially complete markets. We show by means of two examples that this results is problematic when there exist multiple equilibrium...
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If Janossy's theory should concisely be drafted, one might say that he had been researching the "real carrier of … economic development" in a very original way and having formulated his theory in a specific language. He managed to identify … growth theory that have appeared in the nineties. The "real carrier of economic development" matches to the "human capital …
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