Biz, bu makalede hibeler, öncellerin (priors) ve bilgi akýþlarýnýn özdeþ kalýplarýyla ancak tam piyasalar ve tüketicilerin sadece tekil risksiz tahvillerle iþlem yapabildikleri iki farklý piyasa yapýlarý ile risk piyasa fiyatlarýný karþýlaþtýracaðýz. Makalede spekülasyon...

We compare market prices of risk in economies with identical patterns of endowments, priors, and information flows, but two different market structures, one with complete markets, another in which consumers can trade only a single risk-free bond. We study how opportunities to speculate, uncommon...

We study asset markets and wealth dynamics in the economy with heterogeneous beliefs and risk of default. Agents can trade a full set of Arrow securities but are allowed to default on their delivery promises. Financial markets rationally subject agents to the endogenous "no-default" borrowing...

I analyze a model with moral hazard and limited enforcement in a small open economy. I find that when state contingent contracting is allowed adding the moral hazard friction improves the model's predictions along several dimensions. First, it justifies why non-contingent debt is an optimal way...