Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.

The interaction between trade liberalisation, product and process innovation, and relative skill demand is analysed in a model of international oligopoly. Lower trading barriers increase the degree of foreign competition. The competing enterprises respond by investing more aggressively in...

Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.

We introduce the notion of a convex measure of risk, an extension of the concept of a coherent risk measure defined in Artzner et al. (1999), and we prove a corresponding extension of the representation theorem in terms of probability measures on the underlying space of scenarios. As a case...