Protective and prudent behaviour in games

Article Abstract:

Protective equilibria and prudent equilibria are equivalent in strategic-form finite games despite their differences in assumptions. Protective behavior results from agents revealing preferences to avoid worst possible outcomes. Prudent behavior is similar, but is based on the assumption that preferences for all agents are considered equally likely.

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Arbitrage and the flattening effect of large numbers

Article Abstract:

The elimination of arbitrage opportunities in exchange economies will show a flat cone rather than a pointed cone in demonstrative geometry, indicating that in perfectly competitive economies, prices are not influenced by individuals. Arbitrage, or the ability to exploit price differences, indicate that the economy is imperfectly competitive.

Economic aspects, Foreign exchange, Arbitrage

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Sunspots and the sequential regularity of competitive equilibria

Article Abstract:

Competitive equilibria that do not rely on sunspots, or extrinsic uncertainty, are regular only if they are regular in economies with extrinsic uncertainty. This finding is based on a model of a two period exchange economy with a single asset, in which an incident of extrinsic uncertainty occurs at the commencement of the second period.

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