environmental quality means financing depollution activities and uncertainty concerns its efficiency since it's not always clear or … certain what effects will result from a reduction of pollution. We show that if an agent is sufficiently risk averse … has two possible consequencies which depend on agent risk aversion. Therefore, understanding the implication of …

We propose an objective for the firm in a model of production economies extending over time under uncertainty and with … incomplete markets. We derive the objective of the firm from the assumption of initial-shareholders efficiency. Each shareholder … computes its own shadow prices for profits at all date-events by simply adding up the marginal valuations of all its initial …

matrix allows for redundant assets. Prices of assets may permit arbitrage. At equilibrium, though restricted through …At arbitrary prices of commodities and assets, fix-price equilibria exist under weak assumptions: endowments need not … endogenously determined trading constraints, arbitrage possibilities may persist; in an example, an individual holds an arbitrage …

In an economy with a non-atomic measure space of assets and exchangeable risks, the Arbitrage Pricing Theory (APT …

an equilibrium does exisq it is unique. Closed formexpressions for the symmetric equilibrium prices and profits are …