On equilibrium existence with endogenous restricted financial participation

Allowing for durable commodities, we prove equilibrium existence in an abstract incomplete market economy with endogenous restricted financial participation without requiring financial survival assumptions. We apply our results to general financial structures including nominal, real and collateralized asset markets.Equilibrium, Incomplete markets, Endogenous restricted nancial participation

Collateral, default penalties and infinite horizon equilibrium

Pascoa and Seghir (2009) noticed that when collateralized promises become subject to utility penalties on default, Ponzi schemes may occur. However, equilibrium exists in some interesting cases. Under low penalties, equilibrium exists if the collateral does not yield utility (for example, when it is a productive asset or a security). Equilibrium exists also under more severe penalties and collateral utility gains, when the promise or the collateral are nominal assets and the margin requirements are endogenous: relative inflation rates and margin coefficients can make the income effects dominate the penalty effects. An equilibrium refinement avoids no-trade equilibria with unduly repayment beliefs. Our refinement differs from the one used by Dubey, Geanakoplos and Shubik (2005) as it does not eliminate no trade equilibria whose low delivery rates are consistent with the propensity to default of agents that are on the verge of selling.Nova Foru

In nitely-lived agents via two-sided altruism

In an incomplete market with two sided altruistic agents and default.We show equilibrium existence if members of a dynasty act in an individualistic way by maximizing their own intergenerational utility functions. We also illustrate that a dynasty may end doing Ponzi schemes if its members act in a collectivistic way by maximizing a dynasty's collectivistic utility. We also prove that Ponzi schemes are ruled out and equilibrium existence is restored if there exist, always in the future, some agents who are not too altruistic either towards their parents or their ospring

Infinitely-lived agents via two-sided altruism

In an incomplete market with two sided altruistic agents and default. We show equilibrium existence if members of a dynasty act in an individualistic way by maximizing their own intergenerational utility functions. We also illustrate that a dynasty may end doing Ponzi schemes if its members act in a collectivistic way by maximizing a dynasty's collectivistic utility. We also prove that Ponzi schemes are ruled out and equilibrium existence is restored if there exist, always in the future, some agents who are not too altruistic either towards their parents or their ospring

Infinitely-lived agents via two-sided altruism

In an incomplete market with two sided altruistic agents and default. We show equilibrium existence if members of a dynasty act in an individualistic way by maximizing their own intergenerational utility functions. We also illustrate that a dynasty may end doing Ponzi schemes if its members act in a collectivistic way by maximizing a dynasty's collectivistic utility. We also prove that Ponzi schemes are ruled out and equilibrium existence is restored if there exist, always in the future, some agents who are not too altruistic either towards their parents or their ospring

A review on biogenic green synthesis of ZnO nanoparticles by plant biomass and their applications

Financiado para publicación en acceso aberto: Universidade de Vigo/CISUGNanobiotechnology has recently gained prominence as a fundamental branch of modern science and a novel epoch in the field of material researches. Due to a wide range of applications it attracts attention of many scientists from all over the world. Bionanomaterials are prepared using a variety of physical, chemical, and biological techniques and methods. Many different metal and metal oxide nanoparticles are reported to be produced by biological systems, including bacteria, fungi, actinomycetes, yeasts, viruses, and plants. Among all of them, biocompatible zinc oxide nanoparticles (ZnO NPs), obtained through biosynthesis with the aid of plant-derived materials, appears to be a highly successful way to create a fast, clean, non-toxic, and environmentally friendly platform for the production and application of these bionanomaterials. This review focuses on the plant extractderived ZnO NPs synthesis, with a special emphasis on the recent advances and applications of these nanomaterials

An overlapping generations model with a general default punishment structure

This paper addresses the existence of a refined equilibrium for an overlapping generations pure-exchange economy with non-ordered preferences and incomplete markets of numeraire assets when borrowers can default on their promises. More precisely, we prove that the standard model of a two-period economy with numeraire-incomplete financial markets can be extended to an infinite-horizon economy with a dynamic demographic structure encompassing the possibility of default and a general preferences structure. © EuroJournals Publishing, Inc. 2010

Overlapping Generations Model with Incomplete Markets: The Numeraire Case II

This paper deals with the existence of equilibrium in a non-classical Overlapping Generations Model with incomplete markets and one-period numeraire assets. The stochastic structure of the model is given by an infinite event-tree in which each node has a finite number of immediate successors. The peculiarity of this Overlapping Generations Model consists of the eventual presence of infinitely lived agents. To rule out Ponzi schemes, we impose debt constraints, due to Levine-Zame [1996], to the infinitely lived agents.

In nitely-lived agents via two-sided altruism

In an incomplete market with two sided altruistic agents and default.We show equilibrium existence if members of a dynasty act in an individualistic way by maximizing their own intergenerational utility functions. We also illustrate that a dynasty may end doing Ponzi schemes if its members act in a collectivistic way by maximizing a dynasty's collectivistic utility. We also prove that Ponzi schemes are ruled out and equilibrium existence is restored if there exist, always in the future, some agents who are not too altruistic either towards their parents or their ospring.Innitely-Lived Agents, Two-Sided Altruism, Individualistic Equilibrium, Collectivstic Equilibrium.