We present an auction-based algorithm for computing market equilibrium prices in a production model, in which producers have a single linear production constraint, and consumers have linear utility functions. We provide algorithms for both the Fisher and Arrow-Debreu versions of the problem.

Dagsvik (2008) has recently extended Debreu’s (1958) representation theorem for stochastic choice to the domain of lotteries. Dagsvik provides conditions under which there exists a linear utility function such that the probability of choosing one alternative over another is represented by the di¤erence in their utilities. We give an alternative, simpler proof of Dagsvik’s result. Our proof deri...

Abstract My comment on Weber and Staples (Digit Financ, https://doi.org/10.1007/s42521-022-00064-8 , 2022) elaborates an economic perspective of their “programmable money” proposal. While claims issued tendered for goods services resemble money, a number issues must be resolved before this innovation is feasible as money in analog trade or digital finance. These include secondary tradability, p...

We consider permutations of {1, 2, . . . , n} in which each integer is given a direction; such permutations are called directed permutations. An integer k in a directed permutation is called mobile of its arrow points to a smaller integer adjacent to it. For example, for → 3 → 2 ← 5 → 4 → 6 → 1 , the integers 3, 5, and 6 are mobile. It follows that 1 can never be mobile since there is no intege...

We prove the existence of general equilibrium for continuous-time overlappinggenerations models. Previous theorems exclude all non-linear C.E.S. and von Neumann Morgenstern preferences and exclude production. Our primitive assumptions are satisfied by such preferences and by all Markovian production technologies satisfying Bewley's assumptions for Arrow Debreu models provided that storage is po...

This paper reports results of a qualitative study of sixteen students enrolled in a second year organic chemistry course for chemistry and chemical engineering majors. The focus of the study was student use of the arrow-pushing formalism that plays a central role in both the teaching and practice of organic chemistry. The goal of the study was to probe how students made sense of the arrow-pushi...

It is well known that an equilibrium in the Arrow-Debreu model may fail to exist if a very restrictive condition called the survival assumption is not satisfied. We study two approaches that allow for the relaxation of this condition. Danilov and Sotskov (1990), and Florig (2001) developed a concept of a generalized equilibrium based on a notion of hierarchic prices. Marakulin (1990) proposed a...

In this paper we study the introduction of new assets which are oftenly observed to be de…ned in expected values rather than state by state, called the Arrow-Lind-Malinvaud (ALM) assets. We demonstrate that individual default emerges naturally in an economy where such ALM assets are introduced without completing all contingency markets. We further provide conditions under which individual defau...

The objective of this paper is to adopt a general equilibrium model and determine the socially e¢ cient discount factor, risk free rate and discount rate when there are heterogeneous anticipations about the growth of the economy as well as heterogeneous time preference rates. Among others we tackle the following questions. Is the socially e¢ cient discount factor an arithmetic average of the in...