The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jan, 1977, Volume 45, Issue 1
https://doi.org/0012-9682(197701)45:1<101:OTFOTT>2.0.CO;2-E
p. 101-113
Hugo Sonnenschein, John Roberts
Available theorems establishing the existence of general equilibrium in models incorporating imperfectly competitive firms rely on the assumption that reaction curves are continuous functions (or convex-valued, upper hemi-continuous correspondences). However, this property has not been derived from conditions on the fundamental data of tastes, technology, and maximizing behavior. We show here that continuity may fail even in extremely simple cases, with the result that equilibrium price and/or quantity choices fail to exist. The non-pathological nature of the examples we present suggests the need for a fundamental re-examination of the way our partial and general equilibrium models of monopolistic competition fit together.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
