Page and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA) condition introduced by Page (1987) is equivalent to the existence of a no arbitrage price (NAPS) when no agent has non-null useless vectors. Allouch, Le Van and Page (2002) show that their generalized NAPS condition is...

Page and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA) condition introduced by Page (1987) is equivalent to the existence of a no arbitrage price (NAPS) when no agent has non-null useless vectors. Al- louch, Le Van and Page (2002) show that their generalized NAPS condition is...

We consider a model with an inffnite number of states of nature, von Neumann - Morgenstern utilities, where agents have different probabil- ity beliefs and where short sells are allowed. We show that no-arbitrage conditions, deffned for ffnite dimensional asset markets models, are not sufficient...

This work considers optimization problems under Rawls and maximin with multiple discount factors criteria. It proves that though these criteria are different, they have the same optimal value and solution.

We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of steady-state equilibrium. We show that aggregate income is...

We consider an overlapping generations economy with altruism towards parents and a long-lived asset that delivers no dividends (pure bubble asset). We explore the role of ascendant altruism on the dynamics properties of equilibrium and rational bubbles in the cases of exogenous and endogenous...

We consider an overlapping generations model à la Diamond (1965) with two additional ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or fruits). We study the global dynamics of capital stocks and asset values as well as the interplay between them. Asset...

We extend the Lucas' 1988 model introducing two classes of agents with heterogeneous skills, discount factors and initial human capital endowments. We consider two regimes according to the planner's political constraints. In the first regime, that we call meritocracy, the planner faces...

This article studies an inter-temporal optimization problem using a criterion which is a combination between Ramsey and Rawls criteria. A detailed description of the saving behaviour through time is provided. The optimization problem under $\alpha-$\emph{maximin} criterion is also considered...

This article considers an inter-temporal optimization problem in a fairly general form and give sufficient conditions ensuring the convergence to infinity of the economy. These conditions are easy to verify and can be applied for a large class of problems in literature. As examples, some...