This paper introduces and investigates the concept of repetitive risk aversion. The risk aversion of an increasing and concave utility function is repetitive if the fear of ruin, which measures agent's aversion to risking his entire income, is also increasing and concave. This is shown to be...

This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...

In decentralised market economies, supply-constrained equilibria may persist as coordination failures, sustained but not caused by price rigidities. This feature may be arbitrarily severe, even at prices com- patible with competitive equilibrium. The supply-constraints may originate in rational...

In this paper the existence of unemployment is partly explaines as being the result of coordination failures. This is achieved by considering a standard general equilibrium modes and splitting the set of commodities in two groups. The first group contains commodities like gold. The prices of...

Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information, Nash-Walras equilibria...

The present note highlights the seminal contributions of Diamond, Drèze and Radner towards the integration of financial markets into general equilibrium modeling.

The paper studies equilibria for economies with imperfect competition and non-convex technologies. Following Negishi, firms maximise profits under downward-sloping perceived demand functions. Negishi's assumptions, in particular the assumption of a single monopolistic competitor in each market,...

We analyze a class of "large group" Chamberlinian monopolistic competition models using multiplicatively quasi-separable (MQS) and additively quasi-separable (AQS) functions. We first prove that the MQS and AQS functions are equivalent to the "constant relative risk aversion" (CRRA) and...