Related papers: Equilibrium with non-convex preferences: some insi…
Generalized and Simulated Method of Moments are often used to estimate structural Economic models. Yet, it is commonly reported that optimization is challenging because the corresponding objective function is non-convex. For smooth…
There are given conditions for represention of a function of many arguments as the difference of convex functions.
A dynamic model of collective consumption and saving decisions made by a finite number of agents with constant but different discount rates is developed. Collective utility is a weighted sum of individual utilities with time-varying utility…
This paper explores some sufficient conditions for the enhanced solvability of strong vector equilibrium problems, which can be established via a variational approach. Enhanced solvability here means existence of solutions, which are strong…
Is there an equilibrium for distributed consensus when all agents except one collude to steer the decision value towards their preference? If an equilibrium exists, then an $n-1$ size coalition cannot do better by deviating from the…
Suppose that an equilibrium is asymptotically stable when external inputs vanish. Then, every bounded trajectory which corresponds to a control which approaches zero and which lies in the domain of attraction of the unforced system, must…
We consider a discrete-time model of a financial market where a risky asset is bought and sold with transactions having a transient price impact. It is shown that the corresponding utility maximization problem admits a solution. We manage…
We briefly review the various contexts within which one might address the issue of ``why'' the dimensionless constants of Nature have the particular values that they are observed to have. Both the general historical trend, in physics, of…
We consider the dynamics, existence and stability of the equilibrium states for large populations of individuals who can play various types of non--cooperative games. The players imitate the most attractive strategies, and the choice is…
In this note we provide a simple proof of some properties enjoyed by convex functions having the engulfing property. In particular, making use only of results peculiar to convex analysis, we prove that differentiability and strict convexity…
In this paper, we consider the problem of a Principal aiming at designing a reward function for a population of heterogeneous agents. We construct an incentive based on the ranking of the agents, so that a competition among the latter is…
We prove existence of envy-free allocations in markets with heterogenous indivisible goods and money, when a given quantity is supplied from each of the goods and agents have unit demands. We depart from most of the previous literature by…
We prove completeness of preferential conditional logic with respect to convexity over finite sets of points in the Euclidean plane. A conditional is defined to be true in a finite set of points if all extreme points of the set interpreting…
We study a discrete fair division problem where $n$ agents have additive valuation functions over a set of $m$ goods. We focus on the well-known $\alpha$-EFX fairness criterion, according to which the envy of an agent for another agent is…
We investigate whether fairness is compatible with efficiency in economies with multi-self agents, who may not be able to integrate their multiple objectives into a single complete and transitive ranking. We adapt envy-freeness,…
In this paper, we study which data can be induced by a correlated equilibrium given a known finite simultaneous move game. We assume that an analyst has access to the frequency of each agent's actions but does not have access to the…
I provide a unified framework to establish the existence of a weak Pareto efficient, envy-free allocation in general settings: random allocations are probability measures on a compact metric space, and preferences of agents are represented…
We provide and axiomatize a representation for preferences over lotteries that generalizes the expected utility model. Since the representation uses different utility functions to evaluate different lotteries, the preferences can be…
We study Markov decision problems where the agent does not know the transition probability function mapping current states and actions to future states. The agent has a prior belief over a set of possible transition functions and updates…
This article presents a proof of the existence of Bertrand-Nash equilibrium prices with multi-product firms and under the Logit model of demand that does not rely on restrictive assumptions on product characteristics, firm homogeneity or…