Optimality of incomplete markets
Article Abstract:
A study on the optimality of an incomplete market's financial structure is presented. Certain aids for comparing various incomplete market structures are implemented in the analysis. The situation involves a static exchange economy with risks in the initial endowments of traders. A comparison is made of financial structures having an equal number of assets. Market structures are said to be optimal if their risk allocation for specific economies are not Pareto-dominated even if other market structures are implemented.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1995
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The use of an agent in a signalling model
Article Abstract:
The role of agents in signalling information about a firm is discussed. A model is developed to determine the economic effects of such signalling. 'Information rent' is employed to address problems associated with a screening condition. Past research of signalling is also discussed.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1993
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Bargaining on behalf of a constituency
Article Abstract:
Issues are presented concerning the use of a representative, such as a labor union leader, to bargain on behalf of the people who elected him or her, with another party. The efficiency of the use of a representative is discussed.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2000
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