Competitive equilibrium and auction theory together form a vital framework for understanding market efficiency and the strategic allocation of resources. Competitive equilibrium denotes a state where ...

A general equilibrium model of markets for commodities and assets is considered. We develop the notion of a price system that admits no arbitrage opportunity, and we demonstrate the fundamental role ...

Mary Hall is a editor for Investopedia's Advisor Insights, in addition to being the editor of several books and doctoral papers. Mary received her bachelor's in English from Kent State University with ...

The objective is to analyze, in a general way, problems of existence and determinacy of competitive equilibria when the markets structures are incomplete. The usual properties of demand functions ...