We model an economy that alternates randomly between abundance and scarcity episodes. We develop an original method to characterize in detail the structure of the Markovian competitive equilibrium. Accumulation and drainage of stocks are the main focuses. Economically appealing comparative...

We model an economy that alternates randomly between abundance and scarcity episodes. We develop an original method to characterize in detail the structure of the Markovian competitive equilibrium. Accumulation and drainage of stocks are the main focuses. Economically appealing comparative...

Twenty-five papers survey and illustrate approaches to and applications of contract economics. Earlier versions of most of the papers were published in special issue no. 92 of the Revue d'Economie Industrielle entitled "The Economics of Contracts in Prospect and Retrospect" (2000). Papers...