General Equilibrium Analysis

本项目继续研究者在一般均衡分析的四个领域的研究：(1)具有无限数量商品的市场中竞争均衡的存在性和最优性；(2)无限状态空间市场中具有看涨期权的衍生资产的跨越与定价；(3)市场经济条件下生产规模收益递增的资源配置；(4)一般均衡对市场价格和收入分配的限制。本研究为研究不完全金融市场、宏观经济学、经济增长等重要经济学领域提供了更为严谨和普遍的理论依据。更具体地说，这四个领域的贡献包括：(1)证明两期和三期不完全市场一般均衡模型中均衡的存在，其中状态空间是无限的，对于有限和无限数量的市场金融资产；(2)给出了不完全资产市场下一般均衡模型中伪均衡的构造性存在性证明；(3)建立了不完全信息下两部分定价均衡的存在性，并检验了其最优性；(4)扩展揭示均衡分析的Brown-Matzkin模型，以适应随机效用函数或测量误差。

This project continues research by the investigator in four areas of general equilibrium analysis: (1) the existence and optimality of competitive equilibrium in markets with an infinite number of commodities; (2) the spanning and pricing of derivative assets, with call options in markets with infinite state spaces; (3) the allocation of resources in market economies with increasing returns to scale in production; and (4) general equilibrium restrictions on market prices and income distributions. This research provides a more rigorous and general theory for studying incomplete financial markets, macroeconomics, economic growth and other important areas of economics. More specifically, the contributions under this grant for these four areas consists of (1) proving the existence of equilibria in two-period and three-period incomplete markets general equilibrium models, where the state space is infinite, for both the cases of a finite and infinite number of marketed financial assets; (2) providing a constructive existence proof of pseudo-equilibria in general equilibrium models with incomplete asset markets; (3) establishing the existence of a two-part pricing equilibrium with imperfect information and examining its optimality; and (4) extending the Brown-Matzkin model of revealed equilibrium analysis to accommodate random utility functions or errors in measurement.