Equilibrium with non-convex preferences: some insights
We study the existence of equilibrium when agents' preferences may not beconvex. For some specific utility functions, we provide a necessary and sufficientcondition under which there exists an equilibrium. The standard approach cannot be directly applied to our examples because the demand correspondence of some agents is neither single-valued nor convex-valued.
Code (0)
등록된 구현이 없습니다.
Similar Papers 제목 키워드 기반
Approximate Equilibria in Nonconvex Markets: Theory and Evidence from European Electricity Auctions
The existence of Walrasian equilibrium is usually not guaranteed when some market participants have nonconvex preferences. This limitation applies to many real-world markets, including day-ahead electricity auctions. Des…
Yquilibrium: A Theory for (Non-) Convex Economies
General equilibrium, the cornerstone of modern economics and finance, rests on assumptions many markets do not meet. Spectrum auctions, electricity markets, and cap-and-trade programs for resource rights often feature no…
Social Shaping of Dynamic Multi-Agent Systems over a Finite Horizon
This paper studies self-sustained dynamic multiagent systems (MAS) for decentralized resource allocation operating at a competitive equilibrium over a finite horizon. The utility of resource consumption, along with the i…
Identification of hedonic equilibrium and nonseparable simultaneous equations
This paper derives conditions under which preferences and technology are nonparametrically identified in hedonic equilibrium models, where products are differentiated along more than one dimension and agents are characte…
AttributeCompeting Persuaders in Zero-Sum Games
We study Bayesian Persuasion with multiple senders who have access to conditionally independent experiments (and possibly others). Senders have zero-sum preferences over information revealed. We characterize when any set…