Mathematical programming problems with equilibrium constraints (MPEC) are nonlinear programming problems where the constraints have a form that is analogous to first-order optimality conditions of constrained optimization. ...

Mathematical programming problems with equilibrium constraints (MPEC) are nonlinear programming problems where the constraints have a form that is analogous to first-order optimality conditions of constrained optimization. ...

We build a general equilibrium model with endogenous borrowing constraints compatible with credit segmentation. There are personalized trading restrictions connecting prices with both portfolio constraints and consumption ...

This paper proves existence of an ergodic Markov equilibrium for a class of general equilibrium economies with infinite horizon, incomplete markets, and default. Agents may choose to deny their liabilities and face trading ...

Incomplete markets and non-default borrowing constraints increase the volatility of pricing kernels and are helpful when addressing assetpricing puzzles. However, ruling out default when markets are in complete is suboptimal. ...

In this paper we consider a class of pure exchange economies in which the consumption plans may be restricted to be above a minimal level. This class is parameterized by the initial endowments and the constraints on the ...

In this paper we consider a class of pure exchange economies in which the consumption plans may be restricted to be above a minimal level. This class is parameterized by the initial endowments and the constraints on the ...

We formulate a three-period model for studying how the exercise of local market power by generation firms affects the equilibrium investment between the generation and the transmission sectors. Using a 30-bus network ...

In this paper we present a novel method for finding the strong Nash equilibrium. The approach consists on determining a scalar x* and the corresponding strategies d* ( x*) fixing specific bounds (min and max) that ...