This paper examines the intrahousehold ressource allocation in Egyptian married couples and its impact on females labor supply. Using data from the Egyptian Labor market and Panel Survey of 2006, we estimate a discrete-choice model for female labor supply within a collective framework. The...

This paper is a comment on the analysis of “Time Use During the Great Recession” conducted by Aguiar, Hurst and Karabarbounis. We derive an opportunity cost by exploring the substitution between individual's time and monetary resources and show that the changes in non-market activities...

This paper argues that mainstream economic theory, far from providing an indisputable plea in favor of shareholder value-maximization, offers striking arguments showing quite the opposite: profit-maximization cannot be a legitimate goal for private firms. This opens the door for a widening of a...

We consider a stochastic financial exchange economy with a finite date-event tree representing time and uncertainty and a nominal financial structure with possibly long-term assets. We exhibit a sufficient condition under which the payoff matrix and the full payoff matrix have the same rank....

We consider a stochastic financial exchange economy with a finite date-event tree representing time and uncertainty and a financial structure with possibly long-term assets. We exhibit a sufficient condition under which the set of marketable payoffs depends continuously on the arbitrage free...

We propose an objective for the firm in a general model of production economies extending over time under uncertainty and with incomplete markets. Trading in commodities and shares of stock occurs sequentially on spot markets at all date-events. We derive the objective of the firm from the...

Our earlier papers had extend to asymmetric information the classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew, ex ante, which price would prevail on each spot market. Common observation suggests,...

Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew at the outset which price would prevail tomorrow on each spot market. Yet, observation...

We study the consequences of dropping the perfect competition assumption in a standard infinite horizon model with infinitely-lived traders and real collateralized assets, together with one additional ingredient : information among players is asymmetric and monitoring is incomplete. The key...

We study the consequences of dropping the perfect competition assumption in an infinite horizon model with infinitely-lived traders and collateralized assets together with asymmetric information among players and incomplete monitoring. Trading assets is not only a way to hedge oneself against...