In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and entrepreneurial discovery. It predicts that social sequential experiments with efficient as well as inefficient network patterns of division...

This paper builds on an analytical tool for studying entrepreneurship in a new classical general equilibrium framework. The entrepreneurial economy model takes the consumer-producer economy model and makes explicit the role of the entrepreneur. This paper uses it to study entrepreneurial...

For perfectly competitive economies under uncertainty, there is a well-known equivalence between a formulation with contingent goods and one with state-specific securities followed by spot markets for goods. In this paper, I examine whether this equivalence carries over to a particular form of...

These are my Lecture Notes for a course in Game Theory which I taught in the Winter term 2003/04 at the University of Kaiserslautern. I am aware that the notes are not yet free of error and the manuscrip needs further improvement. I am happy about any comment on the notes

In order to explain in a systematic way why certain combinations of market, financial, and legal structures may be intrinsic to certain capabilities to exchange real goods, we introduce criteria for abstracting the qualitative functions of markets. The criteria involve the number of strategic...

We introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is...

The purpose of this paper is to provide an alternative version of a generalized game, slightly different from the one provided in the seminal paper of Arrow and Debreu (1954). In this revised framework, we introduce the concept of a competitive equilibrium and show how it can be applied to a...

An adequate description of economic dynamics requires the introduction of a monetary system including default penalties and expectations in a society whose economy utilizes money and credit. This essay notes and discusses several of the factors involved in the use of money and credit in a...