Optimal incomplete markets with asymmetric information
Article Abstract:
A simple parametric framework makes it possible to compare other incomplete asset structures found in productive economies. Emphasis was on the assets' risk allocation functions and private information transmission. Constrained efficient asset structures are described in the context of a situation where equilibrium Pareto-dominating allocation may not be achieved by other asset structures having an equal number of securities. Constrained asset structures should share risks and transmit information efficiently.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1995
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Incomplete markets and volatility
Article Abstract:
Research investigating characteristics of market volatility and fluctuations is presented. Particular attention is given to characteristics of endogenous fluctuations of interest rates and prices and factors determining fluctuations, including market incompleteness.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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An equilibrium analysis of information aggregation and fluctuations in markets with discrete decisions
Article Abstract:
The research looks at how random investment decisions can affect analysis of aggregate investments.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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