It is well known that an upper semi-continuous compact- and convex-valued mapping fi from a nonempty compact and convex set X to the Euclidean space of which X is a subset has at least one stationary point, being a point in X at which the image fi(x) has a nonempty intersection with the normal...

This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...

We develop a theory of market instability caused by strategic trade with complete information and without outside shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism. First order conditions of the game are the 1-st kind...

We develop a theory of market instability caused by strategic trade with complete information and without outside shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism. First order conditions of the game are the 1-st kind...

This paper uses the tools developed in the literature on dynamically incomplete markets with finite agents to study the large economy with a continuum of agents and both aggregate and idiosyncratic shocks in Krusell and Smith (1998). It establishes the existence of sequential competitive...

We consider a basic stochastic evolutionary model with rare mutation and a best-reply (or better-reply) selection mechanism. Following Young's papers, we call a state stochastically stable if its long-term relative frequency of occurrence is bounded away from zero as the mutation rate decreases...

This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational expectations models. The number of equilibria corresponds to the number of ways to select n eigenvectors among a larger set of eigenvectors related to stable eigenvalues. A...

Using lattice programming and order theoretic fixpoint theory, we develop a powerful class of monotone iterative methods that provide a qualitative theory of Markovian equilibrium for a large class of infinite horizon economies with capital. The class of economies is large and includes...

In an economic model of exchange of goods, the structure can be specified by utility functions. Under utility conditions identified here even more broadly than usual, except for concavity in place of quasi-concavity, every equilibrium will simultaneously be stable with respect to shifts in the...