In this paper we study the existence of bubbles for pricing equilibria in a pure Exchange Economy a la Lucas, with infinitely lived homogeneous agents. The model is analyzed under fairly general assumptions: no restrictions either on the stochastic process governing dividends' distribution or on...

In this paper we study the existence of bubbles for pricing equilibria in a pure exchange economy a la Lucas, with infinitely lived homogeneous agents. The model is analyzed under fairly general assumptions: no restrictions either on the stochastic process governing dividends' distribution or on...

This paper provides a turnpike-like theorem for multidimensional, optimal-growth models, which holds for evey level of the discount factor. It is shown that when the short-run return fu nction of the reduced-form model satisfies a certain sufficient condi tion, then the resulting dynamics is of...

We study the asymptotic stability of infinite horizon concave programming problems. Turnpike theorems for this class of models generally have to assume a low level of discounting. By generalizing our precedent work we provide a one-parameter family of verifiable conditions that guarantee...

We study the cores of non-atomic market games, a class of transferable utility cooperative games introduced by Aumann and Shapley [2], and, more in general, of those games that admit a na-continuous and concave extension to the set of ideal coalitions, studied by Einy, Moreno, and Shitovitz...