Asymptotic Methods for Asset Market Equilibrium Analysis

General equilibrium analysis is difficult when asset markets are incomplete. We make the simplifying assumption that uncertainty is small and use bifurcation methods to compute Taylor series approximations for asset demand and asset market equilibrium. A computer must be used to derive these approximations since they involve large amounts of algebraic manipulation. To illustrate this method, we apply it to analyzing the allocative, price, and welfare effects of introducing a new derivative security. We find that the introduction of any derivative will raise the value of the risky asset relative to bonds.

Hybrid shrinking projection method for a generalized equilibrium problem, a maximal monotone operator and a countable family of relatively nonexpansive mappings

AbstractThe purpose of this paper is to introduce and consider a hybrid shrinking projection method for finding a common element of the set EP of solutions of a generalized equilibrium problem, the set ⋂n=0∞F(Sn) of common fixed points of a countable family of relatively nonexpansive mappings {Sn}n=0∞ and the set T−10 of zeros of a maximal monotone operator T in a uniformly smooth and uniformly convex Banach space. It is proven that under appropriate conditions, the sequence generated by the hybrid shrinking projection method, converges strongly to some point in EP∩T−10∩(⋂n=0∞F(Sn)). This new result represents the improvement, complement and development of the previously known ones in the literature

Two characterizations of sufficient matrices

Two characterizations are given for the class of sufficient matrices defined by Cottle, Pang, and Venkateswaran. The first is a direct translation of the definition into linear programming terms. The second can be thought of as a generalization of a theorem of T. D. Parsons on P-matrices. 19 refs