The descriptive theory of cooperative game with incomplete information developed to date is surveyed. The theory has the potential to provide game-theoretical foundations of economic analysis of the free societies in which organizations (coalitions) as corporations institute a non-market...

A mathematical model of a directed graph with stochastic transfers is presented. It will be used to analyze the optimality (or "competitiveness") properties of a network of transactions involving risky transfers of assets in an economic system. These properties are discussed in a model with some...

The private information case of a Bayesian pure exchange economy is studied. The Bayesian incentive-compatible coarse core is proved to be nonempty. On the other hand, the Bayesian incentivecompatible interim core may be empty, even for Bayesian pure exchange economies satisfying the traditional...

Two policies toward payments-system risk are common, but superficially appear to be contradictory. One policy is to restrict the exposure to risk generated by one participant to other participants who are, by one measure or another, directly concerned with the risky participant. The other policy...

In this paper we report an existence result in a general monetary equilibrium model with buying and selling price spread but without transactions costs. Under the assumption that an initial endowment allocation is not Pareto optimal it is proved that an equilibrium with a positive value of money...

This paper is concerned with the Hahn problem in a general monetary equilibrium model at the terminal period. Under the assumption that an initial endowment allocation is not Pareto optimal it is proved that an equilibrium with a positive value of money exists if traders take buying and selling...

It is well-known in the literature that the free disposability or the desirability of all the commodities is needed to ensure the existence of an equilibrium in a large economy with a continuum of economic agents. This is a stark contrast to the case of economies with a finite number of agents,...