Now showing items 1-20 of 22

    • A direct proof of the existence of pure strategy equilibria in large generalized games with atomic players 

      Riascos Villegas, Alvaro; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2010)
      Consider a game with a continuum of players where only a finite number of them are atomic. Objective functions and admissible strategies may depend on the actions chosen by atomic players and on aggregate information ...
    • A market game approach to differential information economies 

      Fugarolas Alvarez-Ude, Guadalupe; Hervé Beloso, Carlos; Moreno García, Emma; Torres Martínez, Juan Pablo (Springer, 2009)
      In this paper we recast a differential information economy as a strategic game in which players propose net trades and prices. Pure strategy Nash equilibria are strong and determine both consumption plans and commodity ...
    • Collateralized assets and asymmetric information 

      Petrassi, Myrian; Torres Martínez, Juan Pablo (Elsevier, 2008)
      Introducing assets backed by physical collateral, we extend the [Cornet, B., De Boisdeffre, L., 2002. Arbitrage and price revelation with asymmetric information and incomplete markets. Journal of Mathematical Economics 38, ...
    • Credit market segmentation, essentiality of commodities, and supermodularity 

      Faias, Marta; Torres Martínez, Juan Pablo (Universidad de Chile, 2016-03)
      We consider incomplete market economies where agents are subject to price-dependent trading constraints compatible with credit market segmentation. Equilibrium existence is guaranteed when either commodities are essential, ...
    • Credit market segmentation, essentiality of commodities, and supermodularity 

      Faias, Marta; Torres Martínez, Juan Pablo (Elsevier, 2017-05)
      We consider incomplete market economies where agents are subject to price-dependent trading constraints compatible with credit market segmentation. Equilibrium existence is guaranteed when either commodities are essential, ...
    • Credit segmentation in general equilibrium 

      Cea Echeñique, Sebastián; Torres Martínez, Juan Pablo (Elsevier B.V., 2015)
      We build a general equilibrium model with endogenous borrowing constraints compatible with credit segmentation. There are personalized trading restrictions connecting prices with both portfolio constraints and consumption ...
    • Endogenous differential information in financial markets 

      Cea Echenique, Sebastián; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2010)
      We develop a two period general equilibrium model with incomplete financial markets and differential information. Making endogenous the traditional informational restriction on consumption, we allow agents to obtain ...
    • Entendimiento de las crisis organizacionales desde la teoría de los sistemas sociales y de la perspectiva de la organización ambidiestra 

      Torres Martínez, Juan Pablo; Contreras Illanes, Eduardo (Universidad de Chile, Facultad de Economía y Negocios, 2016)
      The purpose of this article is to reflect about how organizational crisis can trigger organizational tensions based the theory of social system. Organizational tensions are problems related to balance decisions or group ...
    • Equilibrium with limited-recourse collateralized loans 

      Torres Martínez, Juan Pablo; Poblete Cazenave, Rubén (Springer-Verlag, 2013)
      We address a general equilibrium model with limited-recourse collateralized loans and securitization of debts. Each borrower is required to pledge physical collateral, and bankruptcy is filed against him if claims are ...
    • Essential Equilibria of Large Games 

      Correa, Sofía; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2012)
      We characterize essential stability of Cournot-Nash equilibria of generalized games with a continuum of players. As application, we rationalize the active participation of politically engaged individuals as the unique ...
    • La falacia de la pobreza en los ‘guetos verticales’ 

      Martínez, Juan Pablo; López, Ernesto (Pontificia Universidad Católica de Chile, 2018-04)
    • Fiat money and the value of binding portfolio constraints 

      Páscoa, Mário R.; Petrassi, Myrian; Torres Martínez, Juan Pablo (Springer, 2011-02)
      We establish necessary and sufficient conditions for the individual optimality of a consumption-portfolio plan in an infinite horizon economy where agents are uniformly impatient and fiat money is the only asset available ...
    • General equilibrium in CLO markets 

      Steinert, Mariano; Torres Martínez, Juan Pablo (Elsevier, 2007)
      We address a two-period equilibrium model with securitization of collateral-backed promises. Borrowers may suffer extra-economic default penalties and debts are pooled into collateralized loans obligations (CLO), allowing ...
    • The impossibility of effective enforcement mechanisms in collateralized credit markets 

      Ferreira, Thiago Revil T.; Torres Martínez, Juan Pablo (ELSEVIER, 2010)
      We analyze the possibility of the simultaneous presence of two key features in price-taking sequential economies: collateralized credit operations and effective additional enforcement mechanisms, i.e. those implying ...
    • Information within coalitions: risk and ambiguity 

      Moreno García, Emma; Torres Martínez, Juan (Universidad de Chile, Facultad de Economía y Negocios, 2017)
      We address economies with asymmetric information where agents are not perfectly aware about the informational structure for coalitions. Thus, we introduce solutions that we refer to as risky core and ambiguous core. We ...
    • Large Multi-Objective Generalized Games: Existence and Essential Stability of Equilibria 

      Correa, Sofía; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2016)
      We characterize the existence and the essential stability of Weak Pareto-Nash and Pareto-Nash equilibria in multi-objective generalized games with a continuum of players.
    • Liquidity Contractions and Prepayment Risk on Collateralized Asset Markets 

      Iraola, Miguel A.; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2012)
      This paper presents a dynamic general equilibrium model with default and collateral requirements. In contrast with previous literature, our model allows for liquidity contractions and general prepayment specifications. ...
    • Long-lived Collateralized Assets and Bubbles 

      Araujo, Aloisio; Páscoa, Mário; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2008)
      When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, regardless of ...
    • Massive housing in central neighborhoods: Who is responsible for the excessive densification? 

      Martínez, Juan Pablo; López Morales, Ernesto (Pontificia Universidad Católica de Chile, 2018)
      Although the phenomenon was evident at least several years ago in various communes of Santiago, it was not until 2017 that housing hyper-densification by real estate companies exploded: a tweet by Claudio Orrego, then the ...
    • On equilibrium existence with endogenous restricted financial participation 

      Seghir, Abdelkrim; Torres Martínez, Juan Pablo (Elsevier, 2011)
      Without requiring either financial survival assumptions or linear spanning conditions over financial spaces, we prove equilibrium existence in an abstract incomplete market economy with endogenous restricted financial ...