Non-Walrasian equilibria and the law of one price

Article Abstract:

The equilibria, where commodities are exchanged at the same time in two posts at different prices, where individual activities can influence market clearing prices, hence defying the "law of one price" are illustrated. This kind of equilibrium is compatible with a clear arbitrage possibility.

Securities prices, Pricing policies

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Are inefficient entrepreneurs driven out of the market?

Article Abstract:

A sequential equilibrium model is constructed to show that inefficient entrepreneurs can drive the efficient ones out of a competitive market. In a dynamically incomplete financial market, efficiency and survival is ambiguous.

Financial markets

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Equilibrium and government commitment

Article Abstract:

An alternate to the misleading aspect of the government's use of power to commit to ensure a desirable equilibrium outcome is presented.

Powers and duties, Administrative agencies, Government agencies

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