arrangements. Firms that participate in the formal financial sector are also subject to higher levels of risk and uncertainty. As …

Heterogeneous beliefs among market participants can lead to questionable speculative trading that goes beyond any risk … pricing for ambiguous contracts, without compromising legitimate risk-hedging activities. While Arrow-Debreu equilibria …

This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty …

process. As suggested here, doing so transforms policy formulation from an exercise in reverse engineering to one of risk …