Query on the Neoclassical System of Walras General Equilibrium;

Value at risk in non-Walrasian market;

In a non-Walrasian market with nonlinear price impact function,the optimal liquidation strategy and optimal liquidation time are investigated for institution investors.

With a view to many limitations of finance risk measure, Value at Risk( VaR) ,in the Non-walrasian market, constructing dynamic value at risk (DVaR) which reflects the individual risk preference is very essential.

Unable to separate the two kinds of losses——responsible and exermptional,the principle of the carrier liability has experienced the stages of "the principle of Vallescura" and "the principle of sharing averagely".

A nonlinear cobweb model of non-Walrasian equilibrium, in which the marketefficiency is taken into consideration, is studied for both the deterministic and stochastic cases.