标题： Y均衡：(非)凸经济理论 显示英文标题

标题： Yquilibrium: A Theory for (Non-) Convex Economies

摘要： 一般均衡是现代经济学和金融学的基石，其建立在许多市场并不满足的假设之上。 频谱拍卖、电力市场以及资源权利的碳排放交易计划通常在偏好或生产中存在非凸性，这可能导致瓦尔拉斯均衡不存在，从而使一般均衡变得无意义。 Yquilibrium 通过一种不依赖完全竞争的优化方法来补充一般均衡，适用于（非）凸经济。 当瓦尔拉斯均衡存在时，Yquilibrium 与之一致。 即使瓦尔拉斯均衡不再存在，Yquilibrium 仍然存在，并在线性、匿名和（近似）效用清算价格的条件下产生最优分配。 显示英文摘要

摘要： General equilibrium, the cornerstone of modern economics and finance, rests on assumptions many markets do not meet. Spectrum auctions, electricity markets, and cap-and-trade programs for resource rights often feature non-convexities in preferences or production that can cause non-existence of Walrasian equilibrium and render general equilibrium vacuous. Yquilibrium complements general equilibrium with an optimization approach to (non-) convex economies that does not require perfect competition. Yquilibrium coincides with Walrasian equilibrium when the latter exists. Yquilibrium exists even if Walrasian equilibrium ceases to and produces optimal allocations subject to linear, anonymous, and (approximately) utility-clearing prices.