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作者：Anderson, Robert M.; Raimondo, Roberto C.
作者单位：University of California System; University of California Berkeley; University of Melbourne
摘要：We provide a geometric test of whether a general equilibrium incomplete markets (GEI) economy has Hart points-points at which the rank of the securities payoff matrix drops. Condition (H) says that, at each nonterminal node, there is an affine set (of appropriate dimension) that intersects all of a well-specified set of convex polyhedra. If the economy has Hart points, then Condition (H) is satisfied; consequently, if condition (H) fails, the economy has no Hart points. The shapes of the conve...
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作者：Jehiel, Philippe; Samet, Dov
作者单位：University of London; University College London; University of London; University College London; Tel Aviv University
摘要：We introduce a new solution concept for games in extensive form with perfect information, valuation equilibrium, which is based on a partition of each player's moves into similarity classes. A valuation of a player is a real-valued function on the set of her similarity classes. In this equilibrium each player's strategy is optimal in the sense that at each of her nodes, a player chooses a move that belongs to a class with maximum valuation. The valuation of each player is consistent with the s...
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作者：Zame, William R.
作者单位：University of California System; University of California Los Angeles
摘要：A long Utilitarian tradition has the ideal of equal regard for all individuals, both those now living and those yet to be born. The literature formalizes this ideal as asking for a preference relation on the space of infinite utility streams that is complete, transitive, invariant to finite permutations, and respects the Pareto ordering; an ethical preference relation, for short. This paper argues that operationalizing this ideal is problematic. Most simply, every ethical preference relation h...
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作者：Schmedders, Karl
作者单位：Northwestern University
摘要：This paper examines the two-fund separation paradigm in the context of an infinite-horizon general equilibrium model with dynamically complete markets and heterogeneous consumers with time-and state-separable utility functions. With the exception of the dynamic structure, we maintain the assumptions of the classical static models that exhibit two-fund separation with a riskless security. Agents have equi-cautious HARA utility functions. In addition to a security with state-independent payoffs,...
