Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew at the outset which price would prevail tomorrow on each spot market. Yet, observation...

In three related papers, we consider a pure exchange financial economy, where agents may observe private information signals, form private anticipations and face an "exogenous uncertainty", on the future state, and an "endogenous uncertainty", on the future prices. At a sequential equilibrium,...

We consider a pure exchange financial economy, where agents observe private information signals, form private anticipations and face an "exogenous uncertainty" on the future state, and an "endogenous uncertainty", on the future prices. At a sequential equilibrium, all agents expect the "true"...

We consider an intertemporal economy with liquidity constrained and unconstrained individuals. A liquidity constraint prevents marketability of future income and thus endogenously generates market incompleteness. In contrast with the existing literature on portfolio constraints, our liquidity...

This paper investigates the importance of market incompleteness by comparing the rates of risk aversion estimated from complete and incomplete markets environments. For the incomplete-markets case, we use consumption data for 50 U.S. states. While the use of state-level data is conceptually...

L'Union européenne (UE) se trouve confrontée à un besoin critique de terres rares, en particulier de produits raffinés essentiels à la production de voitures électriques, de turbines et d'autres applications technologiques. Cependant, le processus de raffinage est non seulement...

Le continent africain devient de plus en plus un champ de bataille dans la course entre les superpuissances pour l'accès aux minéraux essentiels à la « révolution verte », tels que les minéraux des terres rares (REE). Les entreprises chinoises, américaines et russes jouent un rôle...

The African continent is increasingly becoming a battleground in the race between superpowers for access to critical minerals needed for the 'Green Revolution', such as rare earth minerals (REE). Companies from China, the USA and Russia play a major role. In most cases, critical minerals are...

The European Union (EU) finds itself in a critical need for rare earths, particularly the refined products essential for the production of electric cars, turbines, and other technological applications. However, the refining process is not only energy-intensive but also poses significant...

In this paper, we consider American option contracts when the underlying asset has stochastic dividends and stochastic volatility. We provide a full discussion of the theoretical foundations of American option valuation and exercise boundaries. We show how they depend on the various sources of...