We study a pure exchange economy under incomplete markets where households have heterogeneous homothetic recursive preferences and lending and borrowing are precluded. We fully characterize the properties of the efficient allocations and the equilibrium asset price. The ownership distribution...

Spatial integration and industrial clustering have become an important feature of the culture tourism business. When the core elements in both the culture industry and tourism industry are integrated, a model based on system science is constructed that combines the resources and capacity of the...