financial regulatory environment,financial markets in general, our financial attitudes and beliefs,and, by extension, the future … of financial risk management. In light of these events, the purpose of this paper is to assess the future of financial … risk management and highlight essential concerns that may be relevant in meeting the challenges of a financial world …

I model an incomplete markets economy where unaware agents do not perceive all states of nature, so unintended default …, but the Second Fundamental Welfare Theorem holds for economies with no aggregate risk. Welfare is shown to not necessarily …

demonstrated in a costly state verification model with a risk averse entrepreneur. The prospect of disputes encourages incentive …

demonstrated in a costly state verification model with a risk averse entrepreneur. The prospect of disputes encourages incentive …

We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how …

An account is given of the principal concepts and results of general equilibrium with incomplete financial markets over …

We evaluate the asset pricing implications of a class of models in which risk sharing is imperfect because of limited … pricing aggregate risk. We find that with low risk aversion these models cannot generate a substantial equity premium. On the … positive side for high values (over 30) of the relative risk aversion coefficient, the limited enforcement pricing kernel …