A group decision device: its Pareto-like optimality
Article Abstract:
Group decision making is analyzed by economic theorists in terms of the utility function. The group chooses from many possible acts to satisfy a particular goal. Each individual utility function in the group is laid out on a matrix, where it is paired and interacts with others according to a mutually satisfying arrangement referred to as 'redistribution of wealth' or 'cash exchange.' The end result is a Pareto-like optimized group utility function.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1991
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Generic non-existence of equilibria in finance models
Article Abstract:
Financial models commonly use stochastic processes such as log normal in the description of securities prices. It is observed that Walrasian equilibria do not generally exist in generic terms in those models. The utility function, whose derivative is commonly required to be infinite at zero to ensure quasi interior solutions, is an essential feature of these models. This function is instrumental in the derivation of the usual asset pricing models.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1991
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Restricting independence to convex cones
Article Abstract:
Convex cones are examined from an abstract perspective, where independence is restricted.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2000
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