The existence of equilibrium when excess demand obeys the weak axiom

This paper gives a non-fixed point theoretic proof of equilibrium existence when the excess demand function of an exchange economy obeys the weak axiom of revealed preference.     

A new approach to the existence and regularity of linear equilibrium in a noisy rational expectations economy

This paper gives a new approach to show the existence and regularity of linear equilibrium established by Lou ⓡ al. (2019) for a noisy rational expectations economy. Different from the existing method which essentially requires to find a fixed point of a system of nonlinear algebraic equations, the new approach is operated directly on an alternative form of market-clearing conditions. One main advantage of the new approach is that besides homogeneous-valuation economies, it can also handle the existence of equilibrium in economies with heterogeneous valuations where the existing method for dealing with homogeneous-valuation economies fails to work.     

A weak α-core existence theorem of games with nonordered preferences and a continuum of agents

Inspired by Kajii (1992) and Askoura (2011, 2017), we introduce the notion of the weak $\alpha$-core for games with nonordered preferences and a continuum of agents. First, we extend the work of Kajii (1992) to games with spaces of strategies defined on Hausdorff topological vector spaces. Furthermore, we prove the nonemptiness of the weak $\alpha$-core. Finally, we establish the relations between normal-form games, games with nonordered preferences and games with pseudo-utilities.     

On the existence of an increasing symmetric equilibrium in (k + 1)-st price common value auctions

In a classical result, Milgrom (1981a) established that the Monotone Likelihood Ratio Property (MLRP) is a sufficient condition for the existence of an increasing symmetric equilibrium in (k + 1)-st price common value auctions. We show: (1) If MLRP is violated, then for any number of bidders and objects there exists a distribution of the common value such that no increasing symmetric equilibrium exists; (2) If MLRP is violated, then for any distribution of the common value there exist infinitely many pairs of the number of bidders and the number of objects such that an increasing symmetric equilibrium does not exist; (3) There are examples where an increasing symmetric equilibrium exists even when the signal distribution violates MLRP.     

New conditions for the existence of Radner equilibrium with infinitely many states

In atomless differential information economies, equilibria are known not to exist prevalently even when agents are risk averse expected utility maximizers. The notion of prevalence involves essentially picking an economy at random. In this paper, however, we establish existence results with economically meaningful assumptions on the information structure. We obtain existence when agents have independent information, and also when the total endowment of the economy is common knowledge.     

Pseudocontinuous functions and existence of Nash equilibria

In topological spaces, we introduce a new class of functions (pseudocontinuous functions) and we present some characterizations and properties. In particular, we show that any preference relation endowed of utility functions is continuous if and only if any utility is pseudocontinuous. A maximum theorem is proved for such a class of functions and connections with similar results are investigated. Finally, the existence of Nash equilibria for games with pseudocontinuous payoffs is obtained.     

Limited arbitrage is necessary and sufficient for the existence of an equilibrium

In Chichilnisky (Working Paper No. 586, 1991), Chichilnisky (Working Paper No. 650, 1992) and Chichilnisky (Economic Theory, 1995, 5, 79–108), I introduced the concept of a global cone and used it to define a condition on endowments and preferences, ‘limited arbitrage’, which I showed to be necessary and sufficient for the existence of a competitive equilibrium. In response to a comment (Monteiro et al., Journal of Mathematical Economics, 1997, 26, 000-000), I show here that the authors misunderstood my results by focussing on brief announcements which cover other areas, social choice (Chichilnisky, American Economic Review, 1994, 427–434 and algebraic topology (Chichilnisky, Bulletin of the American Mathematical Society, 1993, 29, 189–207), rather than on the publication which contains may proofs on equilibrium. The comment's example is irrelevant to my results in Chichilnisky (Economic Theory, 1995, 5, 79–108) because it starts from different conditions. Limited arbitrae is always necessary and sufficient for the existence of a competitive equilibrium, with or without short sales, with the global cones as I defined them, and exactly as proved in Chichilnisky (Economic Theory, 1995, 5, 79–108).     

A simple proof of a rate of embedding for the partial sum process

A simple proof of Skorokhod embedding of the partial sum process at a rate is given. Nothing more sophisticated than the HBjek-RBnyi inequality, the monotone inequality, the one sided reflection principal for Brownian motion and Mill's ratio is used.     

The core-periphery model: A note on the existence and uniqueness of short-run equilibrium

We consider the core-periphery model [P. Krugman, Increasing returns and economic geography, Journal of Political Economy 199 (1) (1991) 483–499]. The nature and stability of the possible steady states of the model have been made progressively precise; [M. Fujita, P. Krugman, A. Venables, The Spatial Economy. Cities, Regions and International Trade, MIT Press, Cambridge, 1999; R. Baldwin, R. Forslid, Ph. Martin, G. Ottaviano, F. Robert-Nicoud, Economic Geography and Public Policy, Princeton Univ. Press, 2003]. In that model as well as in all the new economic geography models that have been derived from it, the short-run (instantaneous) equilibrium is implicitly determined by the current labor distribution across regions. The numerical computations used so far to determine the short-run equilibrium, tend to suggest its existence. In this paper, an existence and uniqueness proof of short-run equilibrium is provided.     

基于灰色评判的低需求型车辆器材需求函数确定模型

为解决器材管理人员在确定低需求器材需求分布函数时没有进行假设检验而采用过于主观的方法从而导致需求预测不准的的问题．本文运用模糊灰色评判的方法构建了低需求车辆器材需求函数确定模型。并通过实例验证了其正确性和可行性。事实证明该方法可充分刺用灰色理论在处理小样本数据和模糊数学的优点来较客观的确定器材的需求函数．从而有效提高预测效率。     

A note on the equilibrium theory of economies with asymmetric information

In this note, we give an equilibrium existence theorem for exchange economies with asymmetric information and with an infinite dimensional commodity space. In our model, we assume that preferences are represented by well behaved utility functions, the positive cone has a non empty interior and the individual rational utility set is compact. Our result complements the corresponding one in Podczeck and Yannelis (2008), in the sense that is applicable to commodity spaces in which the order intervals are (possibly) not compact with respect to any Hausdorff linear topology.     

城镇专业市场形成的供需机制分析

在分析本地专业市场的地理意义及其对供需的空间聚集能力的基础上,由生产带动和消费带动两种模式入手对本地专业市场的供需互动形成机制进行探讨.通过分析行业平均价格指导下的供需曲线变化,寻求对本地专业市场形成机制的解答,并以国内相关城镇的专业市场实例进行印证,得出在不同模式下本地专业市场的形成条件.结论显示,城镇专业市场是在本地与外地的供给与需求互动过程中有条件地形成的.     

合成橡胶膨胀干燥过程的热平衡分析

膨胀干燥过程是合成橡胶后处理工艺的重要组成部分,目前对膨胀干燥过程进行研究的部分理论的计算结果与实际情况存在很大的偏差。文章根据能量守恒的观点,对合成橡胶膨胀干燥过程进行了理论分析,通过热平衡计算量化了影响生产的因素,使之更符合生产实际情况,具有一定的理论指导意义。     

住房市场的刚性需求与投资需求测算——以北京市为例

对微观经济学中的需求价格弹性进行了修正,提出了测算住房市场中刚性需求和投资需求的方法,并实际测算了北京市住房市场的刚性需求和投资需求。结果表明,北京市住房市场刚性需求和投资需求的比例在每一年度都不尽相同,部分年份刚性需求占主导地位,部分年份投资需求占主导地位;同时,投资需求和住房价格增长率之间呈现很好的同步关系,在投资需求占主导地位的年份,住房价格增长速度明显加快。     

Applicability of a spatial computable general equilibrium model to assess the short-term economic impact of natural disasters

Computable general equilibrium (CGE) models have been widely used to assess the economic impact of natural disasters, but the models have not been fully validated by applying them to real disasters. This study focuses on validating a model for use in a short-run case in which the functional recovery of infrastructure and businesses occurred on a time scale of a few months. A special attempt is made to determine the parameter values of elasticity of substitutions, which play an important role in the effect on supply chains. In this study, a spatial CGE model, in which Japan is divided into nine regions, is constructed and applied to the case of the 2011 Great East Japan Earthquake and Tsunami. Through this application, the best estimates of the elasticity parameters generated relatively consistent estimates of production change compared with the observed change, both in severely affected regions and in other regions.     

小区业主的建筑物区分所有权客体界分——一个经济学的解释

居民小区业主的建筑物区分所有权客体问题不是个法学问题而是个经济学问题。从经济学角度来看,确定业主的建筑物区分所有权客体应该立足于物品功能的发挥和购房者需求的满足。以此为原则,如果一个物品属于建筑物区分所有权客体,必须同时具备三个条件:第一,与商品房核心部分在功能上应该互补;第二,独立销售时对购房者来说其属于垄断性物品且不属于自然垄断;第三,属于俱乐部物品或私人物品。     

A mixed behaviour equilibrium model with mode choice and its application to the endogenous demand of automated vehicles

This study develops a mixed behavioural equilibrium model with explicit consideration of mode choice (MBE-MC) in a transportation system where fully automated vehicles (AV) coexist with conventional human-driven vehicles (HV). For the mode choice, travellers select among three options, following a logit modal split: driving their private HV, or taking an AV mobility service provided by either a firm or the government. For the route choice, the HV drivers follow the random utility maximisation principle while central agents route the AV passengers following the Cournot Nash (firm agent) or Social Optimal (government agent) principles. We consider two types of travel costs (i.e. travel time and monetary travel cost) to characterise the new features (e.g. expanded link capacity and reduced value of time) of the mixed AV–HV transportation system. We model the MBE-MC problem in a combined mode–route choice framework and formulate it as a route-based variational inequality (VI) problem. We show the equivalence between the VI formulation and the MBE-MC problem, and the existence of a solution to the MBE-MC problem. Then, we modify a partial linearisation algorithm for solving the proposed model. Numerical results validate the equilibrium conditions and show the efficacy of the new model in capturing the features of the mixed AV–HV transportation system. The impact patterns of different parameters on (1) the network performance in terms of AV share and system cost and (2) on the solution efficiency are analysed.