The purpose of this paper is to investigate the asymptotic behavior of oligopoly equilibrium in the framework of multilateral exchange when the economy is replicated a finite number of times and show that the sequence of associated price-allocation pair converges to the competitive equilibrium...

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent...

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent...

Using the monetary model developed in Sissoko (2007), where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed, we observe that in this environment fiat money can implement a Pareto optimum only if taxes are type-specific. We then consider intermediated...

Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption that economic variables are properly measured by a single indicator, and that all relevant information for the estimation is summarized by a small number of data series. However,...

We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...

Similar to many sub-Saharan African countries, Sudan has inherited a dual economy in the immediate post-independence era where a large agriculture-based rural traditional sector coexisted with a small non-agricultural modern sector. This functional dualism remained until the first oil shipment...

The ASEAN Economic Community (AEC) is the largest integration effort attempted in the developing world; if realized, it will create a single market with the free movement of goods, services, foreign direct investment and skilled labor, and freer movement of capital encompassing nearly 600 million...

This paper develops a two-country, general equilibrium model of oligopoly in which the degree of horizontal product differentiation is endogenously determined by firms' strategic investments in product innovation. Consumers seek variety and product innovation is more skill intensive than...

Based on an entrepreneurial model having historical roots in Knight (1921), a competitive general equilibrium theory of the firm under uncertainty is constructed. The expected utility maximization criterion is used and justified by assuming that for each firm there is an expected utility...