In this paper we provide a full characterization of the pure-strategy Nash Equilibria for the p-Beauty Contest Game when we restrict player’s choices to integer numbers. Opposed to the case of real number choices, equilibrium uniqueness may be lost depending on the value of p and the number of players: in particular, as p approaches 1 any symmetric profile constitutes a Nash Equilibrium. We als...

For a paradigmatic case, the standard map, we discuss how the statistical description of the approach to equilibrium is related to the sensitivity to the initial conditions of the system. Using a numerical analysis we present an anomalous scenario that may give some insight on the foundations of the Tsallis’ statistical mechanics.

This paper considers a one-sector overlapping-generations model with production. We observe that under standard assumptions on preferences and technology, the perfect-foresight equilibrium violates positivity constraints for large sets of initial conditions. The consideration of the positivity constraints of the consumer enables degenerate equilibrium, a perfect-foresight equilibrium that remai...

We obtain an exact necessary and sufficient condition for the existence uniqueness of equilibrium asset prices in infinite horizon, discrete-time, arbitrage free environments. Using local spectral radius methods, we connect condition, hence problem prices, with recent literature on stochastic discount factor decompositions. Our results include a globally convergent method computing whenever the...