In an incomplete semimartingale model of a financial market, we consider several risk-averse financial agents who negotiate the price of a bundle of contingent claims. Assuming that the agents’ risk preferences are modelled by convex capital requirements, we define and analyze their demand functions and propose a notion of a partial equilibrium price. In addition to sufficient conditions for th...

In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models with non-price-taking behavior are constructed and analyzed in greater detail. We discover that technical innovation carried out by a monopolist could significantly increase the social welfare. We conclude that, in general, the cr...

This paper presents an analytically tractable continuous-time general equilibrium model with investment irreversibility and fixed adjustment costs. In the model, there is a continuum of firms that are subject to idiosyncratic shocks to capital. Although the presence of investment frictions lowers consumer welfare, it may raise or reduce the long-run average capital stock, depending on the degre...

In periods of distress, observed and perceived income risk tends to rise. Does this heightened affect monetary transmission? This paper first shows that in partial equilibrium, dampens the substitution effect interest rate changes but amplifies indirect wage changes. The effects are sizable equilibrium. An increase consistent with during recessions affects responses by around one-third. However...

introduction: a large number of software programs have been used in dentistry for diagnosis and treatment planning to date. however, due to promotion of programming languages and developments in dental sciences, it is necessary to develop and update these softwares. use of softwares for treatment planning for removable partial dentures has been popular for some time and always new softwares hav...

We study theoretically in the present work the self-assembly of molecules in an open system, which is fed by monomers and depleted in partial or complete clusters. Such a scenario is likely to occur for example in the context of viral self-assembly. We provide a general formula for the mean-field size distribution which is valid both at equilibrium in a closed system, and in the stationary stat...

Empirical analysis [see, e.g., McDonald (1985)] suggests that partial vertical integration is a widespread phenomenon. However, there are hardly any theoretical explanations for this composition of industries. Both Arrow (1975) and Green (1986) explicitly allow for partial integration to occur. The former author takes the need for information to be the driving force behind vertical integration,...

Strongly interacting binary mixtures of superparamagnetic colloidal particles confined to a two-dimensional water-air interface are examined by theory, computer simulation, and experiment. The mixture exhibits a partial clustering in equilibrium: in the voids of the matrix of unclustered big particles, the small particles form subclusters with a spongelike topology which is accompanied by a cha...