Competitive equilibrium in an exchange economy with indivisibilities

Article Abstract:

An exchange economy in which all commodities except money are indivisible is considered wherein agents' preferences can be characterized by a reservation value for each bundle of indivisible objects, and wherein all agents are price-takers. Market clearing prices exist in economy with indivisibilities if an efficient allocation in the economy induces divisible allocation in a divisible transformation. This has two implications for market mechanisms. First, when a single object is sold, the oral ascending auction has no roget property. Second, if there is no market clearing price, bundling a few objects together may create one, with some efficiency loss.

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Muddling through: noisy equilibrium selection

Article Abstract:

An evolutionary model in which the main source of noise behind the model are mistakes in learning rather than arbitrarily improbable mutations was created. Strategy selection is modeled as a birth-death process to allow for the discovery of a simple, closed-form solution for the stationary distribution. The model is muddling model instead of a maximizing one since it assumes the ultralong run may be shorter in a muddling model than in a maximizing one.

Game theory, Markov processes

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On the Mas-Colell-Richard equilibrium theorem

Article Abstract:

It is observed that in two important steps in the proof of the Mas-Collel-Richard Theorem, the authors of the theorem made claims that may not be correct, and presents a way to correct the proof of the theorem. The article also shows an instance where the claims is false. The flaw is in the proof which assets that the correspondence phi is convex-valued. A correction proposed is by changing the definition of the correspondence phi.

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