Markowitz and Sharpe won the Nobel Prize in Economics more than a decade ago for the development of Mean-Variance analysis and the Capital Asset Pricing Model (CAPM). In the year2002, Kahneman won the Nobel Prize in Economics for the development of Prospect Theory....

We consider a repeated stochastic coordination game with imperfect publicmonitoring. In the game any pattern of coordinated play is a perfectBayesian Nash equilibrium ...

In the standard CAPM with a riskless asset we give a sufficient condition for uniqueness. This condition is a joint restriction on the agents' endowments and their preferences which is compatible with non-increasing absolute risk aversion and which is in particularsatisfied with constant...

This paper shows that competitive equilibria with communication of shareholders and a relevant financial policy of the firm are Pareto.