In an economy with a non-atomic measure space of assets and exchangeable risks, the Arbitrage pricing Theory (APT) holds exactly; and factors are structurally specified, which allows for an economic interpretation.

In this paper the existence of unemployment is partly explaines as being the result of coordination failures. This is achieved by considering a standard general equilibrium modes and splitting the set of commodities in two groups. The first group contains commodities like gold. The prices of...

Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information, Nash-Walras equilibria...

The critical role of free entry to correct inherent deviance behavior has been stressed by Vanek (1970), Meade (1972) amongst others. The equivalence theorem (Dreze 1976) defines that labour and entrepreneurial management both lead to the same Pareto optimal equilibrium provided that there is...

If a solution (on a closed family of games) satisfies dummy axiom (DUM) and independance of irrelevant strategies (IIS) then it also satisfies consistency (CONS) (proposition 2.21, Peleg and Tijs, 1996). The converse of this proposition is not true: CONS implies neither DUM nor IIS as shown in...

In this paper we study the concepts of equilibrium and optimum in static transportation networks with elastic and non-elastic demands. The main mathematical tool of our paper is the theory of variational inequalities. We demonstrate that this theory is useful for proving the existence theorems....

In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classis results on this topic. In partular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets....