A survey of the results relating to the application of gross substitutability in economic equilibrium theory. The topics considered include existence and uniqueness of equilibrium, comparative statics, coalition stability, and stability of price-adjustment tatonnement processes. The main...

In this paper we introduce basic notions of new economic model where preference relations on commodities set are represented by a group action on Euclidean space instead of utility function. Conditions that ensure the existence of individual demand functions and a general equilibrium in the...

This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related...

We consider an overlapping generations model à la Diamond (1965) with two additional ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or fruits). We study the global dynamics of capital stocks and asset values as well as the interplay between them. Asset...

The thesis of this paper is mathematical formulation of the laws of Economics with application of the principle of Least Action of classical mechanics. This paper is proposed as the rigorous mathematical approach to Economics provided by the fundamental principle of the physical science – the...

This paper analyses the properties of (strong) core allocations in a two-period asymmetric information economy that also involves both negligible and non-negligible agents as well as an infinite dimensional commodity space. Within this setup, we allow the consumption set of each agent to be an...

We study core allocations in a two-period asymmetric information mixed economy, where the consumption sets are arbitrary subsets of an ordered Banach space, and the feasibility is defined as exact. We prove that (i) the strong blocking by a generalized coalition leads to a weak blocking by some...

In an article appeared in the Journal of Mathematical Economics, J. Geanakoplos and H. Polemarchakis, [Geanakoplos J. and Polemarchakis H.M.: "Pareto improving taxes", Journal of Mathematical Economics 44 (2008), 682-696], prove on page 685 the following theorem: "Theorem. For almost all...

Psychological states side by side with the bounded rational expectations among social agents contributes to the pattern of consumptions in economic system. One of the psychological states are the envy – a tendency to emulate any gaps with other agents’ properties. The evolutionary game...

This paper studies equilibria of second price auctions in independent private value envi- ronments with different participation costs. Two types of equilibria are identified: monotonic equilibria in which a bidder with a lower participation cost results in a lower cutoff for sub- mitting a bid,...