Competition and efficiency is at the core of economic theory.
This volume collects papers of leading scholars, which extend the
conventional general equilibrium model in important ways:
Efficiency and price regulation are studied when markets are
incomplete and existence of equilibria in such settings is proven
under very general preference assumptions. The model is extended to
include geographical location choice, a commodity space
incorporating manufacturing imprecision and preferences for
club-membership, schools and firms. Inefficiencies arising from
household externalities or group membership are evaluated. Core
equivalence is shown for bargaining economies. The theory of risk
aversion is extended and the relation between risk taking and
wealth is experimentally investigated. Other topics include
determinacy in OLG with cash-in-advance constraints, income
distribution and democracy in OLG, learning in OLG and in games,
optimal pricing of derivative securities, the impact of
heterogeneity at the individual level for aggregate consumption,
and adaptive contracting in view of uncertainty.
General
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