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 study a production economy where all consumption goods are indivisible at the individual level but perfectly divisible at the overall economy level. In order to facilitate the exchange in this setting, we introduce a ...

In this paper, we consider a concept of local Nash equilibrium for non-cooperative games - the so-called weak local Nash equilibrium. We prove its existence for a significantly more general class of sets of strategies than ...

In this paper, we consider a concept of local Nash equilibrium for non-cooperative games - the so-called weak local Nash equilibrium. We prove its existence for a significantly more general class of sets of strategies than ...

This paper studies recursive exchange economies with short sales. Agents maximize discounted expected utility. The asset structure is general and includes real securities, infinite-lived stocks, options, and other derivatives. ...

In this paper, we study the calmness of a generalized Nash equilibrium problem (GNEP) with non-differentiable data. The approach consists in obtaining some error bound property for the KKT system associated with the ...