Economic Models with Infinitely Many Commodities

该项目开发了新的市场经济模型， 无数的商品。 这些模型用于 研究与大量企业的垄断竞争， 不确定性下的金融市场动态， 市场的数学模型和其他困难的问题， 数学经济理论 更具体地说，在项目的第一部分， 在这种情况下，公司规模足够小， 一家公司对其他公司的影响可以忽略不计，但在均衡状态下， 活跃公司的收费高于完全竞争的价格， 可以获得正的垄断利润。 这种模式将更加 比现有的经济模型更现实， 企业的力量消失，因为它们变得小， 市场 第二部分是连续时间的发展 不完全市场的随机模型 随机模型， 不完全市场是有用的，因为在真实的世界中， 不可能完全避免不确定性，因为许多 期货和或有债权市场实际上是缺失的。 的 连续时间框架允许调查人员将其 工作的金融模式，并解决这样的问题： 频繁的交易会带来效率吗？

This project develops new economic models of markets with an infinite number of commodities. These models are used to study monopolistic competition with large numbers of firms, the dynamics of financial markets under uncertainty, the foundations of mathematical models of markets and other difficult problems in mathematical economic theory. More specifically, in the first part of the project a model is developed in which firms are sufficiently small so that each firm's effect on other firms is negligible, yet in equilibrium, active firms charge more than the perfectly competitive price and may make positive monopoly profits. This model would be more realistic than existing economic models in which the monopoly power of firms disappears as they become small in comparison to the market. The second part consists of the development of continuous time stochastic models of incomplete markets. Stochastic models with incomplete markets are useful because in the real world it is impossible to completely insure against uncertainty because many futures and contingent claims markets are in fact missing. The continuous time framework allows the investigator to relate his work to financial models and to address such questions as: does frequent trading lead to efficiency?