-space approach of Arrow-Debreu. A host of new interesting economic issues emerge. First, risk averse agents can attempt to insure … themselves through markets or through mutual insurance within a multi-member group, say a household, by pooling resources within … an open question. Second, one may ask more specifically what is the role of social groups for risk sharing and risk …

Collective consumption decisions taken by the members of a household may prove inefficient. The impact on market … performance depends on whether household inefficiencies are caused by inefficient net trades with the market or by inefficient …

Collective consumption decisions taken by the members of a household may prove inefficient. The impact of such … inefficient household decisions on market performance is investigated. At one extreme, market efficiency can occur even when … household decisions are inefficient, namely when household inefficiencies are merely due to inefficient net trades with the …

sufficient conditions for the existence of competitive equilibria with endogenous household formation and public choice. …

sufficient conditions for the existence of competitive equilibria with endogenous household formation and public choice …

with resources (commodity bundles) and shares of firm ownership. Household members are characterized by individual … preferences, possibly with intra-household consumption externalities. Household decisions adhere to the collective rationality …