Convexity has long had an important role in economic theory, but some recent developments have featured it all the more in problems of equilibrium. Here the tools of convex analysis are applied to a basic model of incomplete financial markets in which assets are traded and money can be lent or borrowed between the present and future. The existence of an equilibrium is established with technique...

In 1978, California passed one of the most significant tax changes initiated by voters in the United States. Proposition 13 lowered property tax rates and restricted future property tax increases. In this paper, we study the implications of Proposition 13 on house prices, housing turnover, and household welfare. In our benchmark calibration, the introduction of Proposition 13 leads to a 25% inc...

The acid-base equilibrium of lorazepam was studied by means of potentiometry andmultiwavelengths spectrophotometry. The stoichiometric equilibrium constants were determinedat 25 °C and constant ionic strength 0.1 mol L-1 (NaCl). The acidity constants pK1=1.58±0.05and pK2=11.67±0.07 were found by potentiometry, and pK1=1.54±0.02 and pK2=11.61±0.03 bymulti-wavelengths spectrophotometry. Potentiom...

This paper considers an electricity spot market consisting of a network, a set of producers located in nodes of the network, and a central agent. Production is organized by means of an auction. Once firms simultaneously bid cost functions, the central agent decides the quantity each firm produces and the flows through the network lines. The purpose of the central agent is to minimize the overal...

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Cake cutting is a fundamental model in fair division; it represents the problem of fairly allocating a heterogeneous divisible good among agents with different preferences. The central criteria of fairness are proportionality and envy-freeness, and many of the existing protocols are designed to guarantee proportional or envy-free allocations, when the participating agents follow the protocol. H...

this paper studies the usefulness of the p-model in the analysis of the behaviour of prices in iranian economy. the p-model is based on the quantity of theory of money. this model believes that the price level tends to move towards the equilibrium price level. the model uses price gap to forecast inflation, if the equilibrium price is greater than the current price, there is a tendency for the ...

In this paper the method of determining the value of the game in fuzzy environment, using trapezoidal fuzzy numbers is proposed. A new approach called fuzzy Nash equilibrium which provides a way for obtaining the optimum strategies for mxn fuzzy payoff matrix is employed. Relevant definitions and numerical examples are also given.