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Time Reversibility and Extrinsic Uncertainty in Overlapping Generations Economies
Davila, J. - Departament d'Economia i Història Econòmica, … - 1998
This paper investigates how time and uncertainty interweave. Specifically, it studies the appearance of symmetries and … asymmetries - with respect to the direction in which time flows - in the set of equilibria of simple overlapping generations … economies which are open-ended in both directions, when there is extrinsic uncertainty and when there isn't any. …
Persistent link: https://www.econbiz.de/10005168501
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Optimal Risk Sharing in Society
Aase, Knut K. - 2022
We consider risk sharing among individuals in a one-period setting under uncertainty, that will result in payoffs to be … theory of syndicates, where in addition, the group of people is to make a common decision under uncertainty. We extend to a …
Persistent link: https://www.econbiz.de/10013308996
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The equilibrium set of economies with a continuous consumption space
Covarrubias, Enrique - 2010
important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous …
Persistent link: https://www.econbiz.de/10010322578
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Regular infinite economies
Covarrubias, Enrique - 2010
The main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural...
Persistent link: https://www.econbiz.de/10010322634
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The Equilibrium Set of Economies with a Continuous Consumption Space
Covarrubias, Enrique - Banco de México - 2010
important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous …
Persistent link: https://www.econbiz.de/10008523582
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Regular Infinite Economies
Covarrubias, Enrique - Banco de México - 2010
The main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural...
Persistent link: https://www.econbiz.de/10008494214
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Risk Sharing Capacity : Markets versus Households
Gersbach, Hans - 2014
We introduce uncertainty in our general equilibrium model with multi-member groups, following the classical state …
Persistent link: https://www.econbiz.de/10013061191
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An Alternative Representation of the C-CAPM with Higher-Order Risks
Dionne, Georges - 2018
source of uncertainty driving asset prices …
Persistent link: https://www.econbiz.de/10012938673
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Public Information and Risk-Sharing in a Pure-Exchange Economy
Maurer, Thomas Andreas - 2016
We analyze whether the timing of public information releases affects risk-sharing and pricing in a pure exchange economy. Information releases do not matter if agents have time additive preferences, homogeneous beliefs and access to complete markets. In the case of heterogeneity in agents'...
Persistent link: https://www.econbiz.de/10013006752
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The pure advantage of risk in production
Mandler, Michael - 2021
An increase in the riskiness of a technology will raise economy-wide expected output: the technology can be used intensively if its productivity realization is large and curtailed otherwise. Some investment in even the riskiest technologies can therefore bring Pareto improvements. The observed...
Persistent link: https://www.econbiz.de/10013235191