This paper shows existence of approximate recursive equilibrium with minimal state space in an environment of incomplete markets. We prove that the approximate recursive equilibrium implements an approximate sequential ...

We analyze the manipulability of competitive equilibrium allocation rules for the simplest many-to-many extension of Shapley and Shubik’s (Int J Game Theory 1:111–130, 1972) assignment game. First, we show that if an agent ...

Lucas (2000) has shown that Bailey’s formula for the welfare costs of inflation can be regarded as an approximation to the general-equilibrium measures that emerge from the Sidrauski and the shopping-time models. In this ...

We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level of the economy. Under the survival assumption, we show that a competitive outcome in the ...

We consider a typical master equation describing thermal time-evolution. In parallel, we also consider a quasi static canonical description of the same problem. We are able to devise a way of numerically comparing these ...

We described a method to solve deterministic and stochastic Walras equilibrium models based on associating with the given problem a bifunction whose maxinf-points turn out to be equilibrium points. The numerical procedure ...

This paper investigates an economy where all consumption goods are indivisible at the individual level, but perfectly divisible at the overall level of the economy. In order to facilitate trading of goods, we introduce ...

Without requiring either financial survival assumptions or linear spanning conditions over financial spaces, we prove equilibrium existence in an abstract incomplete market economy with endogenous restricted financial ...

This paper analyzes general equilibrium models with finite heterogeneous agents who anticipate future prices through a price expectation function with or without accuracy. I show the existence of a recursive equilibrium ...