In his seminal paper on arbitrage and competitive equilibrium in unbounded exchange economies, Werner (Econometrica, 1987) proved the existence of a competitive equilibrium, under a price noarbitrage condition, without assuming either local or global nonsatiation. Werner's existence result contrasts sharply with classical A substantial part of the paper was written while Allouch was at CERMSEM,...

The aim of this paper is to develop a methodology that is useful for analysing from a microeconomic perspective the incentives to entry, permanence and exit in the market for pharmaceutical generics under fuzzy conditions. In an empirical application of our proposed methodology, the potential towards permanence of labs with different characteristics has been estimated. The case we deal with is ...

Worldwide, renewable electricity projects are granted production support to ensure competitiveness. Depending on the design of these support schemes, the cash inflows to investment projects will be more or less exposed to fluctuations in electricity and/or subsidy prices. Furthermore, as renewable electricity technologies mature, there is a possibility that the current support scheme will be te...

As part of an Integrated Water Resource Assessment and Management project (IWRAM) in Northern Thailand, a Decision Support System is being constructed in order to provide guidelines for crop diversification and water allocation. The IWRAM software integrates a crop model with hydrological and economic models. Presented here is the integrated crop model, called CATCHCROP, which is capable of sim...

Decision support systems are generally geared to short-term tactical decision makkrg. As an alternative, this paper develops a mathematical progrming model to evaluate long-term strategic alternatives in the context of farm-level agricultural production where a broiler farm considers long-term implications of diversification into commercial aquiculture. The model considers a ten-year strategic ...

The continued development of strategic planning processes in electric utilities is of utmost importance, given their increasingly complex, dynamic markets. Development will be blocked unless electric utilities begin developing and integrating other organization systems within their strategic planning processes to create "strategic support ·systems". This article describes three dimensions for a...

∗We thank Michael Hanke and Thomas Stöckl for very helpful comments on earlier versions of this paper. Financial support by the University of Innsbruck and the Austrian National Bank (OeNB-grant 12789) is gratefully acknowledged. †University of Innsbruck, Department of Banking and Finance, Universitätsstrasse 15, 6020 Innsbruck, Austria ‡University of Innsbruck, Department of Banking and Financ...