Non-convexities and Lotteries in General Equilibrium

Marcelo Bianconi

Chapter 6 in Financial Economics, Risk and Information:An Introduction to Methods and Models, 2003, pp 284-331 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionA Static Decentralized Competitive FrameworkThe Competitive EquilibriumTrade in LotteriesImplications for the Elasticity of Labor SupplySummary IGeneral Equilibrium Approach to Asymmetric InformationBasic Structure, Pareto Optimality and Decentralized Competitive EquilibriumAn Insurance Problem with Adverse SelectionSummary IIUnemployment Insurance, Asset Returns and Adverse SelectionBasic StructureHeterogeneity, Efficiency, and Market CompletenessConsequences for Asset AllocationSummary IIIProblemsNotes on the LiteratureReferences

Keywords: Risk and Information; Systems of Financial Markets; Contracts and Asymmetric Information; General Equilibrium Under Uncertainty; Non-Convexities; Portfolio Choice and Asset Pricing (search for similar items in EconPapers)
Date: 2003
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