The study of equilibrium analysis in large games and commodity spaces lies at the heart of modern economic theory, where the interplay between individual strategic behaviour and aggregate market ...
This article reexamines an old debate over the optimality of market allocations in a symmetric mean-variance world, with production nonconvexities, imperfectly correlated outputs, and free entry. We ...
In general rational expectations equilibrium (REE), as introduced in Radner (Econometrica 47:655-678, 1978) in an Arrow–Debreu–McKenzie setting with uncertainty, does not exist. Moreover, it fails to ...
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