255 research outputs found
Sperner Lemma, Fixed Point Theorems, and the Existence of Equilibrium
In characterizing the existence of general equilibrium, existing studies mainly draw on Brouwer and Kakutani fixed point theorems and, to some extent, Gale-Nikaido-Debreu lemma. In this paper, we show that Sperner lemma can play a role as an alternative powerful tool for the same purpose. Specifically, Sperner lemma can be used to prove those theorems as well as the lemma. Additionally, Kakutani theorem is shown as a corollary of Gale-Nikaido-Debreu lemma. For a demonstration of the use of Sperner lemma to prove general equilibrium existence, we consider two competitive economies marked either by production goods or financial assets. In each case, we successfully provide another proof on the existence of a general equilibrium using only Sperner lemma and without a need to call on the fixed point theorems or the lemma
Non-Timber Forest Products in Cat Tien: Local Use and Sustainable Management
Rural ethnic minority groups in Cat Tien National Park (CTNP) have relied heavily on non-timber forest products (NTFPs) and threatened its natural forest environment. Still, the real context of the NTFP consumption between indigenous peoples (IPs) and migrant ethnic minority group (MEs) has been poorly comprehended. Also, the participatory rural appraisal (PRA) and the “walk-in-the-wood” method were applied to analyse the NTFP consumption between these IPs and these MEs. The study results indicated that the two local groups had a high or a relatively high dependence on the NTFPs and there was a shifting trend from subsistence to cash income (p-value = 0.000 < 0.05). Also, these IPs had a better knowledge about edible forest plants than these MEs, whilst various more MEs consumed forest fauna for medicinal demand. These MEs harvested and consumed those NTFPs more intensively, but these IPs did the resources for more self-consumption related to the indigenous traditions. Based on the local context, NTFP use patterns, cultural dissimilarity, and local capacity empowerment remain needed in park administration strategies. Similarly, culture-based arrangements would contribute to positive outcomes and sustainable management of the park.
Demand and equilibrium with inferior and Giffen behaviors
We introduce a class of differentiable, strictly increasing, strictly concave utility functions exhibiting an explicit demand of a good which may have Giffen behavior. We provide a necessary and sufficient condition (bases on prices and consumers’ preferences and income) under which this good is normal, inferior or Giffen good. Interestingly, with this utility, the equilibrium price of a good may increase in the aggregate supply for this good
Why Does Productivity Matter?
Productivity is a key concept in economics and crucial for economic growth. By using different theoretical models, we show the role of several kinds of productivity, including total factor productivity (TFP) and labor productivity
Coderivatives at infinity of set-valued mappings
In this paper, the concept of coderivatives at infinity of set-valued
mappings is introduced. Well-posedness properties at infinity of set-valued
mappings as well as Mordukhovich's criterion at infinity are established.
Fermat's rule at infinity in set-valued optimization is also provided. The
obtained results, which give new information even in the classical cases of
smooth single-valued mappings, provide complete characterizations of the
properties under consideration in the setting at infinity of set-valued
mappings
Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
We build a dynamic general equilibrium model with heterogeneous producers and financial frictions (collateral constraints and incompleteness). First, we provide a characterization to check whether a sequence is an equilibrium or not. Second, we study the effects of financial imperfections on output and land prices. Third, we develop a theory of valuation of land by introducing the notion of endogenous land dividends (or yields) and different concepts of land-price bubbles. Some examples of bubbles are provided in economies with and without short-sales
Real indeterminacy and dynamics of asset price bubbles in general equilibrium
In a simple infinite-horizon exchange economy with a single consumption good and a financial asset, real indeterminacy and asset price bubble may arise. We show how heterogeneity (in terms of preferences, endowments) and short-sale constraints affect the emergence and the dynamics of asset price bubbles as well as the equilibrium indeterminacy. We also bridge the literature of bubbles in models with infinitely lived agents and that in OLG models
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