Equilibrium in abstract economies without the lower semi-continuity of the constraint maps

Article Abstract:

An abstract economy's equilibria exist even without the assumption of the lower semi-continuity of constraint projections. This is possible through the graphical convergence of set-valued maps that also allow a more feasible abstract economic setting. Previous studies, such as those conducted by Borglin and Keiding in 1975, and most recently, Tan and Yuan in 1994, also derived results pointing to the existence of equilibria for abstract economies. However, their results all assumed the constraint map's lower semi-continuity.

Set theory

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Existence of an equilibrium in a competitive economy with indivisibilities and money

Article Abstract:

Product differentiation has been concluded to exist under an exchange economy of finite number of agents and indivisible goods. The model used in the analysis also investigated the generalizations made by previous researchers, particularly Knaster, Kuratowski and Mazurkiwicz. Using such principles, it was determined that under fairly mild demand conditions, the economy is characterized by price equilibrium.

Pricing Policy, Pricing, Prices, Product differentiation

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A parimutuel system with two horses and a continuum of bettors

Article Abstract:

A model based on paramutuel system has been used to analyze the irregularity of equilibrium and revenue-taking in horce race gambling. It was shown that under a system where a raceholder's revenue is not large, there exists an equilibra wherein the chances of winning is greater is greater than otherwise.

Illegal Gambling, Gambling, Horse racing, Horse-racing

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