We study a dynamic and infinite–dimensional model with incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk–adjusted prior and subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with...

We study a dynamic and infinite{dimensional model with incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk{adjusted prior and subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective...

We study a dynamic and infinite-dimensional model with incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk-adjusted prior and subjective interest rate. Interior efficient allocations and equilibria coincide with those of economies with subjective...

In this note, we study the problem of existence, uniqueness and determinacy of equilibrium in the two period mean-variance C.A.P.M. with a riskless asset and possibly an infinite number of assets. The existence, uniqueness and determinacy problem is brought down to a two-dimensional problem. We...

This paper reconsiders the theory of existence of efficient allocations and equilibria when consumption sets are unbounded below under the assumption that agents have incomplete preferences. Our model is motivated by an example in the theory of assets with short-selling where there is risk and...

This paper studies efficient risk-sharing rules for the concave dominance order. For a univariate risk, it follows from a comonotone dominance principle, due to Landsberger and Meilijson (1994) [27], that efficiency is characterized by a comonotonicity condition. The goal of the paper is to...

In the last forty years, the theory of financial markets has become a growing field of interest for academics as well as for practitioners. We present here an overview of the main topics.