We establish the no trade principle, ie, the no trade theorem and its converse, for any dual pair of bet and extended belief spaces, defined on a given measurable space. A key condition is that, except perhaps one of the agents, everyone else has (weak*) compact sets of beliefs. We find out that in most of the models of uncertainty adopted in the economic literature, roughly speaking, the epistemic statement that an agent has a compact set of beliefs is equivalent to the economic statement that he has an open cone of positive bets. This improves our understanding of what compactness actually means within an economic context.

There are two changes in comparison to the original version: Part (1). The union must be split up according to Jb/(Jb Ker (G)). This is also important for the description of the closure relations between strata: An analogous correction needs to be made in Prop. 7.2. 2. See Section 3 below.

We study the hypocoercivity property for some kinetic equations in the whole space and obtain the optimal convergence rates of solutions to the equilibrium state in some function spaces. The analysis relies on the basic energy method and the compensating function introduced by Kawashima to the classical Boltzmann equation and developed by Glassey and Strauss in the relativistic setting. It is also motivated by the recent work (Duan et al., 2008 [8]) on the Boltzmann equation by combining the spectrum analysis and energy method. The advantage of the method introduced in this paper is that it can be applied to some complicated system whose detailed spectrum is not known. In fact, only some estimates through the Fourier transform on the conservative transport operator and the dissipation of the linearized operator on the subspace orthogonal to the collision invariants are needed.

We present a hybrid asymptotic/numerical method for the accurate computation of single- and double-layer heat potentials in two dimensions. It has been shown in previous work that simple quadrature schemes suffer from a phenomenon called “geometrically induced stiffness,” meaning that formally high-order accurate methods require excessively small time steps before the rapid convergence rate is observed. This can be overcome by analytic integration in time, requiring the evaluation of a collection of spatial boundary integral operators with non-physical, weakly singular kernels. In our hybrid scheme, we combine a local asymptotic approximation with the evaluation of a few boundary integral operators involving only Gaussian kernels, which are easily accelerated by a new version of the fast Gauss transform. This new scheme is robust, avoids geometrically induced stiffness, and is easy to use in the presence of moving geometries. Its extension to three dimensions is natural and straightforward, and should permit layer heat potentials to become flexible and powerful tools for modeling diffusion processes.

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