In this paper, we examine an exchange economy with a financial market composed of three assets: shares of a stock, European call options written on the stock, and riskless bonds. The financial market is assumed to be incomplete and the option is not a redundant asset. In such a case the...

In this paper, I examine an inter-temporal exchange economy with a complete financial market. The economy is populated by two heterogeneous investors who differ from each other in their attitudes towards risk. In such a model, a single representative agent can be created who generates the same...

Privat versicherte Patienten müssen für die meisten Gesundheitsleistungenmehr Geld bezahlen als die gesetzlichen Krankenkassen fürihre Versicherten. Besonders auffällig ist dies beim Arztbesuch oderauch in der Apotheke, wo nur der gesetzlichen Krankenversicherung(GKV) Rabatte gewährt...

In this paper, we examine an exchange economy with a financial market composed of three assets: a share of a stock, an European call option written on the stock, and a riskless bond. The financial market is assumed to be incomplete and the option is not a redundant asset. In such a case the...