Bertrand-edgeworth equilibria in finite exchange economies

Article Abstract:

The key element of Bertrand-edgeworth equilibria is the way trade takes place in commodity markets. The situation is analyzed from two angles. One angle is marketers choice of prices and the quantity to be sold, and the other is marketers as consumers, making a choice of what to buy. This kind of analytical approach gives a decentralized and realistic perception of the markets of consumer goods and services.

Commodity Exchanges, Evaluation, Behavior, Investors, Consumers, Global economy

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Numeraires, equivalent martingale measures and completeness in finite dimensional securities markets

Article Abstract:

A mathematical model has been developed to show the relationship of a numeraire to the set of equivalent martingale measures of a nemeraire and its utility in securities pricing. The model shows that a the set of equivalent martingale measures of a numeraire is a subset of Arrow-Debreu state prices. This measure becomes the whole set if conditions of self-financing is imposed on the numeraire.

Models, Stock-exchange, Stock exchanges, Exchanges

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Continuous selection from the Pareto correspondence and non-manipulability in exchange economies

Article Abstract:

Each preference profile is mapped by the Pareto correspondence in to the set of all efficient allocations. All the efficient and continuous rules are diagonally dictatorial over the restricted domain of linear preferences and over the domain of homothetic preferences in n-agent exchange economies.

Securities & Commodities Exchanges, Analysis, Economics, Economic theory, Exchanges (Finance)

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