This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the social-welfare loss that results from the regime's inability to...

An extension of Berge's Maximum Theorem is given, with two different topologies on the choice set used for the two semicontinuity assumptions on preferences. It is used to establish the norm-to-weak* continuity of (truncated) excess-demand, announced without proof by Jones (1986). This...

A partial competitive equilibrium model is set up for the determination of profit-maximising investment in a production technique which has constant returns to scale itself, but at least one of its inputs has an increasing price schedule, so that its price is determined in equilibrium....

Localization techniques which facilitate verification of the topological properties of sets, functions and correspondences needed for equilibrium analysis in infinite-dimensional spaces are given. For example, it is shown that weak* upper semicontinuity (w*-u.s.c.) of a concave function (or a...

Bewley's condition on production sets, imposed to ensure the existence of an equilibrium price density when L? is the commodity space, is weakened to allow applications to continuous-time problems, and especially to peak-load pricing when the users' utility and production function are Mackey...