This paper extends the general equilibrium model with incomplete markets to an open-ended future, thereby providing a natural setting for analyzing problems in macroeconomics. Two concepts of equilibrium are defined that prevent agents from entering into Ponzi schemes: the first is based on debt...

A model of consumer multipurpose shopping is used for studying the optimality of central places. There are two different commodities sold by two different types of firms. The shopping frequencies are exogenously given and different for the two commodities. Consumers can group their purchases of...