Non-existence of market-clearing wages when the output market is imperfectly competitive

Non-existence of market-clearing wages when the output market is imperfectly competitive

In a sector in which oligopolistic firms face a sector-specific labour supply constraint, there may be no marketclearing wage. Instead, at some wages, there can be two equilibria, one with involuntary unemployment and one with unfilled vacancies.

Market Uncertainty: Correlated and Sunspot Equilibria in Imperfectly Competitive Economies

An imperfectly competitive economy is very prone to market uncertainty, including uncertainty about the liquidity (or "thickness") of markets. We show, in particular, that there exist stochastic equilibrium outcomes in nonstochastic market games if (and only if) the endowments are not Pareto optimal. We also provide a link between extrinsic uncertainty arising in games (e.g. correlated equilibr...

Sticky Wages, Efficiency Wages, and Market Processes

ainstream macroeconomics is in disarray. Perusal of commonly used textbooks in macroeconomics will confirm that impression without much difficulty. Unfortunately, the same statement could have been made, and often was made, fifteen years ago. While in this sense little has changed in recent years, the disarray is now more fundamental and severe than a t any time since the 1930s. Amidst this dis...

Market and non-market mechanisms for procuring human and cadaveric organs: when the price is right.

Variable Quantity Market Clearing Algorithms

Market clearing is the process of matching buy and sell bids in securities markets. The allocative efficiency of such algorithms is important, as the Auctioneer is typically paid a commission on the number of bids matched and the volume of quantity traded. Previous algorithms have concentrated on price issues. This paper presents several market clearing algorithms that focus solely on allocatin...