Related papers: Remarks on criticality and crisis in pure exchange…
We show that, with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents' substitution effects, not their income effects. Our Equilibrium Existence Duality allows us to transport results on the…
In this paper I propose a micro-based innovation driven general equilibrium growth-model allowing for endogenous entry and exit as well as three different types of research. I make the novel distinction between three types of firms, namely…
We introduce the notion of a critical cardinal as the critical point of sufficiently strong elementary embedding between transitive sets. Assuming the axiom of choice this is equivalent to measurability, but it is well-known that choice is…
Quasistatic evolutions of critical points of time-dependent energies exhibit piecewise smooth behavior, making them useful for modeling continuum mechanics phenomena like elastic-plasticity and fracture. Traditionally, such evolutions have…
This paper revisits the Arrow-Debreu general equilibrium framework through the lens of effective trade, emphasizing the distinction between theoretical and realizable market interactions. We develop the Effective Trade Model (ETM), where…
In this paper, I study the dynamics of the Kaluza-Klein internal manifold using its ``shape'' and the ``size'' as collective coordinates. The essential motivation is to be able to explain symmetry breaking in gauge theories through a…
We prove the existence of a competitive equilibrium in a production economy with infinitely many commodities and a measure space of agents whose preferences are price dependent. We employ a saturated measure space for the set of agents and…
The 2008 financial crisis illustrated the need for a thorough, functional understanding of systemic risk in strongly interconnected financial structures. Dynamic processes on complex networks being intrinsically difficult, most recent…
In this paper the possibility of computing equilibrium in pure exchange and production economies by a homotopy method is investigated. The performance of the algorithm is tested on examples with known equilibria taken from the literature on…
We generalize the seminal framework of Kyle (1985) to a many-asset setting, bridging the gap between informed-trading theory and modern trading practices. Specifically, we formulate an infinite-dimensional Bayesian trading game in which the…
This article reviews the recent advances in the uniqueness and multiplicity of competitive equilibria in models arising in mathematical economics, finance, macroeconomics, and trade.
Using data from a sample of 28 representatives countries, we propose a classification of currency crises consequences based on the ultrametric analysis of the real exchange rate movements time series, without any further assumption. By…
The efficient market hypothesis (EMH), based on rational expectations and market equilibrium, is the dominant perspective for modelling economic markets. However, the most notable critique of the EMH is the inability to model periods of…
We introduce a new microeconomics foundation of a specific type of competitive market equilibrium that can be used to study several markets with information asymmetry such as commodity market, credit market, and insurance market.
The basic elements of the mathematical theory of states of thermal equilibrium of infinite systems of quantum anharmonic oscillators (quantum crystals) are outlined. The main concept of this theory is to describe the states of finite…
This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds…
The Perfectly Transparent Equilibrium is algorithmically defined, for any game in normal form with perfect information and no ties, as the iterated deletion of non-individually-rational strategy profiles until at most one remains. In this…
Our knowledge of quantum mechanics can satisfactorily describe simple, microscopic systems, but is yet to explain the macroscopic everyday phenomena we observe. Here we aim to shed some light on the quantum-to-classical transition as seen…
This paper introduces a novel framework for analysing equilibrium in structured production systems incorporating a static social division of labour by distinguishing between consumption goods traded in competitive markets and intermediate…
Entanglement entropy (EE) is a fundamental probe of quantum phases and critical phenomena, which was thought to reflect only bulk universality for a long time. Very recently, people realized that the microscopic geometry of the entanglement…