In an exchange economy under uncertainty with two periods, one physical good, and finitely many states of the world, we show that for every (complete or incomplete) market span there exists a sequence of securities such that if they are introduced into markets one by one, the prices of any...

We study a dynamic and in nite{dimensional model with Knightian uncertainty modeled by incomplete multiple prior preferences. In in- terior e cient allocations, agents share a common risk{adjusted prior and use the same subjective interest rate. Interior e cient alloca- tions and equilibria...

A 'folk theorem' originating, among others, in the work of Stiglitz maintains that competitive equilibria are always or 'generically' inefficient (unless contracts directly specify consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This paper critically...

Diese Arbeit beschäftigt sich mit der Integration unfreiwilliger Arbeitslosigkeit in allgemeine Gleichgewichtsmodelle offener Volkswirtschaften. Das Walras oder Arrow-Debreu allgemeine Gleichgewichtskonzept wird im Licht unfreiwilliger Arbeitslosigkeit neu bewertet, und mit dem allgemeinen...