Browsing by Subject "Equilibrium existence"

Now showing 1 - 3 of 3

Open Access
Boundary behavior of excess demand and existence of equilibrium
(Academic Press, 1999) Hüsseinov, F.
This paper presents a market equilibrium existence theorem that generalizes and unifies many well-known results. The importance of the theorem is illustrated by applications to large exchange economics. A further extension of Aumann's Existence theorem is obtained which dispenses with the monotony assumption on preferences. In addition the market equilibrium results of Grandmont and Neuefeind are compared. It is shown that the boundary condition of Grandmont's result is equivalent to some natural relaxation of Neuefeind's. In the case of two commodities they are equivalent but for a greater number of commodities Neuefeind's condition is stronger. (C) 1999 Academic Press.
Open Access
Markets as institutions
(1995) Başçı, Erdem
This dissertation investigates resource allocation via institutions. A unifying framework for studying various kinds of institutional structures is provided. After the introductory Part 1, Part 2 presents the general model (Chapter 1) and studies existence of equilibria (Chapter 2). Part 3 provides applications to general equilibrium models under complete markets (Chapter 3), public goods and Lindahl prices (Chapter 4), generalized price systems and sales taxes (Chapter 5), lemons type quality problems (Chapter 6). adverse selection and money (Chapter 7), and a model with Markov technologies and freedom effects on utilities (Chapter 8). welfare implications of most applications are investigated. Chapter 9 discusses further applications and possible future research topics.
Open Access
Prakash and Sertel's theory of non-cooperative equilibria in social systems-Twenty years later
(Elsevier BV, 1996) Başçı, E.; Sertel, M. R.
This paper is intended as a companion to the paper 'Existence of non-cooperative equilibria in social systems by Prakash and Sertel (1974b) appearing in this volume. It aims to perform two tasks: (1) to give the reader a glimpse at the literature relevant to the existence of equilibria in social systems as it has developed since the writing of the Prakash and Sertel (PS) paper; and (2) to provide a class of examples illustrating where the PS notions of a social system and the non-cooperative equilibrium of a social system generalize the well-known concepts of games, abstract economies and their associated equilibria, showing how the existence theory of PS even today bears economic results beyond where alternative theories are applicable.