1,721,066 research outputs found
Fatou's Lemma in Infinite Dimensional Spaces
No full textYannelis, Nicholas C.. (1986). Fatou's Lemma in Infinite Dimensional Spaces. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55502
Non-Cooperative Random Games
No full textYannelis, Nicholas C.. (1986). Non-Cooperative Random Games. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55501
Equilibria in Noncooperative Models of Competition
No full textYannelis, Nicholas C.. (1985). Equilibria in Noncooperative Models of Competition. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55463
An argument for positive nominal interest
Full text linkIn a dynamic economy, money provides liquidity as a medium of exchange. A central bank that sets the nominal rate of interest and distributes its profit to shareholders as dividends is traded in the asset market. A nominal rates of interest that tend to zero, but do not vanish, eliminate equilibrium allocations that do not converge to a Pareto optimal allocation
An Elementary Proof of Fatou's Lemma in Finite Dimensional Spaces
No full textWe provide an elementary and very short proof of the Fatou Lemma in n-dimensions.
In particular, we show that the latter result follows directly from Aumann's
(1976) elementary proof of the fact that integration preserves upper-semicontinuity.Rustichini, Aldo; Yannelis, Nicholas C.. (1986). An Elementary Proof of Fatou's Lemma in Finite Dimensional Spaces. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55507
On a Caratheodory-Type Selection Theorem
No full textWe offer a new Caratheodory-type selection theorems. This result arose
naturally from the authors' [9] study of equilibria in abstract economies
(generalized games) with a measure space of agents.Kim, Taesung; Prikry, Karel; Yannelis, Nicholas C.. (1985). On a Caratheodory-Type Selection Theorem. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55486
Caratheodory-Type Selections and Random Fixed Point Theorems
No full textWe provide some new Caratheodory-type selection theorems, i.e, selections
for correspondences of two variables which are continuous with respect to one
variable and measurable with respect to the other. These results generalize
simultaneously Michael's [21] continuous selection theorem for lower-semicontinuous
correspondences as well as a Caratheodory-type selection theorem of
Fryszkowski [10]. Random fixed point theorems (which generalize ordinary
fixed point theorems, e.g., Browder's [6]) follow as easy corollaries of our
results.Kim, Taesung; Prikry, Karel; Yannelis, Nicholas C.. (1985). Caratheodory-Type Selections and Random Fixed Point Theorems. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55484
Equilibria in Abstract Economies with a Measure Space of Agents and with an Infinite Dimensional Strategy Space
No full textThe existence of an equilibrium for an abstract economy with a measure
space of agents and with an infinite dimensional strategy space is proved.
Agent's preferences need not be ordered, i.e., need not be transitive or
complete, and therefore need not be representable by utility functions. The
proof which follows closely the arguments in Yannelis-Prabhakar [26] is based
on a Caratheodory-type selection theorem.Kim, Taesung; Prikry, Karel; Yannelis, Nicholas C.. (1985). Equilibria in Abstract Economies with a Measure Space of Agents and with an Infinite Dimensional Strategy Space. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55487
A new approach to the rational expectations equilibrium: existence, optimality and incentive compatibility
No full textRational expectations equilibrium seeks a proper treatment of behavior under private information by assuming that the information revealed by prices is taken into account by consumers in their decisions. Typically agents are supposed to maximize a conditional expectation of state-dependent utility function and to consume the same bundles in indistiguishable states [see Allen (Econometrica 49(5):1173–1199, 1981), Radner (Econometrica 47(3):655–678, 1979)]. A problem with this model is that a rational expectations equilibrium may not exist even under very restrictive assumptions, may not be efficient, may not be incentive compatible, and may not be implementable as a perfect Bayesian equilibrium (Glycopantis et al. in Econ Theory 26(4):765–791, 2005). We introduce a notion of rational expectations equilibrium with two main features: agents may consume different bundles in indistinguishable states and ambiguity is allowed in individuals’ preferences. We show that such an equilibrium exists universally and not only generically without freezing a particular preferences representation. Moreover, if we particularize the preferences to a specific form of the maxmin expected utility model introduced in Gilboa and Schmeidler (J Math Econ 18(2): 141–153, 1989), then we are able to prove efficiency and incentive compatibility. These properties do not hold for the traditional (Bayesian) Rational Expectation Equilibrium
Core-Walras Equivalence in Economies with a Continuum of Agents and Commodities
No full textThis paper contains the following results for economies
with infinite dimensional commodity spaces. (i) He establish a core-Walras
equivalence theorem for economies with an atomless measure space
of agents and with an ordered separable Banach commodity space whose
positive cone has a non-empty norm interior. This result includes as a
special case the Aumann (1964) and Hildenbrand (1974) finite dimensional
theorems. (ii) We provide a counterexample which shows that the above
result fails in ordered Banach spaces whose positive cone has an empty
interior even if preferences are strictly convex, monotone and weak*
continuous and initial endowments are strictly positive. (iii) After
introducing a new assumption on preferences called "commodity pair
desirability," (which is automatically satisfied whenever preferences
are monotone and the positive cone of the commodity space has a non-empty
interior), we establish core-Walras equivalence in any arbitrary separable
Banach lattice whose positive cone may have an empty (norm) interior.
(iv) We provide a proof that in some concrete spaces whose positive cone
may have an empty interior, the assumption of an extremely desirable
commodity or uniform properness suffices for core-Walras equivalence.
Finally, (v) we indicate how our methods can be used to obtain core-Walras
equivalence results for the space M(~) of measures on a compact metric
space.Rustichini, Aldo; Yannelis, Nicholas C.. (1987). Core-Walras Equivalence in Economies with a Continuum of Agents and Commodities. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55508
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