If competitive equilibrium is defined as a situation in which prices are such that all arbitrage
profits are eliminated, is it possible that a competitive economy always be in equilibrium? …

Most analyses of the principal-agent problem assume that the principal chooses an incentive
scheme to maximize expected utility subject to the agent’s utility being at a stationary point. …

It is a fact that futures markets exist in some commodities and not others. Similarly, contingent
commodity contracts of the type described by Debreu do not exist for all commodities in all …

A martingale approach is used to characterize general equilibrium in the presence of portfolio
insurance. Insurers sell to noninsurers in bad states, and general equilibrium requires that …

Cournot-Nash models of free entry into industries with large fixed costs yields equilibria with
only a few operating firms, and each firm has some monopoly power. I consider a model …

BACKGROUND In the course of modern drug development, there are four areas in which
issues pertaining to drug metabolites need to be addressed, namely (1) drug metabolites as …

… In particular, Grossman (1975b) formalized Hayek's contention that prices are aggregators
of information. There it was proved that if prices are sufficient statistics, the competitive …

… Grossman, Existence of Futures Markets, Noisy Rational … This result generalizes the
result in Grossman and Hart.3 … See Grossman & Hart, supra note 3, for an analysis of tender …

… We are very grateful to Naava Grossman for her help in finding general information and
data sources and for providing general information herself. We would also like to thank Peter …

… 6 In Grossman and Hart (1979b), we analyze bids at prices p satisfying q < p < v whose
outcomes are stochastic. We show that stochastic bids do not change the nature of the free-rider …