We consider an exchange economy under uncertainty, in which agents' utility functions exhibit constant absolute risk aversion, but they may be recursive and the expected utility calculation may be based on multiple subjective beliefs. The risk aversion coefficients, subjective beliefs,...

We present a model of incomplete information games with sets of priors. Upon arrival of private information, each player "updates" by the Bayes rule each of priors in this set to construct the set of posteriors consistent with the arrived piece of information. Then the player uses a possibly...

This paper considers a two agent model of trade with multiple priors. First, we characterize the existence of an agreeable bet on some event in terms of the set of priors. It is then shown that the existence of an agreeable bet on some event is a strictly stronger condition than the existence of...

This paper describes the results of a field expedition work along the rivers Vakhsh and Pyandzh in Tajikistan and Afghanistan within the framework of a Joint Research Project: Investigation of natural resources of Central Asia and reconstruction of agriculture in Afghanistan, supported by the...

This paper provides a description of current state of water resources assessment in Tajikistan, their use for the agriculture development and maintenance of irrigation infrastructures. The Vakhsh and Pyandzh River Basins and its tributaries in Tajikistan were directly surveyed during an...

We give an example of an atomless exchange economy in which consumers'preference relations are not monotone and in which the bargaining set of Mas-Colell (1989) consists of all allocations satisfying resource constraints, although the set of all Walrasian equilibrium allocations, the core, and...

This paper presents a general framework to understand the possibility of a purely speculative trade under asymmetric information, where the decision making rule of each trader conforms to the multiple priors model (Gibloa and Schmeidler, 1989): the agents are interested in the minimum of the...

We extend the dynamic Heckscher-Ohlin model in Bond et al. (2009) and show that if the labor intensive good is inferior, then there may exist multiple steady states in autarky and poverty trap can arise. Poverty traps for the world economy, in the form of Pareto dominated steady states, are also...

In a model of a two-period exchange economy under uncertainty, we find both upper and lower bounds for the risk free interest rate when the agents' utility functions exhibit constant absolute risk aversion. These bounds are independent of the degree of market incompleteness, and so in particular...

The spatial distribution of industries and population is quite lumpy, and this lumpiness varies across industries. Nevertheless, we show using Japanese data for metropolitan areas that the locations of both industries and population are linked by surprisingly simple and persistent patterns. In...