The core of the inductive limit of a direct system of economies with a communication structure

This paper studies direct systems of finite, that is with finitely many agents, communication structures, finite (balanced and superadditive) NTU games and finite economies. The inductive limit of such a system is again a communication structure, an NTU game or an economy, this time possibly with infinitely many agents. As a matter of fact, each infinite communication structure, each infinite NTU game and each infinite economy, is the inductive limit of a direct system of finite communication structures, finite NTU games and finite economies. A communication game is an NTU game with a communication structure on the set of players. To each economy, there corresponds a balanced and superadditive NTU game. To each economy with a communication structure on the set of agents, there corresponds a communication game. In the paper it is proved that the core of the inductive limit of a direct system of communication games is not empty and in fact the intersection of the cores of the finite communication games of the direct system. It follows that each infinite economy (with or without a communication structure on the set of agents) has a nonempty core. A direct system of economies is a generalisation of the Debreu and Scarf [Debreu, G., Scarf, H. A limit theorem on the core of an economy, International Economic Review 4, pp. 235–246.] example of `replica economies'. The proof of the nonemptiness of the core of the inductive limit of a direct system of economies is along the lines of the proof by Debreu and Scarf. As by-product it is shown that an NTU game is totally balanced if and only if all its finite subgames are balanced.     

卡尔加里--一座充满智慧的城市

卡尔加里是加拿大西部一座充满活力和适于创业的城市。我们这座城市因靠近RockyMountain山脉和拥有著名的CalgaryStampede而享誉世界 ,同时我们也是加拿大经济运行最好的城市。我们拥有平均年龄最低、教育素质最高的市民。除了石油及天然气 ,农业和旅游业等传统产业外 ,我们在高新技术产业领域也有很强的实力。令我们引以为豪的是 ,卡尔加里已成为加拿大计算机应用最普及的城市之一 ,也是国际互联网应用最普及并且通过应用这一技术受益最多的城市之一。82 %的卡尔加里人是国际互联网的用户 ,70 %多的市民在家里上网。尽管我们在应用先进技…     

Academic application is not an oxymoron

Commentary on “A Performance‐Based, Minimalist Human Resource Management Approach in Business Schools”     

The stability of generalised stackelberg equilibria in heterogeneous oligopoly

Conclusions In this paper we have derived sufficient conditions for the stability of the G. S. E. These conditions follow from the condition on the stability of the G. C. E., given by Okuguchi (1978).When the conditions for asymptotic stability are fulfilled, the existence of the G. S. E. may be demonstrated in the same way as the existence of the G. C. E. has been demonstrated by Okuguchi (1978), that is: the G. S. E. is the fixpoint of a contracting mapping. In the case of linear demand functions and quadratic cost functions we have found the rather strong result that the sufficient conditions for (asymptotic) stability of the G. C. E. imply the (asymptotic) stability of the G. S. E. as well.This conclusion may be surprising to followers of Stackelberg. Mostly the outcome of a Stackelberg oligopoly is considered as adisequilibrium.In this paper we have made clear that a firm maximizing expected profit and using a generalised Stackelberg strategy, like a firm using a generalised Cournot strategy, only correctly predicts inequilibrium the price of the other firms. (See also on this point Heertje and Furth (1979)).When the outcome of a G. S. E. gives one or more firms less profit than in a G. C. E. then they expect, any price change, under-taken by them, will lower their expected profit even more.I would like to thank Prof. Dr. A. Heertje and an anonymous referee for their useful comments on earlier drafts of this paper and D. Weatherall for his remarks on the english of the text.     

Pattern recognition and financial time‐series

This paper investigates financial time‐series from the perspective of a practitioner in artificial intelligence methods and pattern recognition. It presents results from statistical experiments which suggest that financial markets operate with a measure of inefficiency and predictability. However, identifying the nature of any regularities and patterns presents a difficult challenge to the artificial intelligence community, in that established techniques make assumptions about the underlying process that mostly prove to be invalid for this class of data. Copyright © 2007 John Wiley & Sons, Ltd.