Executive Summary : | Economic activities are determined by individuals and organizations within an economy. This research project aims to analyze individuals and their decisions using mathematical economics frameworks and analytical tools. Arrow and Debreu's study established that an overall outcome/equilibrium exists for an economy with finite agents, with the market mechanism and cooperative mechanism being the two outcomes. Licenses, for example, are used to regulate pollution levels and protect certain species of animals. Herves-Beloso et al. found market equilibrium for tradable license rights in markets with tradable license rights. The core of an economy is characterized by the governing information rule, and the relationship between these cores has been extensively studied. Economics has long focused on wealth creation and the social division of labor, with consumers specializing in producing certain commodities, leading to increasing returns to specialization and returns to scale. The research project aims to build a general framework to analyze unsolved key problems in economies involving tradable licenses, information sharing rules, and social division of labor. |