I argue in favor of a competitive screening approach for studying the question of coalition formation in exchange economies under asymmetric information. I obtain a new notion of core that refines Wilson (1978)'s coarse core. It is nonempty under the standard regularity conditions. I also...

The tax reform literature, pioneered by Guesnerie [1977], uses static models but views tax reform as a dynamic process, i.e., as a policy-maker implementing incremental reforms over time. This paper studies tax reform in a dynamic version of the Diamond-Mirrlees-Guesnerie model and focuses on a...

Financial Market is a Complex System.Quantitative analysis of Complex system is difficult. There is little mensurable method in this field. But we often need describe the running pattern in complex system. How can we describe and find the running pattern (structure) change in complex system. The...