Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …

favourable for the long-living individuals, represent an equilibrium. …

the annuity market. First, we examine the pooling equilibrium for individual-life annuities and show that in the presence … equilibrium may exist. These results are obtained in a framework where couples are mandated to buy joint-life annuities and only …- and joint-life annuities, we find that in equilibrium couples with long-lived partners buy individual-life annuities …

We study an equilibrium asset pricing model with several Lucas (1978) trees subject toevent risk, that is, the …

implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our …

We employ laboratory methods to study stability of competitive equilibrium in Scarf's economy (International Economic … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … strategy. The resulting outcome corresponds to the unique competitive equilibrium of the Scarf economy. In experiments that …

. Exchange implies behavioral assumptions and notions like rationality, optimization, and equilibrium. It is widely recognized …

resources at equilibrium; with a money-supply policy, the indeterminacy is real. Portfolio policy sets the portfolio of assets … that the monetary authority employs in open market operations; it determines the equilibrium if the policy is non … revenue at each dateevent determines equilibrium allocations and prices. long-lived nominally riskless assets can substitute …

recursive equilibrium with compact state space exists. These non-existence results hold for any economy satisfying the following …

Is general equilibrium theory empirically testable? Our perspective on this question differs from the standard … assume that what is observable is the equilibrium price vector as a function of the fundamentals of the economy. We apply … this perspective to an exchange economy where equilibrium prices and individual endowments are observable. We derive …